"Some things are so unexpected that no one is prepared for them."
Happy Saturday! Let's get after it...
My Hot Take!
It was just a week ago that we had a massive crash in the price of Bitcoin as well as the overall Crypto market. Today it's slowly churning it's way back up; albeit quite slowly. Will we see more downside before we blast off in 2022?
We watched the market recover $300B on Monday, a quarter of US investors are off zero, Visa is going deeper down the rabbit hole, Congress got a good primer on the Crypto industry, and Cool Valley, Missouri might be mining Bitcoin soon. What a week and that was not even the tip of the ice berg of events that happened.
For the Podcast of the Week Michael Ippolito host of the on the margin podcast (Blockworks) talked with Ryan Selkis about his 2022 Theses.
Well that's a wrapped burrito. Exercise patient and try not to get wrapped up in the day to day drama in the space. Zoom out. Remain focused, Stack Sats, stay STRONG, and HODL on!
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GET INTO THE WEEDS!
Price: One week ago, Bitcoin was $46,965.99 and now it is $48,501.07. It was Mark Yusko who said, "Price is a liar." If you are focused primarily on just the price of Bitcoin you are missing the forest for the trees. Bitcoin is the long game and it only makes sense in hindsight and over time. "The arc of the financial universe is long and it bends toward Bitcoin."
Altcoins: Best performing top 10 Altcoin for the past week is LUNA; it is up 9.86%. Runner up is XRP; up 5.77%.
Follow Dat Money: While the funding levels didn’t quite reach last week's lofty numbers, $3.2B is headed toward Digital Assets and Blockchain Technology projects. This was driven primarily by FTX seeking $1.5B in new funding.
It appears this week's theme is banking and trading platforms or as I call them on-ramps. A lot of the funding will go to improve those platforms and make it possible for more people to #GetOffZero.
Monday: After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K
Tuesday: A Quarter of US Investors Own Bitcoin, More Than Half Bought This Year
Wednesday: Visa Deepens Crypto Foray, Launches Advisory Practice
Thursday: Crypto Executives Advise Congress Against Heavy-Handed Regulation
Friday: Mayor of Cool Valley, Missouri, to Mine Bitcoin for Town's Citizens
PODCASTS OF THE WEEK
The Breakdown: The Innovation at the Heart of the Global Crypto Transformation
FintechBeat: What Circle Impact means for crypto's inclusion conversation
BTC055: What is the Cantillon Effect w/ Sahil Bloom (Bitcoin Podcast)
2022 Crypto Theses with Ryan Selkis | on the margin
Crypto Yields - The Tool To Battle Inflation | Jeremy Allaire | Empire
- Price of Bitcoin: 1.84% (week) | Dominance: 40.9% | MC: $2.2T
- Mayer Multiple: 1.01 (.15)