September 2021 Update — Degen Crypto Journey

Bois, it’s that time of the month again. It’s the time we all bleed together! Get it? Cuz the market is red? HAHAHA ok…I’m going to get canceled for this shit. It’s just a joke. I’m sorry. I apologize in advance.

It’s the time when I give y’all updates on the market, and how my portfolio is doing, and what I’ve been up to. I’m expecting this blog to be shorter in comparison since I’ve been a little out of it the last 2 weeks. Why? Well…que the China FUD again…

Also, I’m no financial advisor, and I’m just some degen-ass bum who may or may not have gotten lucky the past few months. glhf!

Market Outlook

This is the price of $BTC at the time of my writing. The broader market was hit with the same old China ban yet again…I mean seriously…they gotta come up with something new. This is like whenever girls say to me “Jeff, why don’t we hang out more??” I always just say the same shit like “Sorry, the boys are more important, I’d rather hang out with them more.” Bruh…if you’re going to tank this shit, come up with something new ok? Jeezzzz

Enter Evergrande 😲 😯 😨 O…well shit…well-played…

Evergrande

Look… the Evergrande situation is real. Well…Jeff I’m a degenerate trader! The Evergrande shit is something that impacts the traditional market. That’s something boomers care about. This shouldn’t affect me since I’m in cryptos. Here’s my time to remind everyone again that for whatever reason, cryptocurrencies being a “global currency”, it’s still impacted by the traditional markets every day. This is even more true for the American traditional market. You know how Americans are. We’re always so self-centered, and always think we’re the most important. Quoting Dixon here “We’re soooo western-centric”. Yes…yes we are. The U.S. is still the number 1 global economic power, and every market out there is affected by it. So, in a way…yes America is the most important…for now. Maybe 5 years down the road, 10 years down the road, there will be a day when the traditional market takes a 5% dump, and $BTC sits pretty at a neutral status. When that day comes, we’ve already all made it. I will be so excited when that day comes, and I’ll be frothing over how decentralization is the future, and I’ll finally look at the pathetic amount of fiat money in my checking account and crack a smile. That day…is not today. HAHAH but it’s ok. It’ll come.

I feel like I’m going on a bit of a tangent here, this is what I want to say about Evergrande. I don’t think we know everything that’s going on in the background of this Evergrande situation. Furthermore, there’s reason to believe that Tether does hold Evergrande’s commercial paper. Even though they denied this already.

Look…is this the black swan event that’s going to tank the cryptocurrency as a whole? IDK, we don’t have enough information. No one ever does, and by the time we find out, $BTC will dump like 50% or something. It sounds dumb because I’m supposed to give you guys advice, but I also don’t want to claim that I know everything like some crypto Youtubers or Tiktokers do. This means to me that there’s a decent chance that we’re coming close to the end here. Before that, I will also need to shower you guys with bullish news and we can meet in the middle and come up with an exit strategy for this cycle.

Cryptocurrency More Bullish Than Ever

First of all, I just want to say there’s more and more institutional investors that are getting into cryptocurrencies in the last month. I feel like I say that every month, but this month feels different for crypto adoption. I, personally got a job opportunity to help institutional investors to develop their Bitcoin mining farm. Due to this, I also got to learn about how they’re thinking about cryptocurrency investments in general. Believe me! We’re soooo early! I mean holy shit…boomers are just starting to wrap their heads around bitcoin and Ethereum. There’s so much stuff out there that’s not touched by them. Defi to them is still too risky of a play for now, so that’ll take time to adopt as well. Beyond defi, we have play-to-earn, NFTs, and so much more.

Second of all, TikTok will feature Lil Nas X and Grimes for the NFT collection, Twitter will have their NFT collection integration soon, Twitter will also have Bitcoin tipping as well, NFL is partnering up with Dapper Flow for their Topshot, Visa is working on blockchain payments, Morgan Stanley which has been saying $BTC ain’t worth shit had to disclose that they bought into Grayscale’s Bitcoin Trust, so many other instituional funds are investing in cryptocurrencies, I mean holy shit. Tell me you’re bullish without telling me you’re bullish. This is insane. Cryptocurrency IS happening, and they can’t stop us.

Exit Strategy

Before I talk about potential exits, I’d like to say that on-chain metrics are still looking good. Amidst the September dip, we’re seeing something different from previous crashes or the May dip. We’re seeing a steady amount of accumulation from whales and retail investors. Every time, we get to the $42k level, $BTC is picked up. If September was the end of the bull-run, I’d be very surprised. Because in those scenarios, whales generally will sell 10–20% of their holdings, and retail investors will be selling like the guy who sold the game to the main character in Squid Game (Trust me, it’s a good show. We’ll be seeing as much red as the Red light Green light game in the show. LMAO Aight, I’ll stop with these dumb references). That strong support level held us up through September with all the FUD that’s going on. The greed-fear index has flipped all the way to the extreme of fear during September as well. Maybe that has flipped over to neutral, since we had a breakout today. Regardless, I still think that October will re-challenge ATH, maybe November we’ll break out of previous ATH, and December we’ll have a huge wick like…this

This was the insane ballistic pump we had at the end of the last cycle in 2017 when BTC literally 2xed in a month. However, we “touched” $20k for a tiny bit and closed the month at $13k. So maybe this time around, we’ll touch $150 or $200k for $BTC if November closes at like the $85k level or something. With all this bullish institutional adoption and on-chain metrics, I think it’s safe to start taking profits when $BTC is at $100k, or perhaps even a little earlier than that. Why? because we still need to factor in the bearish news as well (FUD of Evergrande, Tether, etc…) (See how I’m tieing things together from my intro paragraph to this closing sentiment? My highschool English teacher would be proud). We all know that cryptos can’t pump forever, contrary to popular belief, stonks don’t always go up guys. So, in my humble opinion, I’ll be taking 10% profits across all alts and $BTC when we reach $100k $BTC, and every $10k climb, I’ll take out another 10–20%. If by the time everything is still looking great out there when $BTC is at $120k, and there’s a huge dip of 20, 30%, I can use my profits as ammo to re-buy in for short-term trades. I think you guys get the idea. And, I think if $BTC hits $150k, I’ll probably take 80% of my money out. But, that’s just a theory, a degenerate theory :)

With the data that we have now, that’s what I’m “thinking”. As always, I’ll keep you guys updated as the market trajectory changes throughout the coming days and months.

My Performance

Alright, I updated this in the afternoon of October 1st. So, I’m pretty sure if I had updated this last night when clock struck midnight, I would’ve closed September with $55k in the red or something. There’s really not much to say here. We had a down month in September, and I felt like I did a little too well in August anyways. I have no problems with the performance here. One thing to point out here is my NFT allocation in terms of fiat money has come down a bit. Last month, NFTs were a positive add to my portfolio and as of right now I’m down about $4k in total for NFTs, which I’m fine with. I had a couple losers and a couple winners out there. Most notably, I’m up about $12k from Koalas Intelligence Agency, and down about $5k on my Mutant Ape purchase (This is floor price I’m talking here). Like I said in last month’s blog, NFTs will probably come down a bit, but I couldn’t resists these cute JPEGs. I’ve grown attached to them some what. HAHA. It’s all good. Honestly, as long as the bull market is intact, NFTs are kind of serving as a market hedge of sorts. I’m ok with the floor price doing whatever it’s doing meanwhile. I’m looking at it the same way I’m looking at some of the low-cap alts that I’m holding. I will generally dump $1k in an alt, and just sit on it. Whatever it’s doing in the meantime, whether it’s down 50%, up 2 to 3x, it’s not really a concern. Since, I’ll be pulling those out when the broader market goes ballistic anyways.

So for example, I won’t be selling any of my Koalas for a while. I have 9 of these motherfuckers, and I’ll probably sell 1 at 1 $ETH, sell another at 1.2 $ETH, and so on. I’ll end up holding 1 or 2 Koalas forever so I can flex on Twitter when they can connect to my metamask. That is the plan.

Lastly, this is my allocation for the month. Again, GLHF you degens out there. :)