Round Two
Monologue
I’ve got a room full of rug-rats downstairs. They fought valiantly to avoid nap time but failed. Peace just descended on the house for our precious one hour out of the day. Ana, my wife, and I couldn’t find childcare we liked, and being full of piss and vinegar decided the best approach was to set up shop in our great room. A month into the venture and I think we’re starting to get some semblance of a routine out of the chaos. Our first professional chaos tamer, aka teacher, didn’t stick. Something about too many kids for too few appendages. We’re on our second teacher now and she seems to have the game down. Don’t ask me how, but I think we’ll do everything in our power to keep her around.
Kids and work in the post-pandemic reality is a trick. The good news is that so many of us have them and are working from home that the rascally rabbits are starting to infiltrate the greater workplace. About time, I say. Really, why did we ever convince ourselves that families and work were separate anyhow? Seems to me that it’s better for all of us to smash it all together. Maybe not more efficient, but sure as heck more real. And who prioritizes efficiency over reality?
Favorite Thing of Today
Bitcoin
How convenient that my favorite-thing-of-today is about Bitcoin…😏 With Bitcoin’s price stretching past $18k, I’m not ashamed to admit the video gave me goosebumps. Being irresponsibly long Bitcoin allows for certain indulgences.
Price
Bitcoin’s price closed at $17.6k yesterday. It’s already run up to $18.5k today but I don’t see it going any higher. That’s all well and good since it’s jumped 16.5% in the last 3 days. If we’re going to make it through the previous all-time high of $20k, a little pullback would help re-load the cannon for another blast.
I don’t expect much of a pullback here — each pullback since $10k has gotten smaller and the majority of Bitcoin is flowing OUT of exchanges. It all adds up to a liquidity crunch, i.e. there’s not enough Bitcoin to go around for all those clambering to fill their bags. Number Go Up! If there’s one truism I’ve learned about Bitcoin, it goes further than anyone generally expects — both directions.
TL;DR $16.6k - $18.5k is a fair range to expect for today's price action.
Thoughts
It’s the question du jour. The white line is the number of times Bitcoin was mentioned in the media while the orange line is the Bitcoin price. The two lines were one and the same the last go at $20k, but this time… crickets from the media. Why is that?
I’ve got my theory, but to get there, some explanation is needed. All Bitcoin transactions are transparent. Sorting out who is the owner of the transactions is not simple, however. That’s what makes Bitcoin semi-private. Right now, we know that large amounts of Bitcoin are flowing out of exchanges and into private wallets. It’s abundantly clear that this is not Joe-six-pack accumulating Bitcoin. The big boys have arrived and are filling their pockets.
The question I’m asking myself: is it any coincidence that while the big boys are filling their pockets, the media has simultaneously gone radio silent? Asking for a friend…
Thanks for reading,
Kent
Reply and get a response from the real Kent. No bots here.