BowTiedSats
Posts
May 10 2022

May 10 2022

Sats O'Clock
May 10, 2022

Wake Up! It's Sats O'Clock.

Well that was an eventful Monday.

Good morning. It's May 10, 2022.

Bitcoin is hovering around $32K at the time of writing. It went as low as $30K yesterday.

It would be of no surprise if long term holders are stacking more Bitcoin.

What did you do?

THE ELEPHANT IN THE ROOM

Luna's UST stablecoin dropped as low as 69 cents. The Luna Foundation had to sell almost a billion dollars of Bitcoin in attempts to keep the peg.

Terra Stablecoin Peg Slips Below $0.70—Despite Loan From Bitcoin Reserves - Decrypt

Terra's UST stablecoin has continued to slip below its dollar peg—and throwing Bitcoin at the problem has yet to work.

https://decrypt.co/99849/terra-stablecoin-peg-slips-despite-loan-bitcoin-reserves

Just so everyone knows, a US dollar stablecoin is meant to be $1.

While Bloomberg is saying Microstrategy's Bitcoin bet is going to turn sour, Michael Saylor is probabaly getting ready to purchase some more BTC.

As usual, he'll take it off the paper hands.

Regarding MSTR being forced to liquidate their Bitcoin, BowTiedBull has shown why that will never happen.

For the millionth time mstr can’t get margin called unless he doesn’t use the other 93K coins to collateralize.
— BowTiedBull - Read Pinned Tweet or NGMI (@BowTiedBull)
6:14 PM • May 9, 2022

In the last 24 hours, ~$350M worth of Bitcoin has been liquidated.

It may be smarter to short the altcoins instead of Bitcoin.

A friendly reminder...

In 2020, Preston interviewed Michael Saylor. It is one of the most informative interviews anyone can listen to, not just Bitcoiners. The economic fundamentals Saylor discusses haven't changed since this interview.

MEME OF THE DAY

Happy Hodling!

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