Bitcoin bounces back

GM, GM. The bulls are back out to play and banks are in shambles, what’s new? Bean Boy is back for another week that is sure to be a rollercoaster. From banks to bets, nothing surprises us these days. But enough of that, let’s see what’s in the pod for today.

How we looking today?

Is this it?? The beginning of the golden bull run? There’s no way that it isn’t right?!

BITCOIN BREAKS FREE

While it seems that everyday a new bank collapses, plunging us into more economic uncertainty, Bitcoin is gaining traction. Over the weekend alone, Bitcoin rose almost 2%, cracking $28,000 on several occasions. A far cry from the banking crisis that is currently unfolding, Bitcoin is up almost 25% in the last 7 days alone. Not only that, it’s also gained 37% against the U.S Dollar. Not bad, huh?

But maybe the failing banks and growing uncertainty has actually helped Bitcoin in this latest rally. During these collapses, retail buyers were more active than ever. The graph below depicts those with 0.1 - 1 BTC, and their buying activity. The November spike was around the time FTX fell, and the latest spike being as a result of multiple banks collapsing. The uncertainty around traditional banking methods has caused retail to accumulate BTC among other Cryptocurrencies.

For us Crypto enthusiasts, it’s almost too good to be true. A hoard of retail understanding that Bitcoin may actually be a strong store of value, an alternative to the traditional banking system that may actually work just as well. With all this happening, maybe Satoshi’s prophecy is being fulfilled, and on days like today, Satoshi’s words couldn’t be more accurate.

”The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.” - Satoshi

A NEW CHALLENGER APPROACHES

It looks like someone didn’t read Bean Boy last week. Former Coinbase CTO Balaji Srinivasan has thrown down the gauntlet. Much like Do Kwon, Balaji is betting big, but this time it’s on Bitcoin and not some hyper-inflated shitcoin with non-existent partnerships. Okay okay, but how did this all start? Well, let us give you a rundown of how it all happened, in real time.

On March 17, a pseudonymous Twitter user by the name of James Medlock offered to bet anyone $1 million dollars that the U.S would NOT experience hyperinflation. Merely hours later, up stepped the challenger. But this wasn’t any normal challenger, this is ex-CTO of Coinbase, Balaji Srinivasan.

But Twitter users, and quite frankly everyone, was quick to point something out about this bet. Balaji is giving this “James Medlock” roughly 40-1 odds. Seems a bit outrageous, no? What does Balaji know what we don’t? I doubt he’s that confident that the U.S is going to experience hyperinflation in the next 90 days, so why did we do it? Well, the rumor mil is in overdrive. Some people think Balaji made this bet to pump his own bags. Even if Bitcoin does not reach $1M in the next 90 days, But it probably will….right? right? some say that the virality of the twitter interaction and bet will have some positive affect on Bitcoins price, ultimately pumping whatever bags Balaji has.

The other, more believable suspicion is that this is all a marketing stunt. For $1M, Balaji has gotten the attention of almost everyone on Twitter, with 10’s of millions of impressions across his last couple of tweets alone. If he was truly adamant Bitcoin was going to hit $1M in 90 days, why would you not just buy as many Bitcoin as possible and ride off into the sunset with your millions, if not billions of dollars. All there’s left to do is let the dust settle and circle back to this in 90 days. Unfortunately, I think it’s just another terrible bet (if he has genuine intentions) by another prominent Crypto Twitter player.

Best of luck Balaji…

PEAS IN THE POD

• Justin Sun, founder of Tron offered to buy Credit Suisse for $1.5 Billion. Ah yes, pocket change..

• The FDIC has sold Signature Bank, but the sale did not include it’s Crypto assets.

• A project called Harvest Keeper, which claimed to be AI-powered, has drained its users of more than $1M. Ah, who would’ve though an AI trading bot that promised to double your money would do this!

HOW YOU BEAN - A READERS CONFESSION

I can’t do this anymore. When BTC dumped to 16k I thought for sure that it was going to 10k. Now that it’s pumped more than 28k, I missed out on a 80% gain. I sold the BOTTOM, and I’m still sidelined. I feel like if I buy back in it’ll dump to 16k again, I hate my life.

PEE-PEA OF THE DAY

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.