Happy Friday Blockfolians

The Lede

At least it would have been a Happy Friday if it weren’t for that insane dip last night. That was obviously the second big dip of the week, and it got people right in the feels.

Others were spending time comparing the two dips and noting the differences.

Alex Krüger @krugermacro

Crashes charachterized by extreme liquidations in a highly levered market (eg Apr17) bounce fast due to the mechanics of stop losses.

Crashes charachterized by heavy spot selling not in a highly levered market (eg Apr22) don’t bounce as hard, making BTFD much more challenging.

April 23rd 2021

30 Retweets211 Likes

Still, Bitcoin did us all proud and wasn’t content to stay below $50,000 for long.

Pomp 🌪 @APompliano

Bitcoin is closer to $100,000 than $0

April 23rd 2021

144 Retweets2,003 Likes

Stay strong out there!

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Highly Relevant Reading

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Community Commentary

The times they are a changing

Zhu Su @zhusu

Have literally zero interest in overseas property as a store of value. Insane frictional costs, illiquid and cumbersome to manage, and add some geopolitical/taxation risk on top as well when buying as a nondomicile.

If you prefer wealth you prefer crypto.

April 23rd 2021

161 Retweets1,998 Likes

LOTS of chatter about Biden’s tax plans today

Ryan Selkis @twobitidiot

If you liked talent flight from California to Texas and Florida last year…

You’re going to LOVE emigration patterns from the U.S. in a future that taxes investors and entrepreneurs at >50%.

April 23rd 2021

21 Retweets207 Likes

A Really Big Number We Should Be Paying Attention To

2%

That’s the current size of the Kimchi premium in South Korea, down from 20% over the weekend

Final Thought

Perfect.

Lina Seiche @LinaSeiche

When #Bitcoin dips

April 23rd 2021

691 Retweets2,709 Likes