Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

I am delighted to see that we produced 46.85% growth ( Net of fees) to our partners in the month of June. Our short-term focus is to generate income via proof-of-stake mining, while producing capital gains in the long-term. Long-term in my view is 3 years, which will give enough time for our positions to realize their true potential.

1. Bitcoin's hashrate went through a massive decline of 60%, as China dominated bitcoin mining. Miners are relocating to friendly jurisdictions all around the world. Bitcoin's hashrate dropped to the levels not seen since June, 2019, but started recovering very quickly. We moved up 15% in the last 2 weeks. Bitcoin tends to set the mood for the crypto market in general.

2. Twitter's CEO Jack Dorsey announced a plan to launch a new business that will create a new hardware wallet for bitcoin and facilitate Decentralized financial services. This entity will collaborate with thousands of engineers on the chip design, hardware manufacturing and software design and development out in the open. Having seen the impact of Square on many small businesses, in the US I am optimistic that this will hasten the adoption of crypto assets.

3. Looking at the raw data on blockchain clearly shows that Decentralized Finance (DeFi) applications found a perfect product-market fit. Enormous money printing by the central banks have created a environment where savers are generating any income from savings in commercial banks. So far many Web 2.0 applications are aggregating user data and monetizing them. Crypto markets are building a parallel financial stack to compete with dinosaurs like commercial banks and other financial intermediaries.

4. I have added to our position on Axie Infinity (AXS). This position is not showing up in the Zapper portfolio yet. Please be patient as it will be integrated soon. Over the past 2 weeks, the number of users have grown up to 250,000 daily active users of this 'play to earn' game. It is growing its treasury revenues by almost $1 million per day. It is massively popular in many Asian countries.

5. OlympusDAO aspires to be a decentralized reserve currency. Its treasury has grown to $50 million. We currently hold 28355.7388 OHM tokens in the Olympus DAO. Its Marketcap surged from $50 million to $320 million in a matter of 2 months. We started investing in this project almost from day one and it is generated substantial income for us so far, as you can see in our retained earnings spreadsheet.

Bitcoin is antifragile. Anything that does not kill it will make it stronger. I am confident that the recovery has started.

Have a wonderful weekend!

Sam Ikkurty

RCIF II - Five bullet Friday - Issue # 24