It’s tax time and figuring out what you owe on your thousands of crypto transactions is an epic pain in the ass! I have been using Blockpit, which has made my life much easier. They are also an amazing sponsor of this newsletter. If you have not started doing your taxes yet, then you are FAR behind and need to get to it.I was able to easily import my trades directly from most exchanges. For those that do not have direct APIs for any tax platforms (Phemex + Voyager) I was able to easily download the transactions and format them to be used. The tax report was quick and easy to create in the app. I can also track the performance of my assets in the app, which helps a lot when planning for NEXT YEAR’S taxes (yikes).SIGN UP HERE and get a 10% discount.Bitcoin hit $50,000 just hours ago.In classic Bitcoin fashion, it immediately dropped below and now is struggling to return. Welcome to crypto.Stepping back and looking at the last year, it almost feels like a dream that our beloved asset has risen so far and so fast. Just 11 months ago, Bitcoin bottomed below $4,000 and was declared dead on arrival. The idea that it was a store of value and uncorrelated asset were refuted and the talking heads said that the crypto party was over.Price is up over 12X from March 12th, 2020.To use a famous saying from baseball, "it ain't over till the fat lady sings."I spoke with Bill Barhydt, CEO of Abra yesterday for the podcast, and he used another baseball analogy. He said that he believes that crypto is still in the "top of the 1st inning," meaning that the game has JUST BEGUN. I tend to agree.Ignore charts and price action for a moment and use common sense. Over a thousand companies attended Michael Saylor’s conference, each interested in learning how to purchase Bitcoin. None of them have publicly purchased yet.They will.And he announced today that MicroStrategy is raising ANOTHER 600M convertible senior note with the attention of buying even more Bitcoin.How can you possibly be bearish? You can be sure that he knows exactly which companies are coming into the space and with what size. And he is likely front running them.Further, none of the macro economic factors that are the core argument for Bitcoin are changing any time soon. In fact, they are accelerating. The dollar is being devalued, the bond market is teetering, the money printer is working overtime and Central Banks are scrambling. Imagine when they themselves are forced to purchase BTC as a reserve asset and hedge against their own activities.If none of this convinces you, then consider the most basic concept of economics - supply vs. demand.Every metric that we have indicates that supply is increasingly being removed from exchanges and into cold storage. Supply side shock is a real issue, all in the midst of increasing publicity and demand for Bitcoin. This simply means that the number has to go up. There will be a time in the not so distant future that exchanges start to run out of Bitcoin to sell - it already happened weeks ago with Etoro.50K Bitcoin. And the party just started.This newsletter is also sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!REVUE, MY NEWSLETTER PLATFORM, IS HAVING AN ISSUE WITH TRADINGVIEW LINKS. THEY ARE NOT EMBEDDING, SO THERE ARE NO ALTCOIN CHARTS TODAY. YOU CAN CLICK THE BITCOIN LINKS TO SEE THOSE.In This Issue:Bitcoin Thoughts And AnalysisBitcoin Conferences Are ReturningVerge Token Undergoes Another 51% Hack?Elon Musk Pressures Doge WhalesThe Wolf Of All Streets Podcast Ft. Jim O'ShaughnessyMy Recommended Platforms And Tools
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The Wolf Den #179 - We Hit 50K (Briefly)
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It’s tax time and figuring out what you owe on your thousands of crypto transactions is an epic pain in the ass! I have been using Blockpit, which has made my life much easier. They are also an amazing sponsor of this newsletter. If you have not started doing your taxes yet, then you are FAR behind and need to get to it.I was able to easily import my trades directly from most exchanges. For those that do not have direct APIs for any tax platforms (Phemex + Voyager) I was able to easily download the transactions and format them to be used. The tax report was quick and easy to create in the app. I can also track the performance of my assets in the app, which helps a lot when planning for NEXT YEAR’S taxes (yikes).SIGN UP HERE and get a 10% discount.Bitcoin hit $50,000 just hours ago.In classic Bitcoin fashion, it immediately dropped below and now is struggling to return. Welcome to crypto.Stepping back and looking at the last year, it almost feels like a dream that our beloved asset has risen so far and so fast. Just 11 months ago, Bitcoin bottomed below $4,000 and was declared dead on arrival. The idea that it was a store of value and uncorrelated asset were refuted and the talking heads said that the crypto party was over.Price is up over 12X from March 12th, 2020.To use a famous saying from baseball, "it ain't over till the fat lady sings."I spoke with Bill Barhydt, CEO of Abra yesterday for the podcast, and he used another baseball analogy. He said that he believes that crypto is still in the "top of the 1st inning," meaning that the game has JUST BEGUN. I tend to agree.Ignore charts and price action for a moment and use common sense. Over a thousand companies attended Michael Saylor’s conference, each interested in learning how to purchase Bitcoin. None of them have publicly purchased yet.They will.And he announced today that MicroStrategy is raising ANOTHER 600M convertible senior note with the attention of buying even more Bitcoin.How can you possibly be bearish? You can be sure that he knows exactly which companies are coming into the space and with what size. And he is likely front running them.Further, none of the macro economic factors that are the core argument for Bitcoin are changing any time soon. In fact, they are accelerating. The dollar is being devalued, the bond market is teetering, the money printer is working overtime and Central Banks are scrambling. Imagine when they themselves are forced to purchase BTC as a reserve asset and hedge against their own activities.If none of this convinces you, then consider the most basic concept of economics - supply vs. demand.Every metric that we have indicates that supply is increasingly being removed from exchanges and into cold storage. Supply side shock is a real issue, all in the midst of increasing publicity and demand for Bitcoin. This simply means that the number has to go up. There will be a time in the not so distant future that exchanges start to run out of Bitcoin to sell - it already happened weeks ago with Etoro.50K Bitcoin. And the party just started.This newsletter is also sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!REVUE, MY NEWSLETTER PLATFORM, IS HAVING AN ISSUE WITH TRADINGVIEW LINKS. THEY ARE NOT EMBEDDING, SO THERE ARE NO ALTCOIN CHARTS TODAY. YOU CAN CLICK THE BITCOIN LINKS TO SEE THOSE.In This Issue:Bitcoin Thoughts And AnalysisBitcoin Conferences Are ReturningVerge Token Undergoes Another 51% Hack?Elon Musk Pressures Doge WhalesThe Wolf Of All Streets Podcast Ft. Jim O'ShaughnessyMy Recommended Platforms And Tools