So I’ve been very vocal around the house the past week or so, ever since my portfolio started going crazy and I’ve been seeing five-digit gains everyday. Missus finally decided to get onboard and buy some more bitcoin, so I set her up with a BlockFi account yesterday and moved her funds off of my hard wallet. We’re still in a bit of a pickle cause she uses a local credit union that can’t link with them directly, so getting funds there is going to involve multiple steps. It’s not ideal at all. At least she’s earning interest now, and I’ll get her set up on a dollar cost average program here soon.
The SEC filed suit against Ripple Labs earlier this week, and CT has lost their collective minds. It was all over my feed Monday night. I’d say the majority of those I’ve been following hate XRP, but there are some who recognize that this suit is bullshit and are therefore rooting for Ripple. Still the details of the lawsuit look pretty bad.
Congress passed a couple of bills, one was an omnibus spending bill, a budget extension to keep the government funded, and the other was the COVID relief package, with an insulting $600 cash payment. Many people, including President Trump, conflated the two, bemoaning that we were sending millions of dollars in foreign aid while US citizens got nothing. “VETO” was trending on Twitter for a day, then Trump came out and said that he was sending the bill back and that he wanted Congress to increase the payments to two grand. Pelosi said “let’s do it!”.
Today is the first down day I’ve had in the equities market in two weeks. GBTC, ETHE and MARA are down, (#1, 2 and 4 by market value) taking the rest of my portfolio down to levels not seen since… yesterday.
Speaking of Grayscale, they’ve announced that they are closing their funds to new investors. Apparently this is something they do from time to time, although the funds are still open to their current customers. My hunch is that there is a huge supply side problem. They’re sucking up so much of the BTC (and ETH) supply, that I’m would be surprised if they’re having problems meeting demand.
Tomorrow is Christmas Eve, then I’m off work until 2021. I’m not planning on going anywhere, just needed to take some leave cause I can. I will try to do something productive, but I haven’t been able to do that for last two weeks. I’m going to finishing going through the Messari 2021 Theses, then start working my way through this new one from The Block.