I bought 1,000 more ICP today using the ICP I already have to get collateral, and then turning that collateral into additional ICP. I think this is a fantastic time to buy ICP. I've never put myself in a leveraged position like this before, but the opportunity is just too good. Meanwhile, I now have over 10,000 ICP, and I do have a $2,500 ckUSDC loan against this. I will explain to you why I did this and the bigger picture, but if you want to see the technical tutorial of how I did it in real time, you can go to my website and join the Jerry Banfield Family, which is my Skool community. There's a 20-minute exclusive tutorial in there showing you step by step exactly every button I clicked and every transaction I made to get this done.
The Thesis Is Stronger Than Ever
The big question is, after the announcement from DFINITY yesterday, the price hasn't moved. And yet to me, the narrative, or the use case, or the thesis, as Bobby O likes to say, for ICP is stronger than ever. We have the UN partnering. You already have Pakistan. ICP is already big in Switzerland, and there's a lot going on there. Now the UN partnering with five more countries to bring governments onto ICP is like the biggest narrative you could possibly think of.
Meanwhile, I've been taking credit card cash advances as I ramp up my business income to load up my ICP while there's still time. I wanted to get over 10,000 ICP, and I've got it now. This is what I did with my own money, not advice for anyone else.
Crossing the 10,000 ICP Threshold
I have 3,300 and something in one place, and I'll walk through my actual wallet, because the key threshold to me is how much is enough. To me, 10,000 is enough. I will have 10,000 of the ICP. Out of 550-some million ICP, that's a huge amount of ICP. If we take 550 million or so on the calculator and divide that by 10,000, I now have one 55,000th of the entire ICP supply. I've got 3,400 locked for two weeks, and I may in the future deploy this to buy more ICP also, or just to take loans against. Then I've got 3,000 ICP plus 700-some maturity, which is really like 4,000 ICP worth locked indefinitely at 8% APR. I've wanted to cross that 10,000 threshold, and now I've done that.
How I Actually Did It
I use the OISY wallet with Liquidium. This was actually pretty easy to do. The basic thing I did is I deposited ICP to my account. It's amazing how good this on-chain technology works. I deposited ICP to my account, and then I went over to the borrow section. I supplied my ICP, which was $7,900 worth of ICP, and then I took a loan for $2,500 worth of ckUSDC. I then took the ckUSDC, swapped it on ICPSwap, bought 1,000 more ICP, and then I supplied that in here also.
That way, my liquidation price is such that ICP would have to go down near a dollar for this to get liquidated. I did that because I want to keep my loan. Right now, you basically borrow these where if the price dumps too much, your loan could get liquidated and you could lose your collateral. So I figure I'm not doing anything else with that ICP. I just threw it in here as additional collateral. That way, if we have a sudden price dump and then it goes back up, I don't lose.
I also could borrow, if I wanted to, $1,400 more, but that would put me much, much closer to a liquidation threshold. I could go in and buy hundreds more ICP with that and kind of flywheel it again if I wanted to do maximum leverage. I'm not feeling like that's the play today. But now I've got over 10,000 ICP, and all I have to do is pay $2,500 in USDC to unlock this.
What Happens If the Price Runs
Here's what I could do at any time. Let's say the price of ICP 10x's. I could actually click the borrow button and my collateral will have gone up a lot in value. Then I could click the borrow button and pull out more ckUSDC. Let's say the price goes to $20. Instead of having $7,900 supplied, I would have $79,000 supplied, at which point I could then borrow probably like $20,000 or $30,000 and take that out of my account and do whatever I wanted with it. As long as the price didn't dump back to like $15 or $10, I would be fine. If it did, I would lose all my ICP, but I'd get to keep all my loans.
What's cool is that if for some reason ICP did dump to a dollar, I would lose everything, but I also wouldn't have to repay that $2,500 loan either. And I could essentially rebuy almost all the ICP that I would have had for that loan. So in my experience this is a nice way to just increase the ICP I've got, and I'm betting that the price is going to go up. That loan is nice because it only has like a 3% APR.
Funding This From the Business
I'm grateful that I'm building my business, so I should have much more cash coming in. Today, I made almost $400 on several different things, and I want to buy more ICP like that too. Somebody joined the Skool community for the year-long membership. Then someone bought a one-on-one Zoom call. And then someone bought two "talk to me now" sessions. So I made almost $400 today, which is awesome. I'm really excited for your support. Plus, I'm consistently making all these videos and cranking up my reach across all the different platforms too.
Accumulating While It's Cheap
With everything I'm seeing in ICP today, especially after that big announcement, I'm thinking I've got to load up more ICP right now. This is the time. And sure, if it dumps more, I can adjust. Let's say it went below $2. Then I could always get more ICP. Basically I could take my neuron and buy even more ICP if the price was lower, or if I'm making more in my business, I could just buy that way.
At this point, I want to accumulate as much ICP as possible while it's super cheap. To me, the thesis that this is the future of the internet is stronger than ever, and I want to grab as much as I can low. I don't want to buy any more once the price goes up. So I'm super bullish on ICP, and I've come to believe this is a generational entry point, though that's my belief and my position, not financial advice for you.
We're having great conversations about ICP in my Skool community, and we've also got the chat on my website where you can message me anytime. If you want to see the full tutorial, go in there and join Skool.
I keep going deeper on all of this throughout my ICP Crypto playlist. I'm really grateful to be here today. Thank you very much, and I am excited for another day in ICP with you.