Today’s Nuggets
BTC ETF Bleed Slows Down
Bitfinex Whale Stacks under $90K
Robinhood Retail Crypto Volume Explodes
China’s New Quantum Computer
Tesla Tanks to December 2020 Levels
DXY Has Worst Week in a Year
CLSK Added to S&P 600 Small Cap Index
India Cuts Tariffs
EU Gearing Up for War
This was a historic week and some good things happened behind the scenes. The market sucks and the world is unsure of so much stuff.
We will cover all that transpired this week that you need to know about.
This week was not as bad as the previous one - a historic bleed.
Adding it up, we lost about $700 million of drainage from the ETFs. We had $2.8 billion last week. Much of this is the hedge funds reversing their carry trade.
Yesterday was the Crypto Summit at the White House.
They announced the Strategic Bitcoin Reserve early Thursday and then had a meeting at the white house regarding all the good stuff. The U.S. will not sell their 200,000 Bitcoin; hopefully, they will gradually add more over time.
All around, it was a historic week.
Michael Saylor proposed to the panel at the Summit that the United States should acquire 5 to 25% of all Bitcoin between 2025 and 2035.
It is a 10-year plan to buy between a 20th of it all and a quarter. Remember, 5 million of the Bitcoin supply has been lost, so there will never be more than 15 million in circulation. This key date of 2035 is when 99% of all the Bitcoin will be issued.
Saylor states that if you delay stacking until 2035, you will be out of luck because so little will be issued as the final 1% will be issued over the next 105 years.
For the U.S. long term, if they hold it through 2045, the Bitcoin reserve would
Keep reading with a 7-day free trial
Subscribe to InvestAnswers Newsletter to keep reading this post and get 7 days of free access to the full post archives.