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If you want to try something new - you can now support my work through sending some sats over the Lightning Network by scanning the QR code on the thumbnail of the episode on YouTube. This technology is called LNURL and it works with following wallets: BlueWallet, Zeus, Zap, Wallet of Satoshi or BLW. Scroll down and you’ll find the QR code too.
While the speculators have been shaken out by last weeks dip in Bitcoin, Sub-Saharan Africans are accumulating and using it for their real-life needs and struggles. Bitcoin is up 320% in the last year, when dropping 30% media call it a bloodbath, while the real bloodbaths happen in developing nations. 28 countries did NOT vote for the protection of their people against genocide, ethnic cleansing, war crimes and crimes against humanity at the UN this week! These people need Bitcoin.
“We are in the capitulation phase, which is a really great time to buy.”, says Cathie D. Wood CEO of ARKinvest
ODELL (@matt_odell) May 19, 2021
In the last month we saw an “astonishing” bitcoin price drop of 30%. Media articles have been referring to this as the bloodbath, the carnage and new entrants to the market - so called weak hands - started panicking and sold their coins. Many saw Elon Musk’s dismissal of Bitcoin’s energy consumption as the single reason for the dip, while this might have triggered the sale, there were more reasons:
While we saw a dip of 30% at the same time bitcoin gained 320% in the last 12 months. For long-term believers in Bitcoin this was just another drop, just another possibility to buy bitcoin for a better price.
Now compare this dip to the value loss of national currencies like the Turkish Lira, the Brazilian Real, the Russian Ruble, the Argentine Peso or the Venezulean Bolivar they lost between -60% to -100% of value from 2010 to today, while Bitcoin went from Zero to $40,000 without any government help.
The “cryptocurrency crash” in perspective.— Daniel Lacalle (@dlacalle_IA) May 20, 2021
Bitcoin vs USD 2010-Today: +67,138,762%
Venezuelan Bolivar -100% (redenominated and collapsed a few times over)
Argentine peso -95.7%
Turkish Lira -82.1%
Brazilian Real -67.1%
Russian Ruble -59.2%#Bitcoin #cryptocurrencies
What’s next? I don’t know, what I know is, that on May 19, someone bought the dip - bitcoin worth $750 Million was moved off exchanges and this is a good time to stack some sats.
For long-term investors volatility is a good thing. A new form of peer-to-peer money has to find its value on the free market, it’s only natural that it has volatility. Listen to what Mark Yusko, Founder, CEO of Morgan Creek Capital Management has to say:
“#Bitcoin has the same amount of volatility as Amazon stock…when was the right time to sell Amazon? That would be never. Volatility is not your enemy.” @MarkYusko on $BTC and crypto volatility: pic.twitter.com/QLWcoR7DzA— Worldwide Exchange (@CNBCWEX) May 20, 2021
How new entrants see the market and how Bitcoiners see the market (Source: @LinaSeiche):
These 15 countries voted against the UN resolution to protect against genocide, ethnic cleansing, war crimes and crimes against humanity!
LIST OF SHAME: Countries who just voted NO to UN General Assembly resolution on the Responsibility to Protect.— UN Watch (@UNWatch) May 19, 2021
28 countries abstained from the vote. Millions of people in 43 countries live under authoritarian regimes. Zimbabwe and Eritrea are also on the list of shame. Listen to my podcast episodes from Zimbabwe and next week I will release an interview with Meron Estefanos, an activist who tells us about the depressing situation of Eritreans. These are the people, who need Bitcoin.
The trading volume on peer-to-peer exchanges LocalBitcoins.com and Paxful.com show increases up to 6,000 % in some of the Sub-Saharan African countries in the last 12 months. This thing has just been started and it goes to show, that Africans understand the usefulness of Bitcoin. Source: usefultulips.org
This week’s interview guest is Adam B. Levine, the pioneer of Bitcoin podcasting and an early supporter of NFTs. Adam had Metakovan on his show, who bought Beeple’s NFT for $ 69 million - the most expensive NFT sold at an auction so far. Here he is talking about the misunderstandings around NFTs.
Seems as long as people pay their taxes and stay compliant with laws, the US government will enable innovation. But: Bitcoin doesn’t care. Decentralized platforms like Sovryn will not be affected by centralized regulations. While I don’t encourage breaking the law, in many countries of the world you simply have to break the law and regulations out of necessity. Or you’re breaking the law, because you’re publishing an unwanted truth - see WikiLeaks. Caitlin Long, a guest on my show is summarizing the history of US crypto regulation in this tweet.
1/ IT’S CLEAR a US #crypto regulatory crackdown is starting but I’m optimistic bc most of the major players/agencies have spoken already & the policy is taking shape: it’s “pay taxes, comply w/ laws & don’t take shortcuts, & we’ll enable the innovation.” It’s NOT a “#bitcoin ban”— Caitlin Long (@CaitlinLong_) May 20, 2021
Send some sats:
If you want to check, here is today’s Bitcoin price.
No financial advice. DYOR.