My thoughts on Bitcoin breaking above $50k: there’s virtually no limit to how high it can go.

Once you’re in uncharted territory like this and euphoria is fueling it, expect to see some wonky things.

I don’t think it’s a good idea for everyday people to chase it at this point.
Bitcoin has long been on my list of favorite alternative investments, but I’ve never been a fanatic like much of the HODLer community.

I rarely develop a religious fervor for things aside from basic principles like liberty, free markets, etc.

My rarely developing a religious fervor also applies to political leaders.

I find the Trump personality cult to be very bizarre.

He simply wasn’t a good leader. He didn’t stick to core conservative principles like limited gov’t, sound money, and free markets.
What turns me off from much of the Bitcoin community is how cult-like it is.

They don’t have much tolerance for someone like myself who is a sympathizer, but not a fanatic.

I still have so many questions about Bitcoin that bother me, like “Who Is Satoshi?” It’s a little shady.
I have serious concerns about Bitcoin that I still don’t feel are being adequately and cogently addressed ->

Also, as someone who is in the midst of an electrical grid crisis, it raises serious concerns about how reliant you are on the grid when your wealth is tied up in Bitcoin.

You don’t have that problem with gold & silver. There are benefits to having them in physical form.

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More from @TheBubbleBubble

18 Feb
I’m literally dipping into my famous canned ham and ramen because the roads are still icy and I just don’t feel like venturing out.

See, it’s coming in handy! 😂
Here’s the backstory for those who don’t know:
I prefer the DAK ham over Spam. DAK is the premium stuff.

If I’m dipping into the Spam, that’s how you know we’re in a bad situation. ;)
Read 5 tweets
17 Feb
It’s still on-off-on-off. I’m becoming really irritated with this whole situation.

This electricity crisis and extreme weather is the 2021 continuation/version of the coronavirus pandemic shutdowns and chaos of one year ago.

Society is breaking down.

People laugh at me for being a prepper.

Well, I have so many damn good reasons for being one and this weather/electricity crisis is more vindication.

Supermarkets across Texas are being cleaned out once again!

But one important lesson I’ve learned is to become even less reliant on the grid.

People here in Texas (including myself) aren’t properly prepared for snow and extreme cold.

I underestimated that risk because I’m from New York (I’ve been through some serious blizzards!).
Read 5 tweets
16 Feb
MicroStrategy to borrow $600 million to buy more bitcoin: reuters.com/article/crypto… by @ReutersNoor $BTC $ETH $MSTR
Borrowing to buy Bitcoin...that doesn’t sound risky at all!

That’s where we are in the cycle...

MicroStrategy is practically synonymous with “tech bubble.”

They were one of the poster children for the late-1990s Dot-com bubble (see chart below).

Is history repeating? Image
Read 5 tweets
9 Feb
Is This The Biggest Financial Bubble Ever? Hell, Yes, It Is: dollarcollapse.com/biggest-financ… @dollarcollapse $SPY $QQQ
Fund Manager Mark Yusko: US stocks are in a bubble - "Look at the parabolic moves by a number of companies like Tesla": cnn.com/2021/02/08/inv… @MarkYusko @MattEganCNN $TSLA $QQQ
Read 4 tweets
8 Feb
Why are the markets going ballistic? Why is Bitcoin soaring? What explains the rise of the Robinhood traders?

The answer is the incredible amount of new liquidity looking for a home ->
To understand the implications of rampant money printing (see chart above) and the speculative manias & false booms that it unleashes, I implore you to read this excellent free ebook, "Dying of Money: Lessons of the Great German & American Inflations":

recision.files.wordpress.com/2010/12/jens-p…
Please pay attention to Germany's hyperinflation, esp. in the early stages. Read about the stock trading mania, the false economic boom that resulted from all of the newly printed money, and how it all ended in tears.

We're making the same mistake today!

Read 9 tweets
7 Feb
Let's have a discussion: I have genuine questions & concerns about Bitcoin & cryptos as a store of value.

First off, I've believed in owning Bitcoin as a diversifier since it was a few hundred dollars per coin - 1/100th of today's price:



$BTC $ETH $DOGE
Next, I've always believed in owning gold & silver.

I believe Bitcoin is a good addition to a portfolio of hard assets/alternative assets given my concerns in today's monetary environment.

There's no reason for them to be mutually exclusive ->

Now, here's my major, nagging doubt and concern about Bitcoin & other cryptos, which explains why I've never been a fanatic of them, like so many people are today:

An important feature of good money & a store of value is scarcity.

Cryptocurrencies simply don't have that.
Read 10 tweets

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