Some of the top Bitcoin news this week:
1. A model has just been broken
A famous tweet by the ‘King of Models’ in June has caused quite a lot of stir in Bitcoin these past few months:
Plan B referenced a new model, different to his infamous S2F Model, that called for the price floors of Bitcoin, month-on-month. In a fascinating way, he called the past 3 months extremely accurately. November, however, was a reality call. We are quite far from the $98,000 price that he forecasted.
He has been quite clear in stating that this model is completely separate from the S2F or S2FX models which are calling for $100k and ~$280k in this ‘cycle’, respectively.
Once again, Bitcoin is going against technical analysts and the soothsayers who think that the price can be forecasted. Bitcoin is the only real risk-on asset left in this world (not including Shitcoins) because central banks simply won’t let equity, bond and property prices fail – until they do. Bitcoin’s inherent risk allows price discovery to happen and where there’s risk, there’s uncertainty. Perfect models cannot be built around uncertainty and all those wide-mouthed Youtube stars shouting for price predictions can basically shut up now.
That’s why self-custody, dollar cost averaging, a long-term paradigm and the simple method of Hodling are so vital to investing in Bitcoin.
2. Microstrategy bought the dip – big time
Microstrategy and the Omega Chad, Michael Saylor, just added another 7,002 Bitcoin to their holdings. This was a total cost of $414.4 million and they bought at an average price of $59,187 per Bitcoin.
The company now holds 121,044 Bitcoin at an average purchase price of $29,534 and total valuation of $3.57Billion.
A fascinating fact: since Microstrategy started purchasing in Q3 last year, they have bought 28% of the total new supply to Bitcoin. When looking at the total circulating supply of Bitcoin, they hold 0.64%.
Michael Saylor also went on Tucker Carlson’s show this week – one of the most watched shows in America. Here is a snippet of their discussion.
3. The El Salvador president becomes a ‘toxic Bitcoiner’
And the funny news for the week… It seems that El Salvador’s president Bukele has become a ‘toxic maximalist’ who’s taking a liking to trolling world powers.
This was in reference to the Bank of England expressing ‘concern over El Salvador’s Bitcoin experiment.’
The BOE’s chief, Andrew Bailey ‘expressed worry for the citizens of El Salvador following the country’s adoption of Bitcoin as legal tender.’
Previously, Mr Bailey also expressed his opinion on Bitcoin, stating that it has ‘no intrinsic value and investors should be prepared to lose all their money.’
The same rhetoric is shared by the WEF, IMF, ECB and all the ‘trustworthy’ acronyms printing relentless money and causing inflation & inequality rates to spiral out of control.
Here’s another beauty from Bukele:
Make of it what you will. But expect the central powers to increase their narrative and make a pariah out of Bukele – history only proves this will be likely.
Knock, knock. Is that you CIA?
Bitvice Podcasts and Media
Last week, Ricki had an awesome discussion with Farmer Angus, formerly at Goldman Sachs and now a regenerative farmer. They talk about beef farming, ‘you are what you eat’, how industrial agriculture destroys fertility, the rise of Authoritarianism and of course, Bitcoin.
You can check out the discussion on Youtube, or via our usual channels.
Ricki will be chatting to @1971Bubble this week about the state of Turkey and the global monetary system.
Subscribe to our channels and get notified as soon as a new pod is released!
By The Horns is a Bitcoin podcast in the South African context. You can follow our discussions via video on YouTube or via the audio version on Spotify, Google Podcasts or Apple Podcasts. If you are listening on a different podcast app, here is our RSS feed.
Keep a lookout next week
We’ve been busy updating Bitvice and you can expect a notification soon. We’re making Bitcoin easier for you. You’ll be able to register and buy Bitcoin within seconds, straight to your own wallet of course. And, there are no more R20,000 minimums…
We can’t wait to share the details with you next week!