Rebuilding
Daily Ramble
There’s a moral compass baked into Bitcoin. It rewards those who are intellectually curious and honest, who make decisions on a long time horizon, and who value personal responsibility. I’ve not met anyone who boarded the Bitcoin rocket before 2016 that wasn’t both intellectually curious and honest. The volatility has bucked off many would-be investors, but those who stuck did so because they had conviction in the long-term potential. Lastly, it is not possible to adopt Bitcoin without taking responsibility for private key management. It’s the ultimate “the buck stops here” mentality since personal mistakes lead to lost funds. Bitcoin is not for those who can’t manage personal responsibility.
What can we say about people who value long-term thinking, intellectual honesty, and personal responsibility? The most capable group of people to build us out of the absolute shit show the world is driving us towards. Think about it: this globally scattered group of people are the winners of the Bitcoin wealth transfer. They are the group of people most likely to have the leadership abilities we need and the MEANS to do the leading. If you think for a minute that nature doesn’t have a way of sorting itself out, you’re kindly mistaken. We’re witnessing the seeds of humanity's next steps sprouting out of the fiat manure choking humanity’s innovating ability. Exhibit A: UntappedGrowth.com
I was blown away listening to a recent podcast with Joel, the founder of Untapped Growth. He’s taking the decentralized Bitcoin approach and applying it to regenerating topsoil, the base issue leading to such crummy food in the United States. His idea is to go back to the original cattle stock brought over from Europe by settlers of the New World. Think of them as the original bison roaming and keeping the plains healthy — though we didn’t realize the bison’s importance for grasslands until recently. Let these cows loose, provide minimal care, and let them re-wild the grasslands that modern farming methods have depleted. Throw out some salt licks, harvest a few to butcher from time to time, but otherwise, let them fertilize the land with their manure and aerate the grasslands with their hooves.
Financially, he’s realized the problem with farming today is that the Fed’s printing press gives godawful price signals to the farmers trying to make a living. Joel’s figured out a way to cut the dollar out of the equation so that investors receive a share of the herd itself. As the herd grows or shrinks, so does the number of animals in your share. The growth each year can be culled for your family or let to compound. Pretty ingenious approach — and not for short-term investors. And his approach extends to homesteading communities, land caretakers, power producers, and folks in cities wanting countryside escape insurance. If there’s a “rewilder of the century” award, Joel’s a good bet at this point.
The majority of the world may not realize the fiat rot at the core of almost every problem plaguing humanity, but those who have swallowed the orange pill are building our next reality. We’ve just needed the solid monetary foundation of Bitcoin to unify the people with the right values and skills to do it.
Favorite Things on the Interwebs Today
Poetic and haunting to see nature reclaiming human modernity.
Bitcoin Price Prediction
Yesterday: $59.8k - $66k
Today: $61k - $70k
Tomorrow: $61k - $75k
Today is a monumental step forward for the crypto industry: Coinbase is listing on the NASDAQ. The numbers posted by Coinbase ahead of their listing have rocked Wallstreet incumbents looking down their noses at the growing upstart crypto space. With today’s listing, the crypto industry will have crossed the rubicon where it is no longer possible to ban the industry out of existence. There will be plenty of fights ahead for crypto in the realm of privacy and custody, but the ability for the largest Western nation-state to outright ban it has passed.
What does that mean for price? Volatility. It is why I’ve given wide price predictions for the next couple of days. On the one hand, the listing of Coinbase (ticker: COIN) could be a “sell the news” event driving the price down as speculators who piled in ahead of the listing take profits. On the other, the listing could strike mass awareness for Mainstreet, causing them to jump into the Bitcoin fray since it is the underlying driver of Coinbase’s growth. My instincts tell me this is both an inflection point and accelerant in the bull market this year. Whatever unfolds today and the next couple of weeks will be historic — and volatile.
Bitcoin Q & A
Q: What is the highest price Bitcoin could theoretically achieve?
A: $18M per bitcoin.
11 years ago, Hal Finney did an amusing thought experiment where he divided the world's total wealth, then estimated to be between $200T by 20M bitcoin, to arrive at roughly $10M per bitcoin. He used 20M bitcoin instead of 21M to account for anticipated lost bitcoin.
Today’s global wealth estimate has increased to $336T. Using 20M bitcoin means that each bitcoin could eventually be worth $18M. Read more here.
Do you think $64k per bitcoin is still expensive?
Thanks for reading,
Kent
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