Happy Thanksgiving, Bitcoiners!
My Two Sats on Bitcoin Stuff This Week
The crypto exchange contagion we’ve been experiencing has been, well, rough. Bitcoin has been hammered. Guilt by association. Worthless crypto tokens, extreme leverage, outright fraud, these have brought down some of the largest crypto exchanges in the world.
This had nothing to do with Bitcoin. But you know that.
It’s hard to explain this to people, virtually every day.
The Bitcoin protocol is strong. The network is stronger than ever. Nothing has broken down, or changed even slightly, with Bitcoin. We can be thankful for that on this Thanksgiving holiday.
Some thoughts on current events
The FTX/Alameda/SBF Ponzi scheme, fraud, whatever you call it, is still playing out. It’s a shame. A lot of reputable investment firms and a lot of good people lost a lot of money. There are indictments and bankruptcies coming. Stay tuned.
I can’t wait for the Michael Lewis or Ben Mezrich book to come out about this FTX fiasco.
It struck me funny, as a New Yorker, to hear that the luxury resort in the Bahamas where the FTX team all owned multi-million dollar condos, is called “Albany.”
Self Custody of your Bitcoin is a hot topic lately, understandably. It will become the new status symbol for crypto holders. See last week’s newsletter. Link
Cathie Wood of Ark Investors is still extremely bullish on Bitcoin. See below. She’s also snagged quite a few more shares in Coinbase recently, upping her stake to 4.7% of the company.
Sports betting sites around the world are accepting bets on the World Cup football tournament in Bitcoin.
With all of the negative news surrounding crypto this year, Bitcoin is still up over 200% since March 2020. Zoom out for good perspective.
If the SEC and Gary Gensler would approve a spot Bitcoin ETF, investors wouldn’t have to flock to less-than-reputable crypto exchanges to invest.
The podcast/YouTube show with Natalie Brunell, Hard Money, is excellent. Well done, and with great guests. Link: https://www.youtube.com/@hardmoney
What are you going to say to your relatives about Bitcoin at Thanksgiving dinner? The ones you told to buy at $60K. If they give you ten minutes to explain, I know you’ll be able to convince them to stay the course. HODL on!
Happy Thanksgiving, everyone! Even in a bear market, you have a lot to be thankful for. And I’m thankful for all of my readers, on Substack, Medium, Twitter and LinkedIn.
Enjoy the holiday!
Recommended Bitcoin Tools, Platforms, Podcasts:
Gemini - My choice for buying and HODLing Bitcoin, rated tops for safety and security. User-friendly platform and phone app. Earn Bitcoin rewards as well with the Gemini Credit Card.
Arculus - The crypto hardware wallet from Arculus is one of the best products on the market for storing your coins. Very easy to set up and to use, and very affordable.
Lolli - The Lolli shopping app lets you earn great Bitcoin rewards on practically everything you buy, whether you’re shopping on your phone, computer, or in-person.
Twitter - Follow The Bitcoin Files on Twitter at @BitcoinNewslet1 for all of my articles, commentary and links to my contributions to Bitcoin Magazine.
Medium - Check out my writings on Medium, including articles not featured in the newsletter. Join my 550 other followers who read and write about crypto. medium.com/@rickmulvey
Podcasts - To hear the top names in Bitcoin, and learn more than you could imagine, check out The Pomp Podcast with Anthony Pompliano, What Bitcoin Did with Peter McCormack, and The Wolf of All Streets Podcast with Scott Melker.
Issue No. 84, November 24, 2022
Rick Mulvey is a CPA, crypto consultant, and frequent contributor to Bitcoin Magazine. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.