Andy Edstrom
@edstromandrew
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Check out my book on Bitcoin:
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Did the SEC just stage a hacking to prove market manipulation so they could reject?
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There was a time when 10,000
#Bitcoin
bought 2 pizzas.
Now 2 Bitcoin buys roughly 10,000 pizzas.
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Baby daughter just born!
Eyes closed, but yeah, they're lazers.
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"
#Bitcoin
, please please please drop to $20k so I can fill my bags"
- Scott Minerd, CIO of Guggenheim
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Bitcoin is the future of money.
Lightning is the future of currency.
It's that simple.
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It is truly strange holding an asset that you know is a safe haven but that traders think is a tech stock.
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I own some
#Bitcoin
.
You own much more.
Neither of us has any power over each other or anyone else within this system.
This is nothing short of miraculous.
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Goldman Sachs just took a big smelly dump on Bitcoin. I used to work for Goldman Sachs. I subsequently wrote a book about Bitcoin that also talks about my time at Goldman Sachs. Who wants to talk with me about it?
@APompliano
@PeterMcCormack
@MartyBent
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Rekt. Again.
After getting scalped once this year shorting
#Bitcoin
it looks like BCA is ready to lose some more money:
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Perhaps the worst investment/trading call so far in 2021.
Never forget.
Look for more declines in crypto as Bitcoin breaks through support. Next likely support level is $20,000.
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After getting scalped once this year shorting
#Bitcoin
it looks like BCA is ready to lose some more money:
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What Ray Dalio said about
#Bitcoin
is right.
If Bitcoin is really successful, regulators will try to kill it.
But he forgot the second part.
They will fail to kill it.
And instead they will make it stronger.
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People sometimes ask me for predictions about
#Bitcoin
.
Here's one. Ecuador will be the next country to adopt Bitcoin as legal tender as did El Salvador.
Like El Salvador it is small, not rich, dollarized, and Latin American. Also it has a popular president.
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Portfolio Manager at
#Bitcoin
$20k: "We missed the trade."
Portfolio Manager at Bitcoin $50k: "We missed the trade."
Portfolio Manager at Bitcoin $100k: "We missed the trade."
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Can you imagine seeing the highest official inflation numbers in 30 years and not buying
#Bitcoin
?
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I still keep hearing critics (latest one JPMorgan) complain that
#Bitcoin
ownership concentration is much higher than overall wealth concentration in the economy.
So is Amazon stock ownership. Are we going to not use Amazon because of this fact?
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There are people out there who have no Bitcoin.
I’m serious.
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I just heard another person say that the USA has most to lose from
#Bitcoin
replacing USD as world's reserve currency.
This couldn't be more wrong.
The Federal Reserve would lose power, but overall, US citizens would gain tremendously.
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"No killer app has been built on Bitcoin."
"I still haven't found a use case for Bitcoin."
"Bitcoin is a solution in search of a problem."
No!
Hundreds of millions of people store their wealth in it.
Billions of dollars traverse the network daily.
#Bitcoin
is the thing!
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Charlie Munger wishes nobody had invented the thing that obsoletes the system that made him rich.
#Bitcoin
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I know people who bailed out of
#Bitcoin
at $3k in early 2019 expecting it to go below $2k.
$2k never came.
They carry deep regret with them.
I know people who are thinking of bailing out of Bitcoin at $30k today expecting it to go below $20k.
Go figure.
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In
#Bitcoin
the importance of news events is frequently over-hyped.
But this one really is a huge deal for long-term Bitcoin adoption.
Biggest provider of 401-ks in the world's biggest capital market will provide access to Bitcoin.
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In a world of trillions of dollars of money printing, buying Bitcoin under $10k is like buying cheap hurricane insurance after the storm has already made landfall.
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"No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any “improvement” will necessarily face tradeoffs."
- Fidelity Asset Management 1/31/22
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Just tried to log in to the SkyBridge Bitcoin Fund informational webinar. Got rejected with the message:
"This meeting has reached the maximum number of allowed participants."
All signs pointing to institutional FOMO.
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Ray Dalio, who runs the world's biggest hedge fund, just stated that he owns
#Bitcoin
.
Bullish.
BTW, Bitcoin is on sale this week.
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If you have to flee the country it was prolly a security.
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This market downturn is unprecedented in
#Bitcoin
history.
Never before has Bitcoin price stayed below 200DMA for more than a week in a bull market, which indicates this bull ended.
But never before has a bull market ended only 12 months post-halving.
I remain bullish.
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Bill Gates becomes multi-billionaire by shipping insecure software.
U.S. gov't pays hackers for zero day exploits & keeps them instead of telling software companies to patch them.
Equifax loses 100M+ identities & stock reaches ATH.
What will solve this other than Ransomware?
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Weird that people think the government is less likely to confiscate your dollars than your Bitcoin.
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#Bitcoin
is about to print a monthly red candle after a bunch of green monthlies in a row. Similar to September 2017.
That month BTC closed down around $4,300.
Price went ~4.5x to peak 3 months later.
This extrapolates to well into 6 figures this summer.
Seems about right.
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Stan Druckenmiller, probably the world's most successful macro investor, owns
#Bitcoin
.
Do you?
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In retrospect it was inevitable that the first countries to adopt
#Bitcoin
officially would be dollarized ones.
(1) No loss of seigniorage and (2) huge potential upside.
No brainer!
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This is shocking and appalling.
A hedge fund holding the majority of investor funds at a single counterparty with a shady operator of a mostly-offshore business.
Unbelievable.
Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday mrng, we got very little out. We’re now stuck alongside everyone else.
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Lots of fear right now among Bitcoiners that I know.
My thesis hasn't changed.
Your balance on the Bitcoin ledger is a hard money bearer asset.
If you don't see why there's a reason to hold a hard money bearer asset these days, then I just don't know what to tell you.
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If you believe:
(1) We are still in a
#Bitcoin
bull market
(2) Institutional money makes it more likely dips get bought
(3) 35% correction is about as bad as it will get (biggest in the 2017 bull was 40%)
Then we have probably bottomed. This seems right to me.
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Portfolio Manager: "Ok, you're approved to buy
#Bitcoin
at $20k or lower."
Analyst: "Buy it all today."
Trader: "Let's take it easy and wait for better price."
Analyst: "I've been pitching this idea for 16 months and I'm not waiting any f*ing longer!! Fill the order!!!"
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#Bitcoin
is the most ESG-friendly investment in my clients' portfolios.
Find out why in my latest article for
@BitcoinMagazine
:
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"Bitcoin has no intrinsic value."
Exactly. This is the point. The best money is 100% money and 0% anything else. It has all monetary value and no intrinsic value.
In this respect,
#Bitcoin
is the only perfect money.
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People keep saying there is resistance to
#Bitcoin
re-taking $50k.
Who's resisting?
I'm not.
Are you?
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Almost five and a half years ago I realized
#Bitcoin
was the best risk-adjusted investment opportunity I'd ever see in my life.
Two cycles later it's still true!
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Coinbase and Solana are both companies.
Coinbase and Solana are both valued at around $50 billion.
Coinbase and Solana sometimes go down for hours at a time.
I own equal amounts of Coinbase and Solana.
0=0.
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NYDIG claims to have $6 billion in
#Bitcoin
. Ross Stevens is confident he will have $25 billion by year-end.
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Can you imagine storing your wealth in any system other than the one that dedicates the most energy to protecting it?
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Today I'm thankful for the Air Force officer who rejected
@michael_saylor
's pilot training application.
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Bitcoin skeptics loved to say that we don't know what Bitcoin will do in a period of rising interest rates.
Now we know. It appears to have had ZERO net effect.
In the most rapid rate rise in decades Bitcoin had a normal bear market coinciding with the halving cycle.
Yawn.
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A client told me me recently she was concerned about Bitcoin's electricity usage.
I asked her if she thought the current electricity usage was sufficient to maintain security or whether it would require more.
Her head almost exploded. 😆
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I suspect that most of the "institutional" money invested in
#Bitcoin
so far has been degen trading hedge funds.
Financial advisors barely have any exposure.
The wealth they manage is traded less and it's UNLEVERED.
Their participation will reduce Bitcoin's volatility.
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Ok now that they're down 90% from their peaks, who wants to shill me some
#Bitcoin
mining stocks?
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Now that 20 years have passed, may I please have my privacy and freedoms back?
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If
#Bitcoin
is the MySpace of crypto, how come it's worth $200 billion?
Use
@michael_saylor
's insight that once an Internet-based network achieves a couple hundred billion of market cap, it's the category winner.
#Bitcoin
has won Internet money.
Next: win global hard money.
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"People underestimate the ferocity of the
#Bitcoin
community."
- Ross Stevens
Respect those CyberHornets.
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Thanks for following me,
@michael_saylor
.
You are teaching all of us in
#Bitcoin
the right lessons in corporate finance and capital allocation.
More importantly, you are educating CEOs and boards everywhere.
You are leaving a great legacy for your shareholders and
#Bitcoin
.
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Remember when I said that Microstrategy's balance sheet could bear more debt? And that some of the proceeds could be used to buy more
#Bitcoin
?
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These two have been righter for longer than just about anyone.
We microdosed Elon Musk, here's what you need to know
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Insurance companies have $500 million in Bitcoin exposure via NYDIG already, according to Ross Stevens.
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#Bitcoin
is already a better hard money asset than gold.
So it's worth trillions of dollars.
And yet some people are selling it at a fraction of that value.
How strange.
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A lot of people are scratching their heads about the 40%+ discount to Net Asset Value (NAV) of GBTC & other Grayscale products. Since many Bitcoiners own these products, perhaps the following will be useful. I’m sure it’s incomplete, but it mostly covers my thinking.
🧵Thread:
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Jamie Dimon is the highest-paid employee of the United States government.
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I'm confused. Michael Saylor's pitch keeps improving. It was already 11 out of 10. Now it's like 21 out of 10.
And Preston keeps further illuminating
#Bitcoin
's future.
Unbelievable.
This was one of the most interesting podcasts I've ever recorded. Michael's thoughts on economic calculation are unmatched. Please share and let us know what you think!
#Bitcoin
@michael_saylor
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World War 3 has begun.
Really it started a while ago.
War is inflationary.
Inflation is required to reduce real debt burdens.
War is required to force social consensus.
Bitcoin takes short term licks but keeps cranking.
The real tests lie ahead of us.
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It is pretty unlikely that TSLA will dump its
#Bitcoin
holdings. As much fun as Elon is having manipulating the caninecoin market, most public company board members prefer not to have their companies actively trading or manipulating major public markets (BTC or otherwise).
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This may be
@michael_saylor
's best interview. My favorite parts:
1. Gold miners are the enemy of gold holders - always trying to produce more supply. But
#Bitcoin
miners constantly try to produce more security.
2. War/confiscation risk means even gold won't last you 100 yrs.
WBD268 - Bitcoin in the Boardroom with
@michael_saylor
. We discuss:
- MicroStrategy’s $425 million Bitcoin acquisition
- Square buying Bitcoin
- MicroStrategy sponsoring Bitcoin development
- Michael’s conviction with Bitcoin
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Cover of Barron’s today.
Orange brain good. Smartness go up.
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Bitcoin education is the key to uninstalling Keynesian malware.
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"Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system."
- Niall Ferguson
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What happens when undervalued natural gas producers figure out that the valuations on publicly-traded
#Bitcoin
mining companies are an order of magnitude higher than their own? How long will it take them to vertically integrate Bitcoin mining into their operations?
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The furious rally in
#Bitcoin
and crypto-related stocks is showing clear signs of institutional/corp FOMO.
Institutions/corps realize they're going to be late. They haven't done the work
@michael_saylor
already did to buy
#Bitcoin
directly. So they have to pile into proxies.
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Pouring one out for my financial advisor brothers & sisters having year-end review meetings with their clients in January 2022 explaining how they still haven't bought any
#Bitcoin
for their clients despite 30-year record inflation and undeniable mainstreaming of the asset.
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SO many well-known Bitcoiners were very loud about how it was going to $10k.
Oof.
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Hey,
@federalreserve
! It looks like you're now buying pretty much every asset class, EXCEPT for the most undervalued asset in the world:
#Bitcoin
! You must be the dumbest investor ever!
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