BlackRock petroleum buying 1 million bitcoin miners 😳
Coinbase after its IPO
Revolut funding (Now valued at $33Billion)
How to get Bitcoin Pension Exposure here
Black Rock Petroleum buys 1m miners
Black Rock Petroleum (BKRP) a Canadian based mining and exploration company has entered into an agreement that will see it host 1,000,000 bitcoin mining rigs from the China exodus. These rigs will be using low cost energy and further adding to the growth of North American bitcoin mining investments.
Optimum Mining Host Limited Liability Co (OMH) will be handling the electricity costs of the miners, while BKRP will be handling the installation, service, firmware updates, maintenance and repair of the units.
Both companies will look to share the workload in managing the successful operation of the miners. The contract, which is set to last for 24 months, with an option to extend for another 12 months, will see 200,000 machines being scheduled at first. Then an additional 300,000 machines, followed by an additional 500,000 once negotiations are concluded.
The WealthGap View : Further great news for Bitcoin. This highlights bitcoin mining adaptation and its Anti-fragile ability to survive attacks even from large nation state actors. It also damaged the FUD narrative that China controls bitcoin. We will see more diversification and decentralisation of bitcoin mining over the next 12 -24 months as miners leave China and seek clean cheap energy around the globe. Bullish
Coinbase IPO
The IPO saw a vivid price pump at launch followed by a strong sell off. This could be due to the initial startup/seed investors realising a portion of their gains by selling some of their exposure and taking their profits. You can then add FUD and short sellers pouring fire on the price to depress the stock.
The Stock is down sitting around 50% off its launch highs!
Yet the company continues to grow! Volumes are incredibly high, the business is incredibly profitable and lean considering its counterparts in Banking and Fintech.
The WealthGap View (not financial advice) : Looking at the support range above (orange bar) we can see it is being held and respected (Good). Combined with the continued growth of the business and profits, we would be interested in having some exposure as a long term hold. Bullish
Revolut
A new Neo-bank has just completed a HUGE investment round which now puts the valuation of the company at over $33billion. The more interesting perspective here is not the great success of the finance raised but the transition of the banking sector into the information age. This recent valuation makes Revolut more valuable than NatWest, one of the UK’s big four banks.
What we have here is a new private banking startup that has gone from startup to banking giant within 5 years!! Revolut has achieved in 5 years that which took Natwest 188 years.
The craziest part is that Revolut is yet to receive a Banking License in the UK. As of writing it is still in the process of securing. Old systems and policies are being rapidly skipped over for innovation.
The WealthGap View : We are seeing more of these upheavals in the traditional banking sector and it is a good thing to finally see some innovation in the centuries old industry. As more and more financial companies embrace and explore technological developments around currency and money we expect to see some dramatic changes in this field in the coming years.
No army can stop an idea who’s time has come - Victor Hugo
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