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During the last year and half the world has turned into a place that many of us never imagined that we would see. Without going too much into depth on that, everything has lined up for the perfect opportunity for bitcoin and cryptocurrency to step up and take center stage. After all bitcoin was made to protect its owners from inflating money, to give them a chance to get ahead by just saving their earnings, and also protection from the governments and their ability to censure and have complete control. As I just mentioned, there have been a lot things that have happened that none of us could have ever predicted. But, now there is one more surreal moment to add to the list.
Bitcoin remains in volatile waters and has days of deep green, and also days of red. Today is one of those red days. But as the price of bitcoin is dropping, we have the President of El Salvador live tweeting. Tweeting that El Salvador is buying the dip by purchasing an additional 150 Bitcoin. Soon after adding that "They can never beat you if you buy the dips." Which in my opinion is was a parting shot thrown towards the IMF and other powers that are against El Salvador's decision to make bitcoin legal tender. And finally he added; "Presidential Advice." As bullish as I am and many other bitcoiners are, we could have never predicted this situation. We have never seen a situation quite like this.
Before 2020, bitcoin was chugging along at a pretty good pace, but heavy world-wide adoption still seemed like a dream far off that may happen, or may not come to be. The covid came and that changed everything. Governments printing money, heavy inflation kicking in and people being locked up in their houses. People began to understand the value proposition of bitcoin. This would have been enough to speed up the adoption curve of bitcoin significantly. In my book, covid accelerated this adoption by 5-10 years.
And then Michael Saylor and MicroStrategy bought bitcoin for their companies balance sheet. This took quite a few people off guard and changed the game. Again, this was something that even the most bullish of us weren't predicting or anticipating. Soon later Tesla would join in and buy bitcoin. With Covid coming into play, and Microstrategy beginning the corporation inflow into bitcoin; this sped up the market adoption by 10-15 years.
Finally we had the surprise summer announcement that El Salvador would be making bitcoin legal tender. I had always expected that this move would happen someday, but I was thinking more so on a timeline of at least 15+ years. But it happened in 2021. Soon after the president of El Salvador announced their intentions, many other countries came out by also mentioning that they were considering at the very least making bitcoin legal in their country. The game theory has officially begun.
Fast-forwarding to today, we have the President live-tweeting that they are taking advantage of the dip, saying it's Presidential Advice. Even though he is saying that in jest, it shouldn't be taken lightly. The world is watching. You can bet that many countries who have interest in bitcoin were waiting and watching to see what happens in El Salvador before taking any action in their own country. El Salvador is the pioneer, and also the guinea pig in this experiment. It is to be determined if the President of El Salvador is a good guy or a bad guy. As he has done a few sketchy things. We have to be careful, and also hope for the best. But remember this, he could have made a much worse decision to make some other currency their legal tender instead of bitcoin. It is arguable that they have control over the Chivo wallet, but they have no control over bitcoin or the lightning chain. Citizens of El Salvador are free to use any wallet they wish.
Yes the price of bitcoin and the market is dropping today. You will see people panicking, declaring that the bull market is finished and that it is only down hill from here. But look to the recent past. This of all the incredible bullish things that have lined up and taken place. Now also remember that a real country has make it their official currency. That he is falling in with the game theory and buying the dips, and telling the world about it. It is easy to see where the market is moving towards and that future is bitcoin and other cryptocurrencies.
So did you take the presidential advice and buy the dip? What is your end of the year bitcoin price prediction?
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As always, thank you for reading!
