Bitcoin hit another high early this morning, before dipping and ranging all day. It’s been much more chill than lately. The market was basically flat today. Crypto equities had a modest pump today, except for Voyager, which had a bit of an unexplained pullback. I’m not quite sure what the issue was, so I suppose it’s one of those opportunities when I should have bought more. I didn’t though, since I need to start liquidating positions to cash so I can start rolling over to my new IRA.
Things are taking a long time to transition. I tried to call my brokerage bank today to verify that they got the withdrawal request, but they said the wait time was ninety minutes. No sir, I had work to do today.
My $MARA June $40 covered calls are very close to the strike price, and it caused me a bit of a panic before speaking to my step-father, who does a bit of options trading. I was worried that my underlying was going to be liquidated out from under me, but he told me that won’t happen until the calls expire. I could be able to carry them, buying them back and buying subsequent calls at a higher strike price or later expiry. It’s a bit confusing, but I’m starting to get it. We talked for a good half-hour. He’s got a paid program that he’s got a spot for and offered it to me, and hedged it in lot of talk about taking profits without taking risk. Of course I had told him about everything that was going on lately, and I must have sounded crazy, as usual. He’s obviously not buying the whole hyper-bitcoinization theory, but he did open up the possibility of running my money like a business, like a family office. Once he follows through on his offer I’ve got a lot of work to do.
My dad came by today as well. I spent all day yesterday smoking a pork shoulder, and he wanted to get some. The smoker, a hand-me-down from some neighbors, had been left out in the rain and the element finally broke while I was in the middle of cooking. It basically came back down to the outside temperature before I noticed and stuck it in the oven. It added It several hours to my cooking time, so it was nearly midnight before I was able to pull it. It was sooo good.
I filled my dad in on everything and gave him some numbers. Our mining rig seems to have paid off a bit, even considering the power costs. And the bitcoin that he bought in 2017 has compounded several times over thanks to Badger gains, and I explained to him some of the tax liabilities that I’m worried about, and some of the strategies that we can take to deal with it. Plans are evolving.
Right now I’m still trying to find a damn bank for the self-directed IRA. I applied at several banks this afternoon, with rejection after rejection, before I called one and finally figured out that I’m getting rejected because they don’t do LLCs online or something. Anyways, I’ve got one more application I’m waiting on, and then I’ll just have to bite the bullet and actually go to a branch. God knows how long before I can actually move these funds and get them into crypto.