BITI

In late March 2024, I initiated a short position in the BITI ETF, acquiring shares at an average price of approximately $33 post-1:5 reverse split. This equates to a Bitcoin price above $70,000.

Currently, BITI trades at $27.50, while Bitcoin is valued at $84,000. The strategy for this short position has been consistent: capitalizing on the sentiment of Bitcoin Maximalists who view the cryptocurrency as a risk-off asset.

Having been involved in the crypto space since 2015 and owning Bitcoin since shortly after, I've observed cyclical trends that were previously overlooked due to a lack of experience. I anticipate this cycle concluding within the next 6-9 months as President-elect Trump assumes office. While I won't delve into specific policies, I believe his potential actions could negatively impact the global economy, leading to a sell-off of high-risk assets like cryptocurrencies in favor of traditional safe havens.

While my perspective on cryptocurrency has evolved over the past four years, I continue to value the technology and its communities. However, the libertarian ideal of self-sovereignty no longer appears to be a practical solution in an era marked by increasing division and nonpartisan political turmoil. The pursuit of self-sovereignty under these circumstances can be perceived as both privileged and arrogant. I believe that the next four years will not only exacerbate domestic divisions but also weaken the nation's global economic standing.