RCIF II - Five bullet Friday - Issue # 12

     Crypto market went through a brutal sell-off in the last week. Bitcoin dropped 22% in the past 9 days, sliding from $65,000 to $47,881. Many Ethereum tokens have dropped by more than 50% in the past 9 days. This presents a great opportunity to dollar-cost average into your positions. My target price for bitcoin for the end of next year is $250,000.

1. Bitcoin dropped a lot due to a massive 40% hash rate dropped due to mining data centers in xianjing province in China. This caused a instant panic in the market. Bitcoin has a mechanism to reduce its difficulty when a lot of hashrate goes offline. This is one of advantages of being a decentralized network is that we are not completely reliant on any country. It is bad news in the short term but does not affect the fundamentals of bitcoin.

2. Last week this sell-off resulted in many altcoins dropping by 40% for no good reason. KLONX dropped by 60% in the last one week along with the sell-off of the whole market. As we can see from our Retained Earnings that we have already received $1 million dollars worth of KBTC for staking our KLONX. It is generating a lot of cash even though it just started 2 months ago. Because of these cash-flows I am not disturbed by the huge drop in the price of KLONX.

3. Since we hold the largest position in KLONX, we are the chairman of the boardroom in KLONX. Someone has created a NFT for the chairman of KLONX and did an airdrop directly to our wallet. I thought it looked really cool and showing it here. KXUSD already gave us $54,000 worth of tokens as the supply expanded.

4. Despite the massive sell-off, I have not seen a big drop in OHM token. It moved up from $800 to $1200. I kept adding to our OHM stack throughout the course of last week. The total number of tokens we purchased with dollars are 2351 OHM tokens. After adding our staking rewards, this amount has grown to 3160 OHM tokens just in 20 days. The demand for the OHM tokens continues to grow and the APY is off the charts.

5. OHM token has launched DAI bonds, which enable token holders to buy OHM tokens at discount to the market. On the first day of its launch, it locked $8 million in liquidity.  Already, 90% of all the tokens are staked. This staking has put a steady upward pressure on OHM market price. I continue to be bullish on OHM.

Since we have a lot of rebasing tokens, it has become very complex to prepare the accounting statement for DeFi transactions. This is causing delay from Intertrust group to produce March statements. March statements are expected to be released next week.

Have a wonderful weekend!

warm regards,

Sam Ikkurty