Making memories
Daily Ramble
I am gonna get to it quick today. Our wee one had to be jerked out of pre-school midway through the day on account of a fever. I’d thought her fever broke last night, but turns out that was a false break. Instead, it came back with a vengeance this morn. Even having a school in your home, when you’ve got a sick toddler, there’s not much else you can do except comfort them through their day.
And really, once I got past my guilt of not getting the things done I’d planned, it wasn’t the worst thing ever to be forced to spend half a day tending to my daughter. We’ve read a few books, watched some nature shows, and eaten some honey & butter toast. It’s the type of day that, in the flow, was an annoyance, but when I’m 70 might be a sweet memory. Am I the only one with a pair of rose-colored glasses?
Favorite Thing on the Interwebs Today
Another Bitcoiner is born. It’s easy to apply a westerner’s perspective to Bitcoin, but it’s a worldwide phenom.
Bitcoin Price Prediction
Yesterday: $19.3k - $24k
Today: $21k - $26k
Tomorrow: $23k - $30k
Bitcoin is in the stratosphere. For most of the unindoctrinated, this price seems insane. For those of us in the biz, we know it’s insane, but aren’t shocked. Bitcoin moves parabolically when it decides it’s ready. That makes price predictions here extremely difficult. What I know is that we’re more likely to see up than down, and any pullbacks at this point will be bought up quickly. As a result, you’ll notice that my predicted ranges are quite wide. I don’t expect us to go below today’s low of $21k in the next 7 hours. I’m betting we’re more likely to continue up than down here, but that’s more of a hunch. That’s why you see tomorrow’s predicted range so large.
Bitcoin Ed Bite
Let’s take a moment to put something in perspective: scarcity.
Scarcity is the underlying concept that drove gold to be the first emergent form of money in the world. Why? Because the effort to mine gold, process it, and turn it into a coin or ingot took a tremendous amount of work. There’s no way to acquire new gold supply without that work. Holding gold is proof that work occurred and is exactly what throttles new gold from coming on the market. Yes, it’s physically scarce, but the effort to acquire it is what truly keeps it scarce — it must be worth more than the effort to acquire new gold, or new gold is not produced.
The exact same process occurs with Bitcoin. Only better, which I’ll explain tomorrow.
Thanks for reading,
Kent
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