Ep 24. Blessing in disguise

I hope you got a slice or two. Yesterday was Bitcoin Pizza Day. On May 22 2010, Laszlo Hanyecz&#160;bought 2 Papa John&#8217;s pizzas with 10,000 bitcoin. It was the first commercial transaction with bitcoin. Today, those pizzas would be valued at $333M. That&#8217;s a pretty penny per slice. Crypto enthusiasts celebrate the day by chowing down on pizza. Unfortunately, my allergies have been in over-drive so it&#8217;s been a soup and sleep kinda weekend for me&#8230;.still I got in one slice :-)<br/><br/>This was a turbulent week for the crypto market. In the future, we will look back and see that this week was a blessing in disguise. Two main reasons: (a) buy when the price dips and (b) accelerate redistribution of mining capacity beyond China and more renewable sources<br/><br/>News<br/><br/>1. Crypto market crash<br/><br/>The price of cryptocurrencies crashed across the board with Bitcoin plunging 30% in one week. Last week, Elon Musk had tweeted concerns around the environmental impact of bitcoin mining. It is thought some other institutional investors may come under pressure about Bitcoin emissions too.<br/><br/>Elon Musk clarified that Tesla continues to hold $1B worth of Bitcoin but the market was already spiraling down. Bearish sentiment from the OCC (banking regulator) and China only added fuel to the fire. <br/><br/>In spite of these concerns, Bitcoin is still trading 3x price this time last year. Cathie Woods of Ark Investment continues to hold a long-term forecast of $500,000 per bitcoin. Market corrections and volatility are part of this journey. I used this as an opportunity to extend my position across Bitcoin and Ether. <br/><br/>2. China crypto crackdown: a blessing in disguise<br/><br/>A high ranking government official in China declared a &#8220;crack down on bitcoin mining and trading&#8221; as China continues to ramp up it&#8217;s launch of its digital currency. <br/><br/>Some miners reportedly panicked and dumped bitcoin onto the market. This increased supply further lowered the price of b