Elon Musk & Michael Saylor

Elon and Michael Saylor getting together to form a North American BTC mining council to address mining energy usage is very bullish. Elon’s original fud around BTC mining made corporate boardrooms rethink BTC for their treasury. Alliances like this can help board members feel safer investing excess cash in BTC.

Ran thinks that Tesla could emerge as a key player going forward in providing renewable energy sources for BTC mining.

Ray Dalio Has Bought Bitcoin

Ray Dalio, manager of the world’s biggest hedge fund, has bought BTC. He is looking it as a hedge against currency devaluation. He does mention that he is long-term worried that if BTC becomes popular, no one will want to purchase government debt anymore. He fears that's when governments will start to crack down on BTC as it challenges governments around the world and their ability to print money.

How The Latest BTC Correction Was Different This Time

This latest drawdown was the largest correction in BTC history:

This recovery feels different. Ran thinks this recovery has been a chance for no-coiners (people who’ve never held BTC) to buy this dip. 

Also, significant institutional money entered the market on this dump. These are generally longer-term holders less likely to panic-sell. Institutions who originally thought BTC was too expensive.

Sheldon has a bullish $42-$43K short term BTC target:

Goldman Report Says ETH Is Better Store Of Value Than BTC

Santiago Santos joins the show to discuss a Goldman Sachs report that says ETH is a better store of value compared to BTC. Assets are valuable because they have underlying demand for them. Everyday we use ETH to interact with Defi, while BTC's main use is just to hoard as a store of value. The Goldman report mentions that Ethereum might be the first store of value with an underlying use. Once EIP-1559 is released, people will start to get the deflationary nature of ETH and appreciate it more as a store of value.

Ran mentions that ETH even more than BTC is leading this latest recovery. He also thinks that people are now starting to use Polygon (Matic) as a proxy for Ethereum. As much as ETH could even be stronger than BTC in this next leg up, Ran is even more bullish on Polygon's ability to bounce during this recovery. The major coins in the MATIC ecosystem have all held up well during the latest correction:

Ran’s Latest Gem

Ran is looking to take the least risk to get the most return. He is looking for good projects where smart people have already invested at a higher price so that he can ideally get in at a lower price. The token that Ran is looking at is SFI, Saffron Finance.

Saffron Finance allows people to get stable / non-volatile returns from Defi. This could help more conservative institutional investors take the jump into Defi.

Ran thinks that many people got in SFI between $2000-$2500 when they had a big news announcement in early March:

SFI has an all time high of ~$3400 and is now at the deep bargain price of around $400 well below when the smart people bought.

BTC Price Action - Trading the DXY and BTC.D

Rudo joins the show to discuss some charts to keep an eye on starting with the $US Dollar Index DXY. The DXY broke its trend on Nov 23, 2020 and we are in the process of printing a lower low:

When DXY goes lower, people want out of the $ into safe havens like gold and BTC. Ran mentions that the DXY continuing to go lower might necessitate the Federal Reserve raising interest rates which would be long term bullish for BTC.

Rudo mentions that for now, you want to make sure you're in the best performing alt projects. As far as Bitcoin Dominance (BTC.D), he wants to see this go up to 52% to coincide with a BTC run up to $60K. BTC.D can range for a bit in this new channel just above 50%, which would be a chance for a wider range of alt coins to start turning bullish.

YouTube link for today's show: https://www.youtube.com/watch?v=O50p55L5-5s