Sunday Rundown - March 14, 2021

What a difference a year makes.

I started this newsletter in March 2020, three days before the global financial crisis sent all of the world’s markets (including crypto) plunging. I posted four updates at that time, three for paid subscribers and one for everybody.

Tap this button to read and listen to the free update I sent to everybody at that time.

Crazy times back then! It’s funny to look back on what everybody was saying at that time. Watch this video from March 13, 2020.

Once you click over, you’ll see I look like a skeleton who just saw a ghost—but that was the mood back then. A lot of people expected mass pandemic death and a Great Depression.

Today, crypto (and everything else) feels like it’s done a complete 180. Bitcoin reached new all-time highs and altcoins continue to do even better. We still have lots of good things to look forward to.

If you read last week’s Sunday Rundown, you probably caught the most recent dip (if you could even call it a dip). As I said then, it was a good time to pad your stack. I did not. I haven’t bought bitcoin since September 2020 and won’t buy or sell until I see the specific signals in my plan for bitcoin’s bull market.

Don’t let me stop you from doing whatever you think is best. There’s never a bad time to buy bitcoin and most altcoins are so volatile with so much upside, you can’t be too picky about their prices.

To understand why I’m reluctant to buy bitcoin at this moment, watch or read my March 11, 2021 update. As crazy as this market’s getting, you need this info now more than ever.

Not a lot to report this week. Seems like everybody’s jamming out to all-time highs and how they’re going to get rich. New subscribers, FYI I focus more on the big picture, macro-level trends so I don’t cover that type of content.

This week’s rundown will be skinnier than usual. For next week’s rundown, I may have some videos, podcasts, and long-form content that I’m digesting.

Also, if you emailed me, expect a response within two days, three at most.

Here are two articles you may enjoy.

• Goldman Sachs to Restart Bitcoin Trading, Launch Futures This Month

  • Bottom line: after calling bitcoin useless a few months ago, Goldman Sachs relaunched a “digital assets” (i.e., bitcoin) trading desk.

  • My take: they want to make money and keep clients. Buying and selling bitcoin accomplishes that goal. I wouldn’t read anything more into this.

  • Why we care: as long as Wall Street continues to make money buying and selling bitcoin for its clients, they will continue to talk about crypto to their clients. Over time, this will continue to make more and more people think of crypto as a normal and legitimate asset. We have seen prices go crazy from a modest shift in sentiment and awareness among maybe 10-15% of the human population. Can you imagine what will happen once the mainstream buys in? Wall Street is not your friend but its greed, er, “profit motive,” will push crypto into the mainstream—one client at a time.

• Bitcoin At the Tipping Point

  • Bottom line: Citi, one of the world’s biggest financial institutions, said very positive—dare I say glowing—things about bitcoin. Some bad things, too, but nothing unfair.

  • My take: speaking of profit motive, could this report mark Citi’s tentative steps to innoculate its clients about cryptocurrency? Perhaps priming the pump for Citi to offer crypto-related products and services? Either way, nice to see another legit, well-known financial firm hop on the bandwagon.

  • Why we care: another subtle way Wall Street has started to reframe the conversation around cryptocurrency. As if you need another reason to feel for about the long-term viability of crypto as an investment asset.

Relax and enjoy the ride!