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By ousting the Bitcoin miners from its borders, China made a trillion-dollar mistake, argued the CEO of MicroStrategy, Michael Saylor. During a recent interview with Bloomberg, the prominent BTC bull spoke about the adverse short-term effects of China’s recent crackdown on Bitcoin mining. While he acknowledged the hash rate and price declines, Saylor believes this ‘mistake’ from the Asian country will provide an excellent opportunity for others.
“China had a 50% market share of Bitcoin, and they were generating $10 billion a year and a business that was growing 100% year over year. And then, the government cracked down on it and squeezed the entire industry out of China. I think that given the growth rate of Bitcoin, this will turn out to be a trillion-dollar mistake for China.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cryptopotato.com/tanzanias-central-bank-working-on-adopting-cryptocurrencies/
https://cointelegraph.com/news/athena-confirms-plans-to-bring-1500-bitcoin-atms-to-el-salvador
https://cointelegraph.com/news/el-salvador-to-airdrop-30-in-bitcoin-to-every-adult-citizen
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$288K BY DECEMBER?! BITCOIN ‘WILL NOT STOP’ AT $100K!! MORGAN STANLEY AND BNY MELLON EMBRACE BTC!!
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Bitcoin (BTC) has plenty of room to grow in its current bull run and “will not stop” at $100,000, according to analysts including PlanB who predicts that the peak of this cycle could be double those figures or even more – potentially in excess of $576,000.
In various posts on social media on Wednesday, the stock-to-flow Bitcoin price model creator joined others in predicting huge new all-time highs for BTC/USD.
With Bitcoin trading sideways below both its recent peaks of $58,300 and $61,700, investors are curious about where the 2021 bull run may end.
As Cointelegraph reported, depending on the price indicator used, the peak could be uncomfortably near or still far off. For followers of stock-to-flow, the answer remains firmly the latter: Compared with previous bull cycles, 2021 is just getting started.
“We are only 3.5 months into the Bitcoin bull market,” PlanB summarized.
“IMO BTC will not stop at $100K and will continue to S2FX $288K average price level (ATH will be higher).”
He referenced both his stock-to-flow, or S2F, and stock-to-flow cross-asset, or S2FX, models, which give an average BTC/USD price forecast of $100,000 and $288,000 during the current halving cycle, set to end in 2024.
This is just the average, however, and PlanB believes that the peak of this cycle could be double those figures or even more — potentially in excess of $576,000.
Currently, Bitcoin is following the stock-to-flow trajectory almost to the letter — “like clockwork,” as PlanB described it — and has yet to give off signs that the cycle top is approaching.
As fellow analyst Rekt Capital noted, such signs tend to come in the form of BTC/USD jumping above the planned trajectory.
“Upside price deviations from the Stock to Flow line tend to precede Bull Market tops for BTC,” the Twitter account wrote.
“At the moment, $BTC is perfectly follow the Stock to Flow line. But Bitcoin hasn’t deviated from it — yet.”
Despite the stock-to-flow model not existing during the top of Bitcoin’s first halving cycle price peak in 2011, it achieved a trajectory deviation equal to 1,157%.
In other breaking Bitcoin News today:
Morgan Stanley Introduces Bitcoin Investing For Millionaire Clients
Institutional banking powerhouse Morgan Stanley seems to have given Bitcoin its nod of approval. Based on fresh intel via an “internal memo”, as reported on by CNBC, Morgan Stanley will give clients access to Bitcoin (BTC) investing, though only under specific conditions.
“The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter,” CNBC reported on Wednesday. The opportunity is expected to open in April, according to the sources.
Bitcoin interest from mainstream finance has risen significantly over the past year or so, with players such as MicroStrategy, Tesla, and Square buying large stacks of BTC.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
December close: $28,992January close: $33,141February close: $45,240March 17 price: $55,000
We are only 3.5 months into the #bitcoin bull market. IMO BTC will not stop at $100K and will continue to S2FX $288K average price level (ATH will be higher). pic.twitter.com/skS6a7pepu
— PlanB (@100trillionUSD) March 17, 2021
The oldest bank in America, Bank of New York Mellon, just invested in the #Bitcoin custodian company, Fireblocks!
BNY Mellon is one of the world’s largest custody banks, and they plan to hold, transfer, and buy #bitcoin for their asset management clients!
— Documenting Bitcoin 📄 (@DocumentingBTC) March 18, 2021
https://cointelegraph.com/news/asia-s-microstrategy-meitu-drops-another-50m-on-eth-and-btc
https://cointelegraph.com/news/morgan-stanley-introduces-bitcoin-investing-for-millionaire-clients
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Bitcoin Price Rises to ,500 | BTC Meets Banking As US Bank Regulator Permits Crypto Custody
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Bitcoin price broke out from a tightening range to rally above $9,500 but will BTC hold above the crucial resistance level?
Perhaps the move is purely technical as Bitcoin has been compressing into a tighter range of higher lows and lower highs since early June, or possibly investor sentiment has been buoyed by the following massive breaking Bitcoin news today:
US Banking Regulator Greenlights Crypto Custody at Federally Chartered Banks
The Office of the Comptroller of the Currency (OCC) has given permission to allow federally chartered U.S. banks to provide clients with crypto custody services.
This is a positive step forward as it removes some of the rigamarole involved in acquiring and storing cryptocurrency, meaning, crypto investors will eventually be able to hold their digital assets in the same bank where they keep their checking, savings, and brokerage accounts.
The recent announcement from the European Union to kickstart another $857 billion euro round of stimulus and the expectation that the U.S. Federal Reserve will follow suit with a $1 to $2 trillion economic stimulus package could also be boosting investors’ belief that as long as the Fed is printing, equities will rise and Bitcoin will soon make another run at $10,000.
This issue has seen much skepticism, given that crypto wallets do not resemble the custody requirements of other sorts of assets. Nonetheless, in its interpretive letter on the subject, the OCC wrote:
“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers.”
In the words of the announcement, the new opinion “applies to national banks and federal savings associations of all sizes.”
The OCC’s letter further specifies that bank “custody” of crypto assets is dependent on their access to the keys to the crypto wallets rather than any sort of physical requirement — a confirmation of Andreas Antonopoulos’ famous line of “not your keys, not your coins.” the OCC specifies:
“That national banks may escrow encryption keys used in connection with digital certificates because a key escrow service is a functional equivalent to physical safekeeping.”
In regards to the new rounds of stimulus Gemini exchange co-founder and CEO Tyler Winklevoss suggested that:
“The Fed continues to set the stage for Bitcoin’s bull run.”
Central bank printing continues to push the markets higher In traditional markets, silver started off the week with a strong pump which completed a nice cup and handle pattern on the daily timeframe, and at the time of writing the asset is up 19.25% for the week.
Gold has also continued its upward trajectory by pushing to a new high at $1,874 today. To date, gold has gained 29% since the coronavirus-driven market correction occurred in mid-March.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Once there is attention, these illiquid altcoins then get a surge of buyersPushing the price up even more
You can see that with many defi alts $BAND caught on and ppl piled in, this week $ALEPH (both solid btw), next week will be be another
Always another trade to be made
— Josh Rager 📈 (@Josh_Rager) July 22, 2020
The altcoin chart set-ups that get the least engagement usually pump the hardestThat’s because most people arent in & that same mass of people won’t care unless you’re sharing about an asset they’re in
Until after that alt pumps – that tends to grab attention
— Josh Rager 📈 (@Josh_Rager) July 22, 2020
OK, there is the first lift in the BB Squeeze. Now we need to see follow through or we’ll be setup for real trouble, a Head Fake. $BTCUSD
— John Bollinger (@bbands) July 21, 2020
https://cointelegraph.com/news/bitcoin-price-rises-to-9-500-as-2-trillion-fed-stimulus-expected
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BITCOIN ‘HEAVY BREAKOUT’ FRACTAL SUGGEST BTC PRICE WILL HIT $250K-$350K IN 2021!!!!
💰 BlockFi: (Up To $250 Bitcoin Bonus) https://blockfi.com/cryptonewsalerts
Bitcoin has the potential to push its prices to between $250,000 and $350,000 by the end of 2021, a long-standing fractal suggests.
The analogy appeared in anticipation that Bitcoin could post a 2017-like bull run, in which the BTC price rose by more than 1,900%.
First spotted by pseudonymous analyst Bit Harington, the bullish setup drew its inspirations from Bitcoin’s secular bull runs every time after halvings when the miner block reward gets cut in half.
Cointelegraph Markets analyst Michaël van de Poppe reacted to Harington’s fractal theory, adding that it would lead the Bitcoin prices to the $250,000-$350,000 range.
“This makes a ton of sense and in line with my ideas too.
Somewhere 2017 we are. Heavy breakout to come at a later stage to ~$250-350K and then landing on $65K in the bear market for Bitcoin.”
In other trending Bitcoin News today: Another Week of Institutional Accumulation: CoinShares Sees $42 Million Weekly Crypto Inflows!
Institutional investors have kept accumulating cryptocurrencies for five weeks in a row now, according to CoinShares’ latest report.
Digital asset investment products saw inflows totaling $42M last week. Inflows were seen across all digital assets and signals what we believe to be continued improving sentiment amongst investors.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://medium.com/coinshares/volume-47-digital-asset-fund-flows-weekly-973795359933
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