Bitcoin Friday — Sept. 6, 2024

Here are my quick, candid thoughts on bitcoin heading into the weekend.

Happy Bitcoin Friday!

September Markets!?!?

US markets sold off Friday with tech leading the charge. While September is a historically rocky month for equity markets, we’re off to a particularly poor start to the month. That said, markets have been running very hot in 2024, bitcoin and crypto included. Bitcoin is still +21% year-to-date. It is, however, well off 2024 highs near $70,000.

What do I do during a bitcoin correction? I spoke about this back in June when we entered a month-long descent from 2024 highs to prices near today’s levels.

It’s important to zoom out, take a breath, and check back in on why you’re here to begin with. What’s your strategy? If nothing has happened that would impact my long term strategy, I tend to ignore the short term price action.

Buying Opportunity?

I added to some positions Friday.

• FDIG

• ARKB

• BTBT

• MSTR

Yes, I’ve added a MicroStrategy position.

Michael Saylor and MicroStrategy have been buying bitcoin since August 2020. I’ve been watching them this entire time, sitting on the sidelines. As of today, MicroStrategy holds 226,500 bitcoin!?!? That’s a little more than one percent of the entire supply of bitcoin that will ever exist. Outside of both the BlackRock and Grayscale bitcoin ETFs, MicroStrategy is by far the largest institutional holder of bitcoin and bitcoin has become the company’s primary focus.