Bitcoin class of 19’. Bitcoin through the lens of an investor, options trader, macro and journalist. This is the only account.
Joined June 2021
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The Bitcoin Letter retweeted
If you are wondering about the somewhat muted price impact to Bitcoin after last night's Binance hack, for reference, the MT Gox hack of 2014 was ~750K Bitcoin, which was about 30 days of trading volume at the time. Yesterday's Binance hack was 18,270 Bitcoin, or roughly 1/5th of a single day of Bitcoin's trading volume today, making Mt Gox ~167X worse for price impact.
The Bitcoin Letter retweeted
Good evening.
Remember. As Bitcoin recovers from this cycle low and heads back to the all-time high and onto new ones, there will be buying opportunities along the way.
Have a great night.
The Bitcoin Letter retweeted
🚨 STRATEGY JUST POSTED $21 BILLION IN Q3 OPERATING INCOME, ITS LARGEST QUARTER EVER 👀
THEY CURRENTLY HOLD 848,517 #BITCOIN 🚀
The Bitcoin Letter retweeted
You should be happy this hack happened when it did. Because now we can hurry up and find a local bottom and move on. If the largest crypto exchange can get hacked for nearly $6B and Bitcoin can’t even break below $78K, then I’m afraid the bears are truly cooked.
The Bitcoin Letter retweeted
Yup, Trump will use nukes
BREAKING: Sen. Chris Murphy was briefed on highly classified military planning on Iran to restart the war after the midterms, calling the plans "insane."
"I will just say this: their plan is insane. It will lead to devastating escalation and the likely destruction of our commitment to the rule of law," he said at the Middle East Institute event.
The plan "will be devastating for our security interests," he adds.
The Bitcoin Letter retweeted
TLDR: Major exchange hacks tend to create buying opportunities
Major BTC exchange hacks/failures and post-event returns (approx closing prices, CAGR for multi-year):
Mt. Gox (Feb 2014, ~$550): 1Y -54% ($254); 3Y ~29% CAGR ($1,180).
Bitfinex (Aug 2016, ~$547): 1Y +395% ($2,711); 3Y ~163% CAGR ($10,518).
Coincheck (Jan 2018, ~$11,171): 1Y -68% ($3,602); 3Y ~43% CAGR ($32,570).
Binance (May 2019, ~$5,800): 1Y ~+55%; 3Y ~73% CAGR.
FTX (Nov 2022, ~$17k): 1Y +117%; 3Y (to late 2025) ~67% CAGR (~$80k range).
Pattern: short-term dips common, long-term strong recovery.
The Bitcoin Letter retweeted
WE ARE GOING TO START A NUCLEAR WAR FOR FUCKING ISRÆL, AREN'T WE 🤬🤬🤬
The Bitcoin Letter retweeted
The primary manipulation engine has been attacked.
This is how we get to $1m $BTC.
Never been more bullish.
The FIC has spoken. Play ball or be removed. Lets see how this turns out.
The Bitcoin Letter retweeted
📈 When $MSTR finds a local bottom within ±1 day of month-end, good things tend to follow.
Historically, these setups have preceded rallies of:
🟢 +709% in 67 days
🟢 +54% in 28 days
🟢 +117% in 28 days
🟢 +126% in 22 days
🟢 +72% in 14 days
🟢 +39% in 12 days
🟢 +34% in 4 days
🟢 +22% in 8 days
🟢 +25% in 8 days
October ends tomorrow. 👀
Will history rhyme?
The Bitcoin Letter retweeted
I’m buying Bitcoin. It’s on sale, and the network is rock solid.
JUST IN: Over $1.3 billion in leveraged crypto longs have been liquidated in the past 5 hours.
This comes after Binance was hacked, with an estimated $5.7 billion in cryptocurrency stolen, making it the largest hack in crypto history.
Bitcoin, Ethereum, and other cryptocurrencies continue to dump, with $BTC falling under $77,000 and $ETH falling below $2,215
The Bitcoin Letter retweeted
$MSTR reported $21B operating income last quarter.
That's 4x greater than the entire enterprise value of Strive.
MSTR is a monster.
The Bitcoin Letter retweeted
Good evening.
To everyone reading about the $5.9 billion Binance hack and declaring cryptocurrencies and Bitcoin dead, two things:
1) Bitcoin itself was not hacked, an exchange managing cryptocurrency wallets and holding the keys was hacked.
2) Former CEO CZ says that he expects Binance to fully cover the losses with their $144B balance sheet.
This event in no way shape or form exposed or impaired the Bitcoin network.
Have a great night.
