Five bullet Friday - Issue #94

      This week is a remarkable day in the history of crypto currencies. It is the second most important event after the birth of bitcoin on January 3rd, 2009. The country of El Salvador passed a bill on June 8th, 2021 in their congress, recognizing bitcoin as the legal tender for the entire country.

1. On June 8th, while the assembly in El Salvador was debating the merits of the agreement, the prime minister tweeted about it. Immediately, someone opened a Twitter Space ( similar to Clubhouse app) and asked him to join. I was online at that time and was listening to a Q & A session from the Prime minister, Nayib Bukele. In a matter of 20 minutes, 24,600 people were listening to this conversation Live! You could hear the crowd erupt in applause when the bill passed in congress. I could not contain my excitement and kept clapping.

2. Just the next day he announced that they will use the Volcanoes in their country to mine bitcoin for the Government. He also promised that the central bank will hold $150 million dollars worth of bitcoin on their balance sheet. This is a small step for bitcoin but a giant step for mankind. It will transform the financial markets, mining, cross-border payments, DeFi markets and traditional exchanges.

3. What is remarkable is how short this bill is. The actual content of the bill is only 2 pages. US Congress routinely passes bills that go into 10,000 pages. Nobody has time to read these monstrosities, which are written by the lobbyists and presented for vote when the copies are brought on a push cart. Most of the merchants, if they don't like to take price risk of bitcoin, can convert their bitcoins into US dollars instantaneously using Strike App.

4. You may wonder when El Salvador is such a small nation, what difference does it make? It started a chain reaction very quickly. Now many lawmakers from Paraguay, Panama, Argentina, Brazil, Colombia and Mexico have tweeted and expressed interest in passing a similar bill in their country. Now bitcoin has a seat at the table with 194 countries. So far, the US Dollar was the strongest currency out of all of them. Now we have a competitor emerged at the table, who can dominate all the worthless paper currencies. If you have the time, it is worth watching this video about Strike app making inroads in El Salvador.

5. We have added only to ZLOT token last week. ZLOT price dropped a lot down to $75. I have added another 200 tokens. We are still generating a lot of income from Zlot in the form of Hegic tokens. But HEGIC price has been going down, which is making the dollar value of our income smaller. It is very thinly traded. As HEGIC platform becomes more profitable, it will help zlot produce more income.

This news made me quite bullish. I let my actions speak louder than my words. I have personally invested $1.15 million into the fund in the month of June.  This is a great time to dollar-cost average into your positions.

Have a wonderful weekend!

warm regards,

Sam Ikkurty