Tag Archives: Bitcoin


More on Bitcoin

Author: David R. Kotok, Post Date: November 9, 2017
Market Commentary - Cryptocurrency - Bitcoin

Following up on our recent commentary, and with permission, we continue to quote the excellent work of Nick Colas and Jessica Rabe of DataTrek Research. We encourage readers to give their newly launched service a try. Their website is http://datatrekresearch.com/. In this segment, Nick focuses on the question “Are cryptocurrencies an asset class?” “Over my […]

Bitcoin, Gold & President’s Approval Ratings

Author: David R. Kotok, Post Date:
Market Commentary - Cryptocurrency - Bitcoin

Readers have seen us previously comment on the developing Bitcoin-crypto phenomenon. And our clients know that we are not investing in crypto today but are watching this carefully. Our clients also know we have a position in a gold-miner ETF. Our email from clients, media, and readers has the Bitcoin versus gold argument and the […]

Bitcoin, Gold & Money

Author: David R. Kotok, Post Date: October 26, 2017
Cumberland Advisors Market Commentary by David Kotok

We start with a quote by Donald Trump, courtesy of CNN, May 16, 2016: “This is the United States government. First of all, you never have to default because you print the money, I hate to tell you, OK?” We juxtapose that quote with Francesco Bianchi and Leonardo Melosi’s excellent research paper published by the […]

Tulip Fever

Author: David R. Kotok, Post Date: October 15, 2017
Market-Commentary Tulip-Fever

Three levels are apparent in the wonderfully crafted movie Tulip Fever, in which the impeccably cast Judi Dench is both abbess (mother superior) and tulip-speculating vault keeper. The film is a cinematic lesson about trading momentum and human emotions overtaking investment reasoning. But there is also a lesson in Dutch history, with a marvelous depiction […]


Author: David R. Kotok, Post Date: July 26, 2017

For an in-depth discussion of blockchain and cryptocurrencies see the June 2017 white paper published by the World Economic Forum: “Realizing the Potential of Blockchain: A Multistakeholder Approach to the Stewardship of Blockchain and Cryptocurrencies” (www3.weforum.org/docs/WEF_Realizing_Potential_Blockchain.pdf). Bitcoin, Ethereum, Monero, Litecoin, Stratis, and many other strange names now collectively make up an asset class of about […]

In Bitcoin We Trust???

Author: , Post Date:

Excerpt of article below: It’s difficult to deny the call of cryptocurrencies when their astronomical rise in value has turned many into overnight “millionaires.” I put that in quotes, because there is a debate around whether cryptocurrencies like bitcoin and ethereum should be considered money. Cumberland Advisors’ David Kotok says it shouldn’t. He explained in […]

Bitcoin, the IRS, and NSA

Author: Bob Eisenbeis, Post Date: March 27, 2014

Question: When is a virtual currency not a currency? Answer: When the IRS says so The IRS has determined that Bitcoins will be treated as property for tax and recordkeeping purposes, rather than as a currency. The rationale for treating virtual currencies as property despite their functioning in many cases as a medium of exchange […]


Author: David Kotok, Post Date: April 19, 2013

Gold made the headlines with a rapid plunge, some possible basing, and then another plunge. Let’s talk about gold for a minute. Central bankers prefer to have the public, the investor class, and the holders of institutional wealth believe in the credibility of their central banking skills and their ability to manage their respective currencies. […]