'21 Weekly Newsletter: June 30th
Market conspiracy, event at Smoky Hill's Library & Crypto taxes event
Howdy crypto-heads!
Despite the number going down on most of our portfolio’s I still wanted to share some updates with everyone. We are still hard at work (and worked through the entire bear market from 2018-2020) which means it’s going to take a bit more than this to scare us off…
Csill’s market conspiracy theory
First In-person event post covid!
July 6th virtual event on crypto taxes
1. Cryptocurrency market conspiracy?
Many of you know my good friend and business partner Csilla Brimer (we work on the Opei together) and last week I had an interesting conversation with her regarding the current price action of Bitcoin and crypto in general.
In March of this year Csill made a prediction that because the United States government wants to create a Central Bank Digital Currency (CBDC) it needs to keep the current cryptocurrency ecosystem from growing and attracting too many new people prior to the new digital dollar being rolled out.
In July the CBDC for the United States will begin testing (China is already ahead of us in converting their currency into a blockchain secured fiat system) and because this date was known back in March, Csill made a prediction that the market would take a downturn leading up to the rollout of CBDC testing for July.
While I obviously cannot made a “for certain” correlation between the price and CBDC testing phase I believe this theory makes sense. When I first entered the cryptocurrency space the rallying cry was “Be your own bank!” and “Opt out of the current financial system”.
With the recent growth and adoption we’ve seen I believe it makes sense that the federal government, banks, and any powerful entity that profits from our existing financial system could now see Bitcoin and crypto as a real threat to their control and profits.
If this is the case it is not hard to imagine these groups contributing to suppressing the price if it aligns with their goal to ensure the masses accept and use their new blockchain backed fiat dollar.
Again, I have no proof for this but it makes sense to me. This is not financial advice in any way however and I encourage you to research and discuss this theory. To that end, if you have any questions or want some information on the CBDC project I referenced just shoot me an email!
2. In-person Meetup tonight!
A gentle reminder to meet me at the Smoky Hills Library tonight from 5:30pm to 7 for an introduction to Bitcoin and crypto followed by networking and some snacks/drinks.
Bring your questions (masks are optional) and I look forward to seeing you all!
Library address: Meeting Room A, 5430 S Biscay Cir, Centennial, CO 80015
3. Crypto taxes event
On July 6th I will be co-hosting an event with Csilla Brimer all about crypto taxes. Our guest will be Clinton Donnelly who runs a service that helps with crypto taxes, IRS audit alerts and preparation of documents for filing. He has stated the like-kind exchange applies to cryptocurrency trades (think ETH straight into BTC) and has challenged the IRS on this issue.
We will be asking him about this potential game changer along with providing a Q&A session for the audience, so make sure you check it out!
Livestream starts at 1pm Mountain time on July 6th, 2021.https://www.youtube.com/watch?v=pTqpQKLRVb0
That’s it for this update, hope everyone is having an awesome summer! Be safe and accumulate…
~Matt