Episode notes
“Buy the dip is the main thing you want to do, and the only time you really want to consider selling the top is the macro top.”
— Willy Woo
Location: Remotely
Date: Monday 22nd Feb
Company: Hypersheet
Role: Co-Founder
Since last month's episode with Willy Woo, bitcoin went from ~$30,000 to a new all-time high of over $58,000. This price action came on the back of a couple of massive announcements:
Tesla added $1.5bn of bitcoin to its company treasury.
MicroStrategy announced a raise of $600m in a convertible senior note sale to buy bitcoin before reassessing and increasing the raise to $900m. Upon completion of the raise, the company estimated the proceeds to be close to $1.05bn
The bitcoin market cap broke through $1 trillion
While corporations are still driving the bitcoin price, Willy Woo believes that we have entered a new phase of the bull market and that retail traders have arrived. As stated in his recent newsletter: "Bitcoin's blockchain is seeing 20,000 new users per day, this is a sudden 3x increase over the normal 5,000-10,000 per day previously. It's a very sure sign that retail investors are now coming in. They typically start ramping up in numbers during the middle phases of bull markets."
In this interview, we discuss the Tesla & MicroStrategy news, the recent drop in price and what retail entering the market will mean for bitcoin.
This episode’s sponsors:
Kraken - The best place to buy, sell & trade Bitcoin
BlockFi - The future of Bitcoin financial services
Sportsbet.io - Online sportsbook & casino that accepts Bitcoin
Casa - The leading provider of Bitcoin multisig key security.
Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.
Ledger - State of the art Bitcoin hardware wallet
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