EL SALVADOR TO MINE BITCOIN USING GEOTHERMAL ENERGY FROM VOLCANOES!! MICROSTRATEGY RAISES $1.6B!!

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Bitcoin can offer protection against the “depreciating value of money,” newly bullish BTC investor Ray Dalio says.

In a Reddit “Ask Me Anything” session on Dec. 8, Dalio, who last month abandoned his skepticism of Bitcoin, said that the cryptocurrency could complement gold as an investment.

“I think that Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives, with similarities and differences to gold and other limited-supply, mobile (unlike real estate) storeholds of wealth,” he wrote.

“So it could serve as a diversifier to gold and other such storehold of wealth assets.”

Dalio shed light on his opinion of various aspects of the global economy, including the United States’ current position, China and the state of fiat currency.

Continuing, he argued that money printing would spur asset inflation, implying that simply holding wealth in cash would lead to losses.

“We are in a flood of money and credit that is lifting most asset prices and distributing wealth in a way that the system that we’ve come to believe is normal is unable to, and that is threatening to the value of our money and credit,” he warned.

“Most likely that flood will not recede, so those assets will not decline when measured in the depreciating value of money. It is important to diversify well in terms of currencies and countries, as well as asset classes.”

His perspective conspicuously mimics that of Bitcoin proponents, notably Michael Saylor, CEO of MicroStrategy, who is guiding the company toward BTC reserves of nearly $1 billion.

Saylor, in an interview with The Bitcoin Standard author Saifedean Ammous in September, stressed that asset inflation was far outstripping that of cash, and that large paper money holdings were thus akin to a “melting ice cube.”

Dalio thus departs further and further from the Bitcoin-skeptic position he held just weeks ago, which began to thaw when he admitted that he “may be missing something” about its true nature. Nonetheless, he stopped short of advocating a “full Bitcoin” portfolio.

“The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in one’s portfolio and to diversify among them. Not enough people do that,” he reasoned.

On the topic of gold, Dalio was more opaque. Choosing between the precious metal and Bitcoin would depend on central banks’ behavior.

“As far bitcoin relative to gold, I have a strong preference for holding those things which central banks are going to want to hold and exchange value in when they are trying to transact,” he concluded.

In other trending Bitcoin News today: 

Bitcoin Plunges Below $18,000 – Here Are The Levels To Watch Next

Bitcoin fell below $18,000 on Dec. 9 in the latest continuation of its bearish comedown from all-time highs.

At press time, new lows near $17,600 were appearing, with 24-hour losses totaling more than 7%.

The situation was tenuous for Bitcoin after support was lost higher up, with exchange data showing buyer interest only lined up in significant amounts at $16,200. Converse selling pressure had provided an instant rejection at close to $20,000 last week.

“Third test of support and breakdown,” summarized Cointelegraph Markets analyst Michaël van de Poppe to his Twitter followers on Wednesday.

“Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500–18,700 is reclaimed, I think we’ll continue correcting.”

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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:

Averaged out, Bitcoin has 10x’d every 2 years.2008 .012010 .102012 1.002014 10.002016 100.002018 1000.002020 10,000.00

h/t @FreakieF

— Dan Held (@danheld) December 8, 2020

Citi downgraded MicroStrategy because of its plan to accumulate a significant amount of #Bitcoin in its corporate treasury.

Never forget this is one of the ratings agencies that rated subprime mortgages AAA right before the housing market crashed and destroyed the global economy

— Vijay Boyapati (@real_vijay) December 9, 2020

BIG UPDATE: @RayDalio, Founder of Bridgewater (world’s largest hedge fund) just said in Reddit AMA: “I think that #Bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”https://t.co/0yqia9frvy

— Cameron Winklevoss (@cameron) December 8, 2020

Watch how traders, shitcoiners and weak hands transfer their #bitcoin to strong hands like Grayscale, Paypal, Square, MicroStrategy etc. These BTC will disappear from the market and go into deep cold storage and stay there for years. pic.twitter.com/McpnqEelV0

— PlanB (@100trillionUSD) December 8, 2020

Third test of support & breakdown. Testing levels multiple times doesn’t make the level stronger.

Downtrend likely to continue? I think so, unless $18,500-18,700 is reclaimed, I think we’ll continue correcting. $BTC

— Michaël van de Poppe (@CryptoMichNL) December 9, 2020

https://cointelegraph.com/news/bitcoin-plunges-below-18-000-here-are-the-levels-to-watch-next

https://cointelegraph.com/news/a-flood-of-money-and-credit-ray-dalio-new-bitcoin-praise-echoes-microstrategy

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Mimicking 5,000% gains which were experienced during the previous BTC halving bull cycle, gives a Bitcoin price of $424,000, happening sometime in November 2021.

Obviously, there is no indication yet as to whether the 20MA will now act as support for an extended Bitcoin (BTC) bull run.

But, if we assume that we have reached that point in the cycle and project the same gains from this point as we saw from February 2016, we come up with an impressive new all-time high (ATH).

However, Cowen does not see fresh gains of 5,000%, rather than gains on the way to the next ATH may be a more conservative, although still huge 1,000-1,500%.

He also thinks that the market cycles are lengthening.

Specifically that the time between the halving and the peak has been getting longer.

After the first Bitcoin halving, the peak came after around 52 weeks.

However, after the second halving, this period increased to 73 weeks. Cowen, therefore, suggests that the peak following this year’s halving may take longer still, with a potential peak not occurring until 2022.

Still, that would give us a $125k BTC price sometime in early 2022, which is certainly not to be sniffed at… if we can stay above the 20MA as support.

Analyst Who Predicts Bitcoin Will Hit $1,000,000 Says This Ratio Shows BTC’s Big Advantage Over Amazon

PlanB, a closely-watched crypto analyst known for his bold prediction that Bitcoin will hit $1,000,000 over the next decade, says a popular ratio used to asses risk and reward shows the leading cryptocurrency’s potential upside compared to some of the biggest stocks on the Nasdaq.

The analyst is releasing a series of charts that apply the Sharpe ratio to BTC, Facebook, Apple, Amazon, Netflix and Google.

The ratio was created by Nobel laureate William Sharpe and is designed to show the amount of return an investor could potentially get for enduing the volatility of a risky asset.

The pseudonymous analyst says Bitcoin has a Sharpe ratio greater than 1, which is well above the competition.

“Bitcoin is the only asset with a ‘Sharpe ratio’ greater than 1! Classic asset (stocks, bonds, gold) risk and return [is] basically flat. Even FAANG (Facebook, Apple, Amazon, Netflix, Google) [are] not even close to BTC. Note I skipped Bitcoin’s first years (2009-2012) and updated data.”

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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:

$BTC price was unable to reclaim level and has made its way back toward supportAll is not lost, want to see how it reacts at $8k

Be patient, you’ll be happy you stuck around this emotional roller coaster of a market in a couple years https://t.co/cKg6otZjeE

— Josh Rager 📈 (@Josh_Rager) January 25, 2020

They really should be calculated inside the same time period IMO, as Bitcoin has only ever existed inside a macro bull market, while many of those stocks weathered a financial crisis in 2008 and one or more bear markets which contributed to their Sharpe calculation.

— Willy Woo (@woonomic) January 25, 2020

Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why

Can Bitcoin Price Hit $424,000 Sometime in Late 2021?

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Bitcoin Price Needs to Break Past $8,000!

In a recent TradingView analysis, cryptocurrency analyst Filb Filb drew attention to the importance of $8,000, a BTC price point which he stated has the “worst cluster of resistance seen since the bear market of 2018.”

Indeed, he noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks):

• The 200-day moving average.
• The 100-day moving average.
• The 50-day moving average.
• The 20-month moving average.
• Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
• And the yearly pivot level.

The pertinent question remains — does Bitcoin (BTC) have the potential to clear $8,000?

Analysts, unfortunately, are divided about this question.

Per previous reports from NewsBTC, Bitcoin is in the midst of following the bump-and-run-reversal bottom schematic found in Thomas Bulkowski’s Encyclopedia of Chart Patterns.

As it stands, BTC is in the fourth phase of the BARR bottom, which should be followed by a surge past the phase one highs around $9,000 in the coming week or two, meaning the whole capitulation could be shortly reversed.

The thing is, there remains the overhead risk of traditional markets continuing to fall, which could depress Bitcoin.

As explained by Chris Burnisike, partner at Placeholder Capital:

This theory has been echoed by trader Cantering Clark, who remarked that the “moment equities s**t the bed again Bitcoin will follow,” explaining that the reality is some of the world’s “largest and most fundamentally important industries” are being adversely affected by the coronavirus outbreak, making it unlikely crypto will be spared.

China Is Drafting Laws for the Circulation of National Digital Currency Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency.

The central bank is now drafting legislation for its circulation, according to local media.

A number of patents have revealed what the digital yuan will be like.

China’s central bank, the People’s Bank of China (PBOC), is reportedly closer to issuing its own digital currency, Chinese publication Global Times reported on Tuesday, citing an unnamed industry insider.

The central bank, in collaboration with private companies, “has completed development of the sovereign digital currency’s basic function and is now drafting relevant laws to pave the way for its circulation,” the publication detailed.

The insider elaborated: As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid the coronavirus (covid-19) pandemic, China should accelerate the launch of its digital currency.

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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://www.tradingview.com/chart/BTCUSD/S1p3CQYW-Bitcoin-Death-Cross-but-is-that-it/

https://news.bitcoin.com/china-digital-currency/

https://www.newsbtc.com/2020/03/26/all-eyes-on-8000-why-bitcoin-needs-to-clear-this-crucial-level/