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Back on January 8th, I did a premium post and, a few hours later, a follow-up post, in which I said a number of things regarding Crypto, Bitcoin, and RIOT:
“Daring to question or challenge the ceaseless rise of crypto is a fool’s errand, but I’ll make that trip right now by way of the equity symbol RIOT“
“So if the burst above the current base is similar in percentage terms to what happened last time, RIOT should peak a little over 30“
“Bitcoin is starting to swing absolutely wildly (literally thousands of dollars in the span of an hour) so I think we’re starting to reach the crack-up stage”
“I believe any sustained weakness is going to create a swift sense of panic.”
Well, below is the chart of Bitcoin and the day I made the post. Since everyone and his brother was calling for Bitcoin to immediately go to $100,000, it would idiotic of me to defy the trend, but it’s my nature:
It warrants repeating, that the most helpful thing that could take place in the world of financial markets to aid gold would be for the USD/JPY to take a hard tumble, which seems like a distinct probability:
I didn’t know the symbol RIOT even existed until about a month ago when I noticed The Director was making amazing (virtual) profits with his RIOT calls. So I started following it.
I did a couple of premium posts last week about buying puts on this symbol (or going short). This was an insane idea, of course, because RIOT is joined at the hip to Bitcoin. As I wrote on my January 7th premium post, “Daring to question or challenge the ceaseless rise of crypto is a fool’s errand, but I’ll make that trip right now by way of the equity symbol RIOT. “
I followed that post with another premium post only hours later, stating that “RIOT should peak a little over 30.” and noting of Bitcoin, “we’re starting to reach the crack-up stage” and “I believe any sustained weakness is going to create a swift sense of panic.” This is the chart of RIOT I provided at the time:
It was amusing to see how many people – – serious-minded, widely-read people – – were falling all over themselves to see how high a projection they could make for Bitcoin. Of course, $100,000 was virtually within days, according to the investment banks. Honest to God, this thing could be worth $0.00 in five years, or $5 million. It’s anyone’s guess. But, for now, 20% of this lunatic fantasy has vanished in the space of hours.
Oh, and just to mention it one last time for those of you who don’t hang out here on weekends – – if you didn’t read it already, please read my Peanut Butter Manifesto. I am still enjoying and benefitting from the comments!