INSURRECTION price

$RIOT ran to $46 in 2017 $RIOT ran to $79 in 2021 its sitting at $10, bitcoin miners are free

The crypto market is getting redder by the minute as the spat between U.S. President Donald Trump and Tesla CEO Elon Musk intensifies. Late in the U.S. day, bitcoin BTC was down more than 4% to $100,500, threatening to dip back into five digits for the first time in a month. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for exchange coins, memecoins and stablecoins — is down more than 5% in the same period of time. SOL and SUI are notable underperformers, printing losses of more than 7%. Coinbase (COIN) lost 4.6%, Strategy (MSTR) slid 2.4% on Thursday, while a few miners including MARA Holdings (MARA), Riot Platforms (RIOT) and Core Scientific (CORZ) suffered 5% losses. Musk and Trump’s argument, initially triggered by the potential effects of the “Big, Beautiful Bill” on U.S. national debt, quickly escalated on Thursday afternoon, with the President saying that the SpaceX founder had gone “crazy” and threatening to terminate government contracts for all Musk-led companies. The world’s richest man, for his part, wrote that Trump was implicated in the Jeffrey Epstein files, stated that SpaceX would decommission its Dragon aircraft, and agreed with a social media post calling on Trump to be impeached and replaced by Vice President J.D. Vance. Tesla (TSLA) stock fell more than 14% on Thursday. Circle IPO day Crypto prices were already under pressure on Thursday amid the euphoria surrounding the IPO of stablecoin issuer Circle (CRCL). Those with memories were recalling similar excitement surrounding Coinbase's (COIN) 2021 IPO, which at the time marked an historic top for crypto markets. Circle, which went public at $31, soared to above $100 at one point Thursday before closing at $83.

Another reason why I believe Bitcoin miners like $RIOT are currently undervalued: Fees have only made up an average of 1% of the total block income the last two quarters. When BTC starts moving up only, the average fees paid out per block increases significantly. I could see the fee split going higher than what we've seen in previous cycles due to: 1) lower total block subsidy - fees percentage is defined by fees / (blocksubsidy + fees) 2) increased use of Bitcoin DeFi w/ runes & ordinals, which I expect to pick up again in a risk on environment Let's just say Fee % for rewards / block returns to the mean level of hype from previous bull markets of around 15%, that's still a significant bump in revenue that's not currently being accounted for in any forecasts.

I've started accumulating $RIOT leaps again. Current mcap is only $3.27B. Miners have acted as leveraged bets on Bitcoin the previous bull runs. So far volatility hasn't spiked, so calls are still fairly cheap. Expecting an aggressive squeeze higher when it breaks out of the channel it's been accumulating in the past two years. I don't think a 10X+ is unreasonable in a world where $BTC is skyrocketing above $100K. Targeting OTC calls dated to Jan/March of 2026. Not trying to be too greedy. Want to give this time to cook. Will continue to stack as long as prices are still trading within the channel.