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The race to 270

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Good morning! Biden leads Georgia, a billion dollars worth of Bitcoin gets seized, and inheritances are going to get a lot smaller. Also, don’t miss our new promotion.

 

 

ELECTION

 

The race is close, getting closer

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Georgia election results flipped in favor of former Vice President Joe Biden overnight, potentially leaving him within one state of an unofficial Electoral College victory (regardless of which news source you follow).

President Donald Trump still leads Pennsylvania, but that lead is evaporating, too, and could be gone by the time you’re reading this.

 

More to know:

  • Georgia is so close that no one is likely to declare a winner in that state anytime soon.

  • Nevada should announce more results around noon eastern time Friday, and most of those votes are coming from Clark County, home of Las Vegas, which typically tilts in Biden’s favor. 

  • Arizona also counted more votes overnight, with Trump still trailing Biden by less than 50,000 votes.

An unofficial outcome could come Friday. Longest Election Day ever. 



 

 

 

 

TECH

 

$1B in black market bitcoin seized

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Who knew fake money could be so valuable? The federal government this week seized 69,369 bitcoins, or roughly $1 billion worth. It’s the biggest seizure of cryptocurrency in the history of the Justice Department (founded in 1870 when bitcoin was all the rage).

 

Why is the government taking the crypto? 

  • This bitcoin is supposedly linked to a criminal marketplace called the Silk Road, which was shut down in 2013. Just like quaaludes, you probably learned about it after it was already gone.

  • Known as “the most notorious online criminal marketplace of its day,” Silk Road customers used bitcoin as an untraceable alternative currency. 

  • The forfeiture could be temporary because, you know, taking money without proof that it has any ties to illicit activity just isn’t cool. 

So that means bitcoin’s success could be built on the backs of drug deals gone wrong. The stock market wasn’t deterred Thursday, with bitcoin shares rising 10% to hit $15,000 in value for the first time since January 2018.

 

 

 

FINANCE

 

Not OK. Boomer piggy bank depleting

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Baby Boomers own roughly half of all U.S. businesses, and these mom-and-pop shops have taken a beating during the COVID-19 pandemic. That is causing the wealth of this generation—ages 56 to 74—to shrink, digging into the estimated $68 trillion in wealth that Boomers will transfer to their Gen X and Millennial children.


But only if there’s money left

  • The number of Baby Boomers self-employed or running their own business dropped 25% in Q2. 

  • The COVID-19 crisis has caused Boomer business owners to plan their exit strategy, and they are selling at a fraction of a penny compared to pre-pandemic values.

  • Some small- and mid-size businesses will hold on until economic conditions improve, only to cut bait in the next 18 to 24 months. These business owners are simply exhausted.

So the bad news for the child beneficiaries reading this: Your parents are not going to make what they deserve for that family business, with 57% of buyers claiming they can buy a business for a better deal now than last year.

 

 

 

EXTRA


While we’re on the topic of money, our friends at The Lykeion released a deep dive on the US dollar. The US Dollar bull market that began in 2011 is beginning to lose steam. We hate saying ‘this time it’s different’, but at some point, it will be.

 

 

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