Lyn Alden’s newsletter is better than this monthly rag. She explains, better than I can, why bitcoin is still inexpensive. From my perspective, the reason bitcoin is getting more and more valuable is because it is almost my birthday and people know I would enjoy bitcoin as a birthday present. Ok maybe I am not the central figure in this bitcoin saga, but for some reason bitcoin goes up on my birthday. So, I would like to take this opportunity to thank you for causing this commodity to increase in value during my birthday. That was a joke!
I don’t think it is because you want to send me bitcoin that that is the only reason why bitcoin is climbing. Mind you the price action in bitcoin could be because the big boys (with money) have bought 71,544 bitcoin in October. Yes Lyn explains why the smart money (rich guys) are now putting their money into bitcoin. It has a lot to do with scarcity — only 1.223921×10¹⁴ sats left and Metcafe’s law.
Metcalfe's Law states that the value of a network is proportional to the square of the number of users in the network
We are now back to 60% bitcoin dominance which is saying a lot when there is 2.4 million competing digital assets. With One bitcoin now over 100,000 Canadian dollars that says a lot of people think it is money. Go ahead and spend a dollar and get yourself 1000 sats just in case it catches on. My whole beef prices are now 2,675 sats / lb. On the rail beef is only 4500 sats / lb — the same price as a dozen of eggs. Also, if you need a place to stay, pay me in bitcoin. Finally people in Canada can live only on bitcoin. Justin Trudeau said on March 12, 2023 (1 minute video) Buy Bitcoin, Opt out of inflation! Since he spoke Bitcoin has doubled. You really are opting out of inflation if you buy bitcoin.
Happy Birthday to me! (Tomer Strolight and Erik Cason - 1 hour video)