Five bullet Friday - issue #121

    Crypto market sentiment is still largely driven by bitcoin price. All of the exciting new developments are happening elsewhere in NFT, DAO protocols. But they experience a bigger drawdown in a falling market against bitcoin.

1. This week bitcoin surpassed a major number. 90% of all outstanding bitcoin has been mined as of this week. Bitcoin's monetary policy tracked very well with Satoshi's original model. In 2035, 99% of all bitcoin supply would have been mined. After that, It takes another 105 years to mine the last 1% of the bitcoin supply.

2. One of our portfolio holdings, YFI has announced that it will use its $100 million treasury to buy back the tokens. Unlike other protocols, YFI does not have any new emissions, diluting the token holders. There is a number of other proposals that will drive value to the YFI in the coming months. This buyback just started and it already pushed the price to $30,000 in a day. Even though it does not generate income, we are holding it due to its ability to generate massive quantities of cash and use it to buy back tokens.

3. OHM token has taken a beating in the month of December. The supply increased by 40 times from launch time. OHM has launched version 2 of the contract. In this launch, they wrapped the SOHM tokens into GOHM tokens. Although GOHM does not change quantity upon rebase like SOHM, it still earns us rebase rewards. The price of GOHM is equal to the current OHM market price multiplied by rebasing index. We are currently earning 201 OHM tokens every 8 hours. Every day, we earn 603 tokens. At the current market price of $350, we are earning $211,050 per day.

4. KLIMA also has taken a beating in the month of December. When we first started the supply was 120,000 tokens. Today it is closer to a million. All of these new tokens are trickling into the market. Big institutions like the World bank are talking to the KLIMA developers to explore possible ways to coordinate. We are currently earning 290 tokens per rebase. Every day we earn 870 KLIMA tokens. At the current market price of $313, we are earning $272,310 per day.

5. I am surprised to see the current pullback in the market. The fundamentals of all our holdings are improving dramatically, but the market price is going in the opposite direction. The fundamentals of the stock market are going down steadily every day. This prompted me to sell some of my stock holdings and moved the proceeds into the RCIF. This month I personally invested $2.5 million into the fund. Actions speak louder than words. I let my actions speak for themselves.

Have a wonderful weekend!

Sam Ikkurty