Vision
Daily Ramble
I just got off the Zooms with an old friend I used to sip tea with in Dharamsala, India. Dharamsala is a small town that was granted to the Tibetan Government in Exile as a sovereign territory when the Dalai Lama fled Tibet in 1959. It was a fascinating part of my world travels getting to see the Dalai Lama speak over butter tea, make global friends, and gain my Yoga Teacher Training credentials.
Fast forward six years, and one of the cooler cats I’d bumped into, Michael, reached out to participate in a podcast effort he was launching from New South Wales, Australia. He wanted me to be his crypto guy for the crypto portion of the podcast series. Happy to find anyone willing to listen to my soapbox speels about how Bitcoin is going to save humanity from itself; I was grateful to have the opportunity to ramble with him for the last hour or so. Of course, when the episode drops, I’ll be sure to share it here.
What struck me in speaking to Michael was the joy I was getting by having the opportunity to share the knowledge I’ve gathered from others, synthesized, and put into my own words. I’ve been truly blessed to learn from incredible luminaries in the Bitcoin space, each providing their content at no cost to facilitate the growth of the space. It was my inspiration to start this daily newsletter, in fact. It just didn’t seem fair that I had amassed all this information, only to sit on it for myself.
And that’s a feeling that’s been growing in me of late — the need to share the vision I have for the Bitcoin network. The vision where I see it carving a path away from our collective consumption of the planet while we commoditize and traumatize ourselves and other living beings in the process through the institutionalized insanity of a fiat reality. There is a solution to climate change, inequality, and our collective anxiety. And it happens by shifting our mindset, by having something stable to store our value. Something outside anyone’s control to manipulate: Bitcoin.
I fully understand how lunatic I may seem to make this claim, but I dare you to dive down the Bitcoin wormhole and come out the other side not seeing it too.
PSA Things on the Interwebs
Run away from anyone saying these things.
Bitcoin Price Prediction
Weekend: $33.5k - $40k
Today: $28.7k - $35.7k
Tomorrow: $24k - $25k
Bitcoin said, “enough with the lawn chair action, party people, it’s time to move!” And move it did this weekend, dropping from $35.7k to $32.1k when writing this. If you recall my prediction on Friday, I warned that if we didn’t see the bullish pivot, the bears would take over again — and they have and are in charge. Just how far we drop is debatable, but it looks like the price wants to test the $30k region again before deciding. There’s a chance we even see $28k today — when the price drops, it likes to move fast.
Why is all this happening? There’s been a fundamental shift in China. Not only are Bitcoin mining operations being asked to shut down, which represents 50% of the security of the network, but now there have been rumors of banks threatening to close accounts of individuals who are transacting Bitcoin. All-in-all, this has led to serious selling pressure. Now, before getting too anxious, know that there’s more than enough security on the Bitcoin network to manage the hashrate decline as miners move overseas. But, these actions have seriously spooked the markets. As a result, I anticipate we may see the price bleed into the $20k region before we find a floor. And if we break below $30k, the bull market peak prices I’d spoken of earlier this year are likely off the table.
Bitcoin Q & A
Q: Can a country’s ban on Bitcoin stop people from using Bitcoin?
A: No.
A country can opt its citizens out of Bitcoin by forbidding its use, but no single country has the power to disable the Bitcoin network. Anyone who has the technical skills to access the Bitcoin network can interact with it, sending and receiving Bitcoin.
China appears to be the latest country to attempt this ban for the umpteenth time, and it appears they’re more serious this time than the last few — Chinese miners have been shut down in all regions. Savvy Chinese who still want to access Bitcoin will be able to do so, and a thriving black market is likely to be created as a result.
Thanks for reading,
Kent
Do you have questions or a “Favorite Thing on the Interwebs”? Comment below or reply to the newsletter to reach me.
Did you like what you read—why not share it?
Me? I offer personal and corporate Bitcoin Implementation Strategies: custody, investing strategy, security, tax management, and inheritance. Contact me for a free initial consultation.