Price: $10,722 | Block: 650439
Bitcoin Balances on Exchanges at 2-Year Low and That May Be a Bullish Sign - This is first-hand evidence Bitcoin is becoming scarcer. There are more HODLers by the day. A lot of people are skeptical about the S2F model (Stock-To-Flow), but in my mind it's quiet easy to see why it's a massive driver for the price. In May this year, the Bitcoin halving took place. Bitcoin's inflation rate halved & miners are now rewarded with half the amount of coins. This means miners are only able to dump half the amount of Bitcoin on exchanges - less sell pressure on the market. As they are now earning half the amount, there's more incentive to hold for a price rise. A lot of people say the halving had no effect on the price... I don't think you have to be a rocket scientist to see the halving was a huge catalyst. Factor in one of the greatest financial collapses in human history - you'll soon see supply & demand play out on whole new level. Bitcoin Only Has 2.5 Million Coins Left To Mine - Only 2.5m coins up for grabs for 99% of the world over the next 120 years! The epic gains are yet to come. You can almost feel the pressure rising. Bitcoin has now spent over 2 months above $10k - zoom out, this is extremely bullish in my mind. What's it going to take from here, before we see fireworks. The days are numbered.
Bitwise Bitcoin Fund Doubles to $9M as Investor Fears Grow Over Runaway Inflation - Institutional interest continues to grow as Bitcoin funds continue to accumulate more BTC. Grayscale has made another massive purchase - 17k Bitcoins. Grayscale now owns 2.5% of the supply - yes real coins in their custody! Stacking Sats is crucial at these levels. Big money is quietly accumulating in the background. Recent dips in the price are merely whales trying to shake weak hands to acquire your Bitcoin on the cheap. As well as institutional interest growing, you can also see a massive trend brewing in the corporate sectors. Companies around the world are starting to take notice of the insane amounts of money printing by central banks. The fear of inflation is growing. Companies are already struggling to yield any profit on their cash reserves. Micro-strategy is a 3 Billion dollar company & now have ~40K Bitcoins on their balance sheet - extremely bold, yet very wise move in my opinion. I'm expecting more companies to FOMO in over the next coming months. As a hedge to inflation, Bitcoin has enormous upside potential compared to gold. Inflation is rapidly eroding purchasing power of currencies. The race is on. Watch this space, big things are about to happen. Apple has $250B in cash reserves (500x Micro-stragey).
Israel wants to recognize Bitcoin as a currency - Bitcoin should be considered a currency & not an asset. It should not be subject to CGT (Capital Gains Tax). It's a complete double standard to ask CGT for Bitcoin, when you're not able to claim a capital loss on the Dollar, Euro, Yen etc. More countries should follow Israel. Over regulation & taxing of Bitcoin will only slow adoption & penalize the future wealth of citizens. There's a game-theory-incentive to recognize Bitcoin as currency every where. Governments/Central Banks around the world will have to bend the knee to Bitcoin eventually, in my opinion. I'm expecting they won't do this without a fight. Fiat currencies allow governments to have power & control over their people. If your government refuses to bend the knee & they want to remain corrupt, I'm expecting people will ignore the laws anyway. Inflation & debt is holding the world at ransom & is causing the average person to be broke. There's now more of an incentive for people to avoid taxes, mostly just to pay the bills & survive. It's completely immoral to enforce taxation in these times, when they're printing so much money (In many forms) at the cost of everyone's savings & purchasing power. You have a choice - Buy Bitcoin.
Inflation is coming for your lifestyle in a big way, Bitcoin fixes this.
Short-term Bitcoin will likely be extremely volatile due to the macro vulnerabilities in the economy. Long-term thesis for Bitcoin remains in tact though - opportunity of a lifetime. DCA Stack Sats & chill.
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