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Bitcoin Market Journal

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HEALTH, WEALTH, AND HAPPINESS

Feb 7, 2022

“Success is not the result of making money; earning money is the result of success – and success is in direct proportion to our service.”

- Earl Nightingale

Whale Reads



Whale Reads

Worthy news for aspiring whales


Tesla's Bitcoin Strategy is Working (Decrypt): The leading-edge auto company now has $2 billion of bitcoin on its balance sheet; the company's annual report shows that Tesla's bitcoin holdings are up about $500 million since last year.


Investor takeaway: From the annual report: "We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash."


Tesla has been ahead of the curve for years, and their bets have generally paid off. If you believe in bitcoin, and you think Tesla's cars are terrific, consider investing in both bitcoin and TSLA.

Your Money is Growing



Your Money is Growing

Truth, in numbers


Here's what bitcoin looks like on a major company's balance sheet:

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Tesla's bitcoin book value is $1.2B, with a market value of $2B.

(Courtesy Tesla annual report.)



Tesla has categorized bitcoin as a "digital asset," rather than cash or currency. Look for more companies to adopt this accounting framework going forward, as they begin to hold bitcoin on their balance sheets.


Investor takeaway: Big companies aren't treating bitcoin like a currrency, and neither should you. Think of it as a long-term investable asset.

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Block Market Daily

with Mati Greenspan


Hi Everyone,


Even though bitcoin is largely considered the adult in the room, its behavior over the weekend almost resembled that of a college freshman out for the first time without parental oversight.


It started with a blast out the door, shortly after the stock market rang the closing bell on Friday afternoon. By Saturday morning, it had obviously partied too much and then proceeded to lay flat, barely moving for nearly two days, before starting off Monday on the right foot.


It was a much-needed bounce indeed, right off the long-term support line that we've been tracking near $32,000, and now it is well above the 50-day moving average (red line).

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Getting iced


While bitcoin may be mature enough to go out on its own, there are many cryptocurrencies that have clearly not reached that point yet. 


On Friday, our esteemed guest columnist John Hargrave spoke out about anonymity in the cryptoverse, and how it can be quite problematic. Personally, I would argue that people who are really well-known are a greater threat. 


Sure, it's dangerous to go in on a project where the founders are hiding behind a mask, but let's keep in mind that Satoshi himself would have had a very difficult time creating bitcoin if someone had fully doxxed him. 


In my mind, it's far more dangerous to blindly trust someone just because they're well-known. Recently, we saw a very public case erupt involving a popular influencer named Paul Denino, who goes by the pseudonym Ice Poseidon on YouTube.


Coffeezilla did a really great job of exposing Denino as a scammer who stole as much as $500,000 from his followers after they chose to invest in him.


There's nothing particularly shocking about this video, but I see it as very typical for the industry, and everyone should be aware that these things are taking place. 


"Yeah, I could give the money back. It is within my power, but I'm gonna look out for myself and not do that. I don't know what else to say, that's just the most honest answer," he stated. 


Everyone who invests based on the advice of influencers should watch this interview now.

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3 reasons


As for bitcoin and the chart, that bounce was indeed extremely bullish. Though I did manage to open a small buy position on ether down at $2,200, I'm starting to think that a lower low might not be in the cards.


If it does come, I'm more than prepared to act, but for now, I'm just glad to see things in the green again.


It's not like most of us need reasons to be bullish, but the latest article written by analyst Alexandre Lores provides three great reasons to do so.


Have an amazing week ahead!

Mati Greenspan

Analysis, Advisory, Money Management

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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It is created by Evamarie Augustine, Charles Bovaird, Mati Greenspan, John Hargrave, and Alexandre Lores.


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