Back in the Saddle
Daily Ramble
Let me start with an apology — I’m sorry for missing the last two Kent’s Corner. Better men than I could likely have juggled the 10-hour flight to Miami, 5-hour time zone change, and the 12 hours/day conference schedule last Thursday and Friday, but that wasn’t me. Dazed and confused by jet lag, I stumbled through Thursday and Friday, sucked in by the tractor beam of Bitcoiners celebrating and encouraging global adoption of the best form of money humanity has created.
The event was as much enlightening as it was educational and entertaining. From speakers like Senator Cynthia Lummis to legendary skateboarder Tony Hawk to El Salvadorian President Nayib Bukele to Twitter CEO Jack Dorsey to Bitcoin philosopher Robert Breedlove, the scale and scope of the conference was beyond ambitious. Hosted by Bitcoin Magazine, Bitcoin 2021 shot for the stars and landed on the moon. Despite reigning in a monster speaker line-up, the logistics on the ground showed the wear and tear of an event organized by a group who bit off more than they could chew: too few bathrooms, farcical stage disruptions, and a sauna-like exhibition hall for vendors, to name a few.
I joined the team at Sazmining in the exhibition hall, where we focused on raising capital for our two large 50MW+ Bitcoin mining facilities in Kentucky and North Dakota. I snuck out to see a few of the highlight speakers, but most of my time was spent with the Saz team eagerly speaking to investors excited by the potential of investing pre-IPO in one of the few equity sectors out-performing Bitcoin. Although Sazmining didn’t win the top slot at the start-up presentation competition judged by the likes of Tim Draper and Kevin O’Leary, we did feel relieved to hear many investors think we should have.
But the event organizers saved the absolute highlight moment of the conference for the end. 26 years old Jack Mallers emotionally sniffled his tears aside as he described how Bitcoin was changing lives in El Salvador. The level of change in El Salvador had reached such height that the President pre-recorded an announcement stating his intention to make Bitcoin legal tender for El Salvadorians. I was watching an outdoor screen, but the emotional eruption by attendees both inside and outside the event hall was palpable. People looked in shock at one another, trying to make sense that there was now a Bitcoin country coming into existence. And there was Jack, a living representation of the Bitcoin network, who single-handedly has gotten athletes, musicians, and Indy 500 cars shouting Bitcoin from the rooftops, being authentically human as he collapsed into his supporting parents’ arms after the announcement.
Here’s a tip: start keeping tabs on Jack Maller. You’ve got front seats to an emerging historical figure — Jack is Bitcoin.
Favorite Things on the Interwebs
The most powerful moment from the Bitcoin 2021 conference:
Below is the photo of 26-year-old Jack Mallers hugging his parents just after making the above announcement.
Bitcoin Price Prediction
Today: $34.6k - $39k
Tomorrow: $34.6k - $39k
Wednesday the 2nd was the last time I provided a price prediction, and despite five days passing, I’ve barely adjusted the above price predictions. What does that mean? Consolidation, consolidation, consolidation. There’s not much happening on the charts until we see this tightening coil resolve to the upside or the downside. The fundamentals of Bitcoin are strengthening with the Bitcoin conference injecting new enthusiasm into the space and countries like El Salvador and Paraguay announcing Bitcoin adoption. I anticipate that we’ll see a resolution to the price action this week. After coiling for more than two weeks, I anticipate it will be a sizeable move when it does move.
Bitcoin Q & A
Q: If Bitcoin becomes legal tender in El Salvador, what does that mean?
A: It will be a form of money that all El Salvadorians can use and accept for payment.
The knock-on effects on the international stage of El Salvador using Bitcoin as legal tender will take some time to play out. But locally, just as El Salvadorians use dollars now for means of exchange, Bitcoin will have the same legal footing. If the law is enacted, and it seems highly likely, El Salvador will be the first country in the world to put Bitcoin into legal tender status.
Thanks for reading,
Kent
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