It’s actual. We’re within the 1 million BTC timeline. Bitcoin
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100k is sort of right here! What do you suppose will occur? Will Peter Schiff explode like that man’s head within the film Scanners?
Cease for a second. A few months in the past, somebody tried to assassinate the primary pro-Bitcoin president-elect and solely missed by an inch. Nonetheless suppose we’re not in a simulation?
Bitcoin 100k is so shut… I can nearly style it.
In the meantime, China is unbanning Bitcoin, and a brand new principle is circulating that Michael Saylor’s MicroStrategy is overleveraged and may very well be the subsequent FTX if a big BTC pullback happens.
Right here’s what you NEED to know on this week’s Really feel Good Friday.
Bitcoin 100k is Solely The Starting: Right here’s What to Count on
Senator Cynthia Lummis of Wyoming is spearheading the Bitcoin Act, which goals to determine a strategic BTC reserve to regular the US economic system throughout storms and repay debt.
A US Bitcoin reserve would act equally to the Strategic Petroleum Reserve, stepping in as a monetary lifeline when the economic system hits a snag. Lummis championed this imaginative and prescient, stating, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE,” highlighting her dedication to integrating Bitcoin into nationwide financial technique.
Does this imply we’re by no means going below 100k once more?
It’s unlikely. Bitcoin wasn’t ever presupposed to go beneath $20k once more as soon as it hit $69k for the primary time. $60k is totally nonetheless within the playing cards for 2026 or 2027. These are nice instances to purchase.
Many countries will use bitcoin as reserves, and different crypto currencies too.https://t.co/d9ZbXYpstq
— CZ
BNB (@cz_binance) November 12, 2024
So what about Altcoin Season?
Learn our article here to search out out when that’s occurring, however if you’d like some vital information, listed below are the cash that mooned all through 2021 after BTC started mooning round November 2020.
Examples:
- Kadena (68x): from $0.35 (Jul. 2021 at $47 million marketcap), to $24 (Nov. 2021)
- Quant (39x): from $10 (Oct. 2020 at $115 million marketcap), to $390 (Sep. 2021)
- Parsiq (31x): from $0.08 (Oct. 2020 at $8 million marketcap), to $2.50 (Apr. 2021)
- Fantom (150x): from $0.02 (Dec. 2020 at $50 million marketcap), to $3 (Oct. 2021)
China Bitcoin Ban: What Does This Imply For The Market?
A Shanghai court docket has dropped a shock verdict, declaring that proudly owning cryptocurrency isn’t illegal under Chinese law, lastly giving crypto holders some authorized peace of thoughts.
Solar Jie, a Shanghai Songjiang Individuals’s Courtroom decide, broke it down in an announcement on the Shanghai Excessive Individuals’s Courtroom’s WeChat account. The takeaway? Residents can legally maintain crypto as private property, however companies can’t put money into or concern tokens with out strict oversight.
Beijing nonetheless views crypto as a monetary grenade, banning associated enterprise exercise outright to keep away from financial chaos. So will China have its personal Silk Highway? Nope. However proudly owning Bitcoin is turning into simpler.
DON’T MISS: Best New Cryptocurrencies to Invest in 2024
Will MicroStrategy Finish The Bitcoin 100k Narrative?
Michael Saylor, March 21, 2000 because the tech bubble was exploding.
There’s an outdated saying on Wall Road … what’s the finest indicator {that a} dealer will "blow up?" Reply: they’ve blown up earlier than.
Simply saying https://t.co/cZYk6hlvQQ
— Jim Bianco (@biancoresearch) November 20, 2024
Lastly, a brand new principle goes round: MicroStrategy is overplaying its hand by shopping for Bitcoin on leverage.
All it takes is for somebody with a big proportion of Bitcoin to start out dumping en masse, and it’ll set off a cascading impact that hasn’t been seen in years. A extreme financial disaster might trigger this. A WWIII occasion might trigger this (nuke going off, and so forth). The speculation goes that we’re overdue for a Black Swan-type occurring. The final actual one was Covid.
If the worth of Bitcoin goes down, MicroStrategy must promote some to pay again their loans. Nonetheless, after they promote Bitcoin, it would tremendously impression the worth of Bitcoin, so it would go down additional. In order that they must promote extra, crashing the worth ridiculously low till they’re liquidated, and so they should promote all of it.
A whole loss of life spiral.
Saylor has countered that they can not get a margin name. They’re taking loans they should pay again; so long as they do it, there’s no drawback. They’ve their very own enterprise, they’ve money, and so they can borrow cash at 0% curiosity. Solely a world occasion like a significant warfare in opposition to Russia, Iran, or China might take it down.
The bear case is we’re closer to that than ever earlier than.
Fortunately, we’re leaning in the direction of the bull case. MicroStrategy isn’t a fraud state of affairs like FTX, Do Kwon, Bancor, or 3 Arrows.
However it’s one thing to carefully monitor. Anyway, that’s all we obtained for this week’s Really feel Good Friday! 100k, right here we come. Godspeed!
EXPLORE: BONK Flips WIF Targets DOGE Crown: Some Traders Are Now Storing Profits In BONK Rather Than SOL
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Disclaimer: Crypto is a high-risk asset class. This text is supplied for informational functions and doesn’t represent funding recommendation. You possibly can lose your whole capital.
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