Bitcoin went full-on parabolic & watch price move even higher...
Bitcoin has been the best performing asset of the year, and is certainly challenging the hegemonic order of global finance. What a blessing to be in this bull market guys!
When compared against all legacy financial markets such as Gold , Spiders, Diamonds and the Q's it has outran them all.
We are talking about a stunning year-to-date gain of 148%!
Here are some key concepts to consider:
• Institutional Adoption - MicroStrategy , Square, PayPal (4% of the total supply of bitcoins now reside on corporate balance sheets)
• Paypal and Square treating clients like a bucket shop holding the actual asset for them and only enabling clients to hold. Again good for the price as supply is trimmed down as price bids up.
• CME Group advised open interest on Bitcoin derivatives has reached its highest level ever
• Whales will accumulate the underlying asset to "control/manipulate/influence" the price as a few % points will enable them to make the derivatives market & kick the price around
• Retail all at this point sitting in profitable positions encouraging "hodl" culture
• Viewpoint evolving from retail "median of exchange" to institutional store for wealth or engine of wealth as the derivative market becomes popularized
• According to Forbes "60% of the available supply of bitcoin has not moved in the last year and over 40% has not moved in the last two years."
• Bitcoin flooding out of exchanges at the most rapid rate of its history indicating this is camping in long-term wallets
• Google keyword volume for Bitcoin is only 10% of its peak (2017 runup) indicating retail is not driving the relentless volume
• Technicals are all incredibly bullish - moving averages are all pointing straight up at a very steep angle
• Seeing comments on how the RSI is indicating oversold - it is worth touting that oversold conditions can continue on for a very long time
• Macro environment of central banks easing and pushing for higher inflation targets makes this financial product an outlier as it is engineered to increase in value and not inflate away
• The U.S. Dollar Index is down 0.25% Tuesday and continues to be in the doldrums versus a basket of other fiat currencies.
• Articles speculating into the future (after firmer regulation) that Fidelity/ Blackrock /Vanguard some massive player will introduce a low fee passive ETF fund which will require a huge amount of the underlying asset for the fund creation. Similar thought process of why the TSLA price runup with their inclusion into the S&P 500 - forced institutional buyers as they balance out the passive spider funds
• Adoption and regulation of BTC coming however the SEC is already offering clarity (links below)
• Gary Gensler (Former chairman of CFTC) was tapped to lead Biden's financial policy transition team concluded "that XRP and ether should be regulated as securities."
• Fun idea here, but I have seen so much grumbling from gold bugs on how gold is a greater store of wealth. I likewise am a goldbug and continue to accumulate gold as well - worth stating though what happens in a generation from now when we final visit the last frontier and become a space faring race and start mining asteroids? Supply of gold in the future may be remarkably more prevalent than we could possibly imagine.
Am I one of those calling for $100k in price? Well let's target 19k first bulls.
Sources
https://www.forbes.com/sites/andreatinianow/2020/11/10/sec-staff-signals-importance-of-qualified-custodians-of-digital-assets/?sh=18548d9349e1
https://www.forbes.com/sites/andreatinianow/2020/10/27/two-ocean-trust-receives-first-ever-regulatory-clearance-from-a-banking-regulator-to-operate-as-a-qualified-custodian-for-digital-assets/?sh=4bfa0b345bb3
https://www.forbes.com/sites/billybambrough/2020/11/15/why-joe-biden-could-be-big-for-bitcoin/?sh=54b2da045f68
https://www.forbes.com/sites/andreatinianow/2020/11/02/not-all-qualified-custodians-are-alike/?sh=3cda10862945
https://www.coindesk.com/market-wrap-bitcoin-blows-past-17-8k-outperforms-ether
https://www.theblockcrypto.com/linked/84921/bitcoin-derivatives-new-highs-price?utm_source=coinbase&utm_medium=rss
https://www.forbes.com/sites/leeorshimron/2020/11/17/wondering-what-bitcoin-will-do-next-look-at-these-5-indicators/?sh=2d4b4cf410cb
https://www.coindesk.com/trading-volatility-bitcoin-price-record-highs
When compared against all legacy financial markets such as Gold , Spiders, Diamonds and the Q's it has outran them all.
We are talking about a stunning year-to-date gain of 148%!
Here are some key concepts to consider:
• Institutional Adoption - MicroStrategy , Square, PayPal (4% of the total supply of bitcoins now reside on corporate balance sheets)
• Paypal and Square treating clients like a bucket shop holding the actual asset for them and only enabling clients to hold. Again good for the price as supply is trimmed down as price bids up.
• CME Group advised open interest on Bitcoin derivatives has reached its highest level ever
• Whales will accumulate the underlying asset to "control/manipulate/influence" the price as a few % points will enable them to make the derivatives market & kick the price around
• Retail all at this point sitting in profitable positions encouraging "hodl" culture
• Viewpoint evolving from retail "median of exchange" to institutional store for wealth or engine of wealth as the derivative market becomes popularized
• According to Forbes "60% of the available supply of bitcoin has not moved in the last year and over 40% has not moved in the last two years."
• Bitcoin flooding out of exchanges at the most rapid rate of its history indicating this is camping in long-term wallets
• Google keyword volume for Bitcoin is only 10% of its peak (2017 runup) indicating retail is not driving the relentless volume
• Technicals are all incredibly bullish - moving averages are all pointing straight up at a very steep angle
• Seeing comments on how the RSI is indicating oversold - it is worth touting that oversold conditions can continue on for a very long time
• Macro environment of central banks easing and pushing for higher inflation targets makes this financial product an outlier as it is engineered to increase in value and not inflate away
• The U.S. Dollar Index is down 0.25% Tuesday and continues to be in the doldrums versus a basket of other fiat currencies.
• Articles speculating into the future (after firmer regulation) that Fidelity/ Blackrock /Vanguard some massive player will introduce a low fee passive ETF fund which will require a huge amount of the underlying asset for the fund creation. Similar thought process of why the TSLA price runup with their inclusion into the S&P 500 - forced institutional buyers as they balance out the passive spider funds
• Adoption and regulation of BTC coming however the SEC is already offering clarity (links below)
• Gary Gensler (Former chairman of CFTC) was tapped to lead Biden's financial policy transition team concluded "that XRP and ether should be regulated as securities."
• Fun idea here, but I have seen so much grumbling from gold bugs on how gold is a greater store of wealth. I likewise am a goldbug and continue to accumulate gold as well - worth stating though what happens in a generation from now when we final visit the last frontier and become a space faring race and start mining asteroids? Supply of gold in the future may be remarkably more prevalent than we could possibly imagine.
Am I one of those calling for $100k in price? Well let's target 19k first bulls.
Sources
https://www.forbes.com/sites/andreatinianow/2020/11/10/sec-staff-signals-importance-of-qualified-custodians-of-digital-assets/?sh=18548d9349e1
https://www.forbes.com/sites/andreatinianow/2020/10/27/two-ocean-trust-receives-first-ever-regulatory-clearance-from-a-banking-regulator-to-operate-as-a-qualified-custodian-for-digital-assets/?sh=4bfa0b345bb3
https://www.forbes.com/sites/billybambrough/2020/11/15/why-joe-biden-could-be-big-for-bitcoin/?sh=54b2da045f68
https://www.forbes.com/sites/andreatinianow/2020/11/02/not-all-qualified-custodians-are-alike/?sh=3cda10862945
https://www.coindesk.com/market-wrap-bitcoin-blows-past-17-8k-outperforms-ether
https://www.theblockcrypto.com/linked/84921/bitcoin-derivatives-new-highs-price?utm_source=coinbase&utm_medium=rss
https://www.forbes.com/sites/leeorshimron/2020/11/17/wondering-what-bitcoin-will-do-next-look-at-these-5-indicators/?sh=2d4b4cf410cb
https://www.coindesk.com/trading-volatility-bitcoin-price-record-highs
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One final important comment I forgot to mention, not thinking globally enough is the following:
"A survey from ING conducted in April 2015 found that 45% of Turkish people believed that digital currencies such as Bitcoin (BTC) were the future of online spending. This constituted the highest percentage for all the European countries surveyed, surpassing the European average of 28% by a wide margin. "
"...Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University and a hyperinflation expert, said Turkey’s annual inflation rate is at 36.57% and climbing. “The lira is toast,” he tweeted Sunday. “Turkey is burning through its foreign exchange reserve like a house on fire,” the professor continued, noting that its reserves currently stand at $41.12 billion, down almost $10 billion since July."
When one thinks of Argentina, Venezuela, Turkey & the inflation woes they have encountered we should anticipate a higher rate of adoption due to wealth preservation.
"A survey from ING conducted in April 2015 found that 45% of Turkish people believed that digital currencies such as Bitcoin (BTC) were the future of online spending. This constituted the highest percentage for all the European countries surveyed, surpassing the European average of 28% by a wide margin. "
"...Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University and a hyperinflation expert, said Turkey’s annual inflation rate is at 36.57% and climbing. “The lira is toast,” he tweeted Sunday. “Turkey is burning through its foreign exchange reserve like a house on fire,” the professor continued, noting that its reserves currently stand at $41.12 billion, down almost $10 billion since July."
When one thinks of Argentina, Venezuela, Turkey & the inflation woes they have encountered we should anticipate a higher rate of adoption due to wealth preservation.
