BLACK FRIDAY SALE: Save 21% Off All Time Highs!
Happy Thanksgiving to all of my American friends out there. Now can you please lift your forehead off of the sell button and wake up from your food coma?
As a reminder, last Thanksgiving Day wasn’t so fun either — at the time. I mean, in retrospect, it was the best Black Friday deal ever as BTC has rallied over 400% since. I don’t know about you, but that’s enough for me to buy the dip this morning.
What we saw at the desk — Dan Wright
Good morning and Happy Red Friday!
Today we hear that there is a new covid variant found in Africa. DOW futures down 800 points, USD up big across the board.
BTC and ETH down 10% and 8% respectively this morning, Heavy buying on the desk all week. Holiday low liquidity conditions combined with big news events usually make for exaggerated moves. Great time to buy the dip if you are on the fence!
BTC/USD support at 53k | ETH/USD support at 4k
You don’t have enough bitcoin.
Well, at least I don’t have enough — I’ve been buying, earning, and trading for this stuff for over four years now. To be fair, I only really started taking my accumulation strategy seriously since 2019. It’s not really much of a strategy, here’s what I do: get paid in fiat, max out my Tax Free Savings Account (TFSA), watch my CAD balance grow in my bank account, become increasingly uncomfortable as I think of how much cash I’m holding vs. the level of trust I have for the folks that influence a growing bucket of my networth, and then allocate to BTC accordingly. I don’t really think of it as an investment — I just think of it as a swap from a sovereign currency to a non-sovereign currency. Simple!
Why Bitcoin and not other cryptos? I think about the provenance of Bitcoin: an anonymous founder, no one to govern it, completely decentralized, the threat of centralized mining in China absconded…it’s like an immaculate conception — you can’t recreate that.
Sure, there are new cryptos popping up everywhere that are on the bleeding edge of technology and don’t get me wrong, I do invest in other projects. However, when I’m thinking about where I choose to park my wealth, I’m not looking for something cutting edge that is constantly changing, or that can be influenced by a single individual or a group of people — I’m looking for sound money.
Now, back to work.
In case you missed it…
- El Salvador’s Volcano Bond & Bitcoin City Announcement https://www.reuters.com/markets/rates-bonds/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21/
- Software firm Phunware adds more BTC to treasury https://www.coindesk.com/business/2021/11/22/cloud-software-firm-phunware-buys-398-more-bitcoins-for-about-24m/
- Turkish Lira takes a nosedive https://www.coindesk.com/markets/2021/11/19/turkey-makes-the-case-for-bitcoin-as-erdogan-runs-the-autocrats-inflation-playbook/
- New Pokemon Go style AR metaverse game allows users to earn BTC https://www.theverge.com/2021/11/23/22798523/niantic-fold-ar-metaverse-mobile-game-bitcoin-earning
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Satstreet serves private Canadian clients including some of the largest Bitcoin mining operations, institutions, and high net worth individuals. Satstreet has raised initial funding from Round13 Capital and several prominent investors.