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State of Bitcoin: Countries Talk Bitcoin $BTC.X
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Top stories from the week:
  • El Salvador Hosts 44 Countries To Discuss Bitcoin: On Sunday May 15th, President Nayib Buekele and El Salvador hosted 32 central banks and 12 financial authorities discuss “financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits in our country”. Over 20 of these countries are located in Africa. Africa, similarly to Latin America, has seen currency debasement and massive amounts of inflation and corruption. The Central African Republic has made Bitcoin legal tender, although Paco from my last podcast episode hinted CAR will create their own coin similar to Miamicoin, and it seems like other countries in Africa are curious to learn about the capabilities of Bitcoin. Big Balls Buekele is continuing to be a great voice for the Bitcoin space and is now orange pilling countries across the world while Bitcoin has been legal tender in El Salvador for less than a year.

  • China Still Holds 21% of Hashrate Despite Ban: Last year the Chinese government banned Bitcoin mining and videos went viral of construction equipment running over Bitcoin miners. Turns out China is second with 21% of the hashrate behind the United States who holds 33.8%. China once held 75% of the hashrate prior to the ban and is now promptly in the second spot. China has always been at the forefront of the Bitcoin industry, but now it has its own CBDC. The Chinese citizens may be looking for a way out of the potential manipulation. Although China has banned Bitcoin mining, it has not been able to stop it completely. It will be interesting to see if the Chinese government responds to the publishing of this data.

  • Block to create economic empowerment with Bitcoin: Block’s investor day was earlier this week and both CEO Jack Dorsey and Finance Lead Amrita Ahuja hammered home the point that Block wants to be the go to source for all transactions. Dorsey is a noted Bitcoiner and has continually gone on Twitter to rip on shitcoins and he is now diving into Bitcoin even more with Block. Block is developing Bitcoin miners and hinted at developing more Bitcoin hardware and Bitcoin wallets. Dorsey has continued to push the Bitcoin space forward and I look forward to seeing all that he continues to do in the space of payments (full disclosure I am a SQ shareholder so please do you own research as I am not a financial advisor and everything is strictly my opinion and should not be taken as financial advice).

  • Coinsource partners with KwikTrip to put Bitcoin ATMs in stores: Coinsource is known for their Bitcoin ATM machines and now Coinsource will be partnering with KwikTrip who owns the Kwik brand gas stations and convenience stores around the country to put 800 Bitcoin ATMs into their convenience stores. From USD cash ATMs to Bitcoin ATMs seems like the transition is being made at gas stations, which in my opinion shows that consumers are using ATM machines less and less as time passes. This theory is due to the increasing use of online payments and acceptance of credit cards across the country. More and more consumers are finding ways to get Bitcoin and this is another way to achieve that. You can also get non-KYC BTC through the use of Bitcoin ATMs and that was explained in my podcast episode with Heady Wook, check it out here!

  • NFL DE Alex Barrett takes full NFL Salary in Bitcoin: More and more athletes are jumping on the train of getting their salary in Bitcoin and another NFL star Alex Barrett is taking 100% of his salary in Bitcoin by partnering with Bitwage. Barrett was amongst the crowd in Bitcoin Miami 2022 and was amazed at the amount of people and met with the Bitwage team after hearing them via Twitter Spaces. The interesting part of this is Barrett is no superstar by any means. Last year Barrett played in 7 games for the SF 49ers and only had 5 assisted tackles. Granted it is extremely difficult to make it to the NFL, but I am saying this to point out that he is not a superstar like Aaron Rodgers, Tom Brady, Saquoun Barkley, and Odell Beckham Jr who have taken some of their massive amounts of earnings and put it into Bitcoin. I believe it is more of a statement for a player like Barrett to take payment than the others listed, so good on ya Alex and keep orange pilling the masses!

  • Texas Land Owner to Mine Bitcoin: The state of Texas has been extremely friendly to Bitcoin and Bitcoin mining as a whole. The companies: Texas Pacific Land Corporation (Ticker: TPL), Mawson Infrastructure Group Inc. (Ticker: MIGI), and JAI Energy have joined forces to develop 60 megawatts of Bitcoin mining on TPL’s land in West Texas. This partnership is lined out as follows: Mawson will own and operate Bitcoin miners up to 2.0 Exahash while TPL and JAI will earn royalty interest and keep an option to acquire equity in Mawson. JAI energy is run by former oil and gas professionals of West Texas and the influence of the oil and gas industry has JAI bullish on the Bitcoin industry. I see Texas being one of, if not the, leader in all aspects of Bitcoin in the near future. Some might argue it is right now.

A quick look on chain:
Current price: $29,260
Market Cap: $557.1B
Spent Output Profit Ratio: 0.9994
Current block height: 736122
Mean block interval: 10min. 38sec.

Check out the full article here
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Using Bitcoin to Travel with World with Paco @runwithbitcoin - State of Bitcoin
In this episode Brandon is joined by Paco (@runwithbitcoin) who is traveling around the world and only using Bitcoin. We will get into his experience, what it has been like traveling the globe, Bitcoiners around the world, and much more!

Listen here.
ProShares Pet Care ETF (Ticker: $PAWZ) - Brief Breakdown
For the full article check it out here.

Company Description and Qualitative Analysis
ProShares Pet Care ETF $PAWZ sets to track the performance of the FactSet Pet Care Index. Currently approximately 70% of US households have pets. Every pet requires food and various items for care that are sold by holdings of ProShares. The pet industry is rapidly growing and is projected to exceed $350 billion by 2027 and has grown every year including during the 2008 financial crisis. In this ETF there are holdings that cover every aspect of pets to give investors exposure to everything from pet food to pet insurance.

Quantitative Analysis
At the time of this writing (5/15/2022), PAWZ is trading at $54.31 with a 52 week range of $51.58 - $82.24. The top 10 holdings of PAWZ are IDEXX Laboratories Inc (10.37%), Zoetis Inc (9.61%), Dechra Pharmaceuticals Plc (9.40%), Freshpet Inc. (7.17%), Chewy Inc.-Class A (6.00%), Trupanion Inc. (4.88%), Petco Health & Wellness Co. Inc. (4.88%), Nestle SA (4.58%), Merck & Co. Inc. (4.45%) and Pets At Home Group Plc (3.84%). This financial analysis was done using financialstockdata.com (sign up using our promo code GCI to get one month free here). You can view PAWZ holdings here.

Bullish Thesis
Here are three points to support the bullish thesis updates:
  • Every Part of Pet Industry: In the pet industry there are many different sectors that you will get exposure to. I see this as a positive (and a negative, so check out why below) because outside of the generic pet food and supplies company that has the potential to grow simply on the fact that pet ownership increases there is not a clear path for other aspects of the pet industry. For pet insurance to pet care companies, I do not see a clear path for this portion of the industry to boom but that does not mean it cannot boom. Pet ownership is fluid and the way pets are treated has become increasingly better across the globe so new aspects of pet ownership can pop up that have yet to take off just yet.

  • Pet Ownership Growth: As mentioned in the description/qualitative analysis, 70% of households in the US own pets. The percentage of households with pets is higher than the percentage with children and that gap is widening. More people are treating their furry friends as children and spoiling their pets more so than previous generations. If this trend continues, the pet industry will continue to be very success and there may be more companies that pop up and have products that can help with your pets.

  • Always a need for pet care: No matter how you look at the pet industry, there will always be a need for pet care and pet products. There will be no escaping veterinary trips, buying pet food, water bowls, crates, and other items that are seemingly required to care for pets. As more people get pets, more care will be needed. Pets are not going anywhere and neither is this industry for the time being.

Bearish Thesis
Here are three points to support the bearish thesis:
  • Potential Lack of Growth in Recession: Spending on pets is an interesting sector of consumer goods because with the pet boom and a lot of new pet owners it will be interesting to see how spending habits of these new pet owners will react during an economic downturn. Many millennials lived through a financial crisis but most were not yet working during that time, so it will be new territory for many in the workforce to figure out how to go about budgeting and spending during an economic downturn. Spending on pets seems like an obvious area to minimize costs when food and everyday things that people need to live get increasingly more expensive.

  • Over diversification in Pet industry: The pet industry has various sectors that the ProShares ETF has exposure to but there may be only a certain aspect of the pet industry that takes off. For example, potentially the pet insurance becomes a necessity and more and more pet owners begin to have pet insurance, which would make that sector of the pet industry take off. For the sake of simplicity, another portion of the industry such as pet food and supplies does not grow because pet ownership decreases and instead of just benefiting from the success of the pet insurance industry, you are exposed to the pet food and supplies industry which cancels out the success of the pet insurance industry.

  • Limited Growth Potential: The pet industry is not like a growth or tech stock where you will see large booms and massive returns. I view the pet industry as a steadily growing industry that will continue to grow. As this industry continues to grow so will the companies associated with it. This industry relies on consumers spending on their pets and getting pets, therefore the growth is not something that is required out of necessity or for work purposes but simply for quality of life.

For the full article check it out here.
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Lots of love for the pet industry recently. Thanks for putting this together. Nice to know there is an option for an ETF out there to get exposure to the industry. My $CHWY pick isn't doing so hot 😅
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