Crypto is surging today as Bitcoin has risen to $38,176. Our favorite way to play the crypto market is with Canaan, Inc. ($CAN) – a maker of super computers like the AvalonMiner 1246. Canaan, Inc. is one of our new kinetic rockets because from Bitcoin to Dogecoin they all need to be mined and what better way to do it than with a supercomputer.
After yesterdays craziness with the #silversqueeze things are settling back to normal in the silver and uranium markets. Ho-hum. And what have we here? Is crypto catching a bid? Bitcoin is at $34,964 as I type this – interesting… we did see Canaan ($CAN) one of our new kinetic rockets and our crypto play move higher.
Well, we did it. We finally entered the crypto space by purchasing a small amount of Canaan Inc. ($CAN) on the Nasdaq) today – a new kinetic rocket! Canaan Inc. is a Chinese company that builds crypto mining rigs – theirs is called the Avalon Immersion Cooling Miner.
The price of bitcoin has rocketed lately and this has caused a lot of buzz around blockchain / cryptocurrencies. On Saturday I was listening to The Market Huddle and Lynn Alden who I believe is one of the most knowledgeable experts on bitcoin right now. The demand for cryptocurrencies is increasing due to macroeconomic forces like the dollar’s perceived value decreasing and slowly losing its status as the word’s reserve currency.
Due to the nature of the hash behind bitcoin, mining the coins becomes more energy intensive with each coin mined. So, as bitcoin and other blockchain applications continue to grow in popularity, so will the demand for these sorts of mining tools.
Well, not much is going on in the Uranium and Silver markets these days. Uranium and Silver are rangebound and don’t seem to want to do much of anything these days. For us, thats OK since part of our kinetic rockets strategy is writing out of the money covered calls – which will expire without being assigned if this sleepy action continues.
In other news, bitcoin seems to be retracing some of its surge as of late. As of this writing its at $30,943. We would love to see it retrace all the way back to $23K – for us, that would be go time, however that may never happen. We’ll see.