Bitcoin now up 125 percent year to date
Bitcoin up 125 percent year to date against the US dollar, according to Google Finance, while the dollar also recently touched two month lows against other leading fiat currencies.
Sacred Bitcoin appears to be on an end of year revival tour… proving authoritarian TV hosts and various assorted establishment prognosticators completely wrong — humbling them profoundly, at a time when they’ve needed credibility to pursue their weird Death Star-esque next generation CBDC (central bank digital currency) agenda.
If you’re curious about this movement and technology, consider starting with this year’s Sacred West — which I wrote to be concise, yet more in depth than my TikToks or most of these emails. https://www.amazon.com/Sacred-West-Cryptocurrency-Commercial-Emergent-ebook/dp/B0BVGWJH36
Something about this particular rally just seems intuitively different to me than previous rallies:
Up 125 percent, yet scant media coverage — if anyone propped this asset class up this year, it wasn’t the media. They’ve been naysayers at every turn, and now that it’s outperforming, they are nearly silent, instead of singing its successes.
Only months away from the April/May 2024 expected block halving, which will send a supply shock through the bitcoin mining ecosystem.
The price recovered within hours of a historic $4+ billion fine and possible charges brought against one of the leading independent exchanges last week, showing that wherever Bitcoin’s value resides, it’s not primarily on any of the exchanges — nor derived from their success or failure. It’s starting to function as a truly decentralized and resilient technology.
Growing chatter regarding the possibility that high AUM financial institutions including BlackRock and Fidelity will be able to get at least one of their Bitcoin or other cryptocurrency-based spot ETFs approved in the near future, possibly driving an entire new market cycle and allowing new market participants another on-ramp.
Recent vague comments from Elon Musk that within a couple years most Internet users won’t need a bank account as X will provide similar services; some have speculated he will use Bitcoin or another leading crypto as the value rail — Musk has recently confirmed he has no plans to launch a token of his or his company’s own, further lending credence to the theory he’ll build financial tools of some kind atop or alongside BTC… and his auto company Tesla still reportedly retains 25 percent of its original Bitcoin stash it had purchased.
Although a wild card, Musk’s ability to innovate rapidly around upcoming technologies cannot be discounted — and his most recent comments have continued to track positive, broadly speaking, in regard to his view of cryptocurrency.
Look at those frothy market caps, folks. We’re breathing that rarified alpine air again.
That kind of revival, without the media at the center of the circus… very interesting.
A brutal winter on the east coast and in the Midwest will keep citizens on their computers, bored, and this post-pandemic, new peace with China etc etc. era just doesn’t have the dire vibes that will get most normies piling into gold and silver — precious metals will be thankful to see any real net retail inflows at all.
Instead, the social dynamics lend themselves to a possible crypto measuring contest among relatively secure normies and attention-seeking Silicon Valley-ites…
If any ETFs are approved — still a wild card of sorts — the older generations may also follow millennials into the crypto waters this time around, and it could become a world historic transfer of value… one the legacy banking system may have trouble undoing.
Onward,
D
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