The Wolf Den #59 - Bitcoin Dump, Altcoins Holding, Elrond and More
thewolfden.substack.com
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.I am disgusted.While nothing surprises me, it's absolutely mind numbing to watch what is happening in the world and particularly in the United States. The most appalling sign of all is the continual rise in the stock market.Global pandemic? No problem, the number goes up.40M unemployed Americans? No problem, the number goes up.Record money printing, bailouts for the fortunate few? No problem, the number goes up.Police murder a black man in front of the entire country, resulting in rioting around the country? No problem, the number goes up.I have heard multiple analysts act giddy like school girls at the prospect of more rioting. Why? Because they believe it will lead to further monetary stimulus from the Federal Reserve.We are tragically off course.The only people who benefit from the rise in the stock market are the top few percent, who are being bailed out by a system that prioritizes socialism for the rich.The system is broken. I for one am actually horrified enough to start to limit my exposure to legacy systems that will print money to the detriment of my children while oppressing the disenfranchised and minorities. Yes, you read that correctly. I am changing my investing strategy moving forward.One way that I am doing this is by switching one of my family's ROTH IRAs from ETrade to a self-directed IRA with Kingdom Trust. It makes absolutely no sense that Americans are only allowed to enjoy the tax benefits of a retirement fund if they invest in equities or other legacy assets. We are feeding the system by buying in, something that I have always done.I had a meeting with them and they convinced me to personally switch.A self-directed IRA allows you to gain the same tax benefits as any other IRA, but investing in assets of your choice. Do you want to put gold in your IRA? You can. Do you want to buy a collector's item or art with the tax benefits of a retirement account? Have at it. Do you want to buy land and "put it away for retirement." Go ahead. Do you want to buy Bitcoin (NOT GBTC, actual Bitcoin) and hold it for retirement with all of the tax benefits of an IRA? You can. Soon you will even be able to do so while controlling your private keys.I am not selling all of my stock, but I am increasing my exposure to assets that I can believe in both as an investor and a human being moving forward. As a result of very successful trading over the past few months I am currently 25% in crypto, up from the 10% that I have always maintained as my maximum exposure. Trading has been amazing. Investing as well. I am not rebalancing this time. I intend to slowly increase that number.To be VERY CLEAR - this is NOT FINANCIAL ADVICE. I am merely sharing my own plans. Also, a large portion of these crypto holdings will remain in stablecoins, earning 8%+ interest. Considering we are approaching negative interest rates in the United States, I am more than happy to hold dollar pegged stablecoins and receive that kind of compounding interest.They may be able to prop the market up forever, I cannot tell the future. I just know that I have the power to limit my exposure if the house of cards comes tumbling down and intend to do so.BITCOIN HAS DROPPED SIGNIFICANTLY SINCE I WROTE MOST OF THIS NEWSLETTER!!!! ALTS SEEM TO BE REACTING SURPRISINGLY WELL SO FAR, WHICH IS ENCOURAGING.What's In This Issue?Bitcoin Thoughts And AnalysisElrond - The Future Of Crypto?Don't Buy Resistance And Sell Support The Wolf Of All Streets Podcast Ft. James TodaroLarge Cap Altcoins - USD And Bitcoin PairsChinese Citizens Can Officially Inherit CryptoWall Street Wants Your BitcoinDollar Sell-Off Beginning?Chinese Factories Are Open - With Few CustomersCongressional Budget Office - 10 Years To RecoverAltcoinsPhemex Adding More Spot Trading Pairs
The Wolf Den #59 - Bitcoin Dump, Altcoins Holding, Elrond and More
The Wolf Den #59 - Bitcoin Dump, Altcoins…
The Wolf Den #59 - Bitcoin Dump, Altcoins Holding, Elrond and More
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.I am disgusted.While nothing surprises me, it's absolutely mind numbing to watch what is happening in the world and particularly in the United States. The most appalling sign of all is the continual rise in the stock market.Global pandemic? No problem, the number goes up.40M unemployed Americans? No problem, the number goes up.Record money printing, bailouts for the fortunate few? No problem, the number goes up.Police murder a black man in front of the entire country, resulting in rioting around the country? No problem, the number goes up.I have heard multiple analysts act giddy like school girls at the prospect of more rioting. Why? Because they believe it will lead to further monetary stimulus from the Federal Reserve.We are tragically off course.The only people who benefit from the rise in the stock market are the top few percent, who are being bailed out by a system that prioritizes socialism for the rich.The system is broken. I for one am actually horrified enough to start to limit my exposure to legacy systems that will print money to the detriment of my children while oppressing the disenfranchised and minorities. Yes, you read that correctly. I am changing my investing strategy moving forward.One way that I am doing this is by switching one of my family's ROTH IRAs from ETrade to a self-directed IRA with Kingdom Trust. It makes absolutely no sense that Americans are only allowed to enjoy the tax benefits of a retirement fund if they invest in equities or other legacy assets. We are feeding the system by buying in, something that I have always done.I had a meeting with them and they convinced me to personally switch.A self-directed IRA allows you to gain the same tax benefits as any other IRA, but investing in assets of your choice. Do you want to put gold in your IRA? You can. Do you want to buy a collector's item or art with the tax benefits of a retirement account? Have at it. Do you want to buy land and "put it away for retirement." Go ahead. Do you want to buy Bitcoin (NOT GBTC, actual Bitcoin) and hold it for retirement with all of the tax benefits of an IRA? You can. Soon you will even be able to do so while controlling your private keys.I am not selling all of my stock, but I am increasing my exposure to assets that I can believe in both as an investor and a human being moving forward. As a result of very successful trading over the past few months I am currently 25% in crypto, up from the 10% that I have always maintained as my maximum exposure. Trading has been amazing. Investing as well. I am not rebalancing this time. I intend to slowly increase that number.To be VERY CLEAR - this is NOT FINANCIAL ADVICE. I am merely sharing my own plans. Also, a large portion of these crypto holdings will remain in stablecoins, earning 8%+ interest. Considering we are approaching negative interest rates in the United States, I am more than happy to hold dollar pegged stablecoins and receive that kind of compounding interest.They may be able to prop the market up forever, I cannot tell the future. I just know that I have the power to limit my exposure if the house of cards comes tumbling down and intend to do so.BITCOIN HAS DROPPED SIGNIFICANTLY SINCE I WROTE MOST OF THIS NEWSLETTER!!!! ALTS SEEM TO BE REACTING SURPRISINGLY WELL SO FAR, WHICH IS ENCOURAGING.What's In This Issue?Bitcoin Thoughts And AnalysisElrond - The Future Of Crypto?Don't Buy Resistance And Sell Support The Wolf Of All Streets Podcast Ft. James TodaroLarge Cap Altcoins - USD And Bitcoin PairsChinese Citizens Can Officially Inherit CryptoWall Street Wants Your BitcoinDollar Sell-Off Beginning?Chinese Factories Are Open - With Few CustomersCongressional Budget Office - 10 Years To RecoverAltcoinsPhemex Adding More Spot Trading Pairs