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🕤 I LOST $261 IN 2 HOURS SHORTING BITCOIN
Big Week for Stocks, Crypto and New Tesla Owners
Sup, Zaid here. Welcome to “Money Minutes” the weekly newsletter summarizing stocks, crypto and corporate drama with bad jokes in under 1,000 words. I share the best articles, videos, and tweets of the week. This newsletter is 685 words and should take you 3 minutes to read. Please consider subscribing if you haven’t already. My goal is to get 10,000 subs by the end of year. Currently sitting at *checks note* 3,069. Nice.
This newsletter was partially written at 32,000ft. using United Airlines wifi (yes, I’m the guy who buys airplane wifi, don’t judge). By the time you read this, I’ll be in Tahiti for a quick anniversary getaway. Still keeping one eye on the markets though. Here’s the best from this past week including some dumb choices I made with my best:
MARKET VIBE CHECK
Stocks: It’s ok to take a peek at your portfolio. The stock market hasn’t had a down week in 2023. Let’s hope the market keeps that energy all year so I can afford to make an omelet.
Crypto: Bitcoin back above $20k. ETH back above $1,500. Solana over $20 (it was $9 on New Years Eve). If you still own crypto, it might be a good time to take some profits. I’m getting “bull trap” vibes here. But then again, I shorted Bitcoin when it hit $20k and immediately lost money. More on that below.
PLUG OF THE WEEK: Uhhh nobody
This week’s Money Minutes is brought to you by….absolutely nobody. Yup. No sponsor this week.. But if you, yes you, would like to sponsor this newsletter, please email me at: AdmaniExplains@gmail.com.
Unless you want me to plug a NFT project or shitcoin. In that case, don’t email me. Actually, you can still email me, but I probably won’t respond.
TOP 3 BUSINESS-Y NEWS OF THE WEEK:
Inflation is cooling: CPI in December was DOWN 0.1% compared to November. So things are getting cheaper, especially energy and used cars. Food is still getting more expensive though. My grocery bill is out of control.
Tesla Price Cut: Wow. This was shocking. Tesla is cutting prices up to 30%. I’ve always felt MOST EV shoppers are price sensitive. Tesla isn’t the only EV game in town anymore. Competition is heating up. Tesla can’t charge whatever they want. Smart move by Tesla to cut prices, but are they doing it out of desperation? New Tesla owners that missed out this deal are PISSED.
Learn More: ‘Major Shift in EV Market’ - The Verge
Microsoft Investment in OpenAI (ChatGPT): Microsoft was one of the first investors in OpenAI, the company that made ChatGPT. Rumor has it Microsoft is investing $10 Billion MORE. It’s a super unique investment structure. How soon are we going to have ChatGPT powered Bing or Excel? Google has to be shitting themselves a bit.
Reviewing My Personal Finance Decisions From Last Week
✅ Using Credit Card Points for a Free Vacation: As I mentioned above, I’m currently on a quick getaway to Tahiti with my wife (7yr Anniversary!). And the best part, it was free. I’m a classic “Credit Card Points Hoarder.” I keep stashing them to cash them in “one day.” That day finally came. Round trip flight from Houston to Tahiti. Free. Even splurged and got business class on the return flight.
❌ YOLO Trade: Shorted Bitcoin (with 5x leverage). I saw Bitcoin pump from $17k to $20k, I was getting strong “bull trap vibes.” I thought it had to be a fake ass rally. So using $1,000 of my kid’s college tuition fund, I shorted Bitcoin using a 5x leverage (don’t do this at home). Being the responsible trader, I set a stop loss at 25%. Bitcoin kept pumping and I got stopped out in 2hr. A nice little $261 loss to end the week
MEME OF THE WEEK:
And that’s it for another week. Still trying to find my voice with my writing. If you have any suggestions, even if you think it’ll hurt my feelings, please send them my way.