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If you are still in Bitcoin after all that we have gone though since last summer; then you are a survivor. The price of bitcoin went from an all-time high to dropping by more than half of its price in a matter of weeks. And then the FUD attacks began; and they kept coming. It seemed like everyone was against bitcoin. But bitcoin survived and would quickly rise up to another all-time high during November. Only to see more FUD thrown its way. The US Spot ETF applications kept getting rejected, and then the covid omicron strain sent shockwaves throughout the market. And then there was FUD about the FED raising interest rates. It appeared that we were heading into an "official" bear market, but then once again bitcoin began to recover.
I would argue that the recent price action for bitcoin is the most bullish that I have ever seen. The reason for that is because the price went up not because of technical analysis, or a company buying it. But, it went up based on the principles for which it was created. People in Ukraine who were being forced to evacuate their homes. Normally they would have been forced to give up their wealth, leaving it behind as they leave their home. After all, there is only so many assets or cash that you can bring with you with short notice. Especially with bank withdrawals being limited. But, now they were able to but it in bitcoin, and have access to all of their wealth wherever they go.
However you may feel about Russia or the sanctions that were placed on them. In an instant the value of their currency decreased greatly, and you were lucky if you even had access to your money. Once again, bitcoin was a lifeline that gave many people a life-raft to preserver their life savings. Between Canada recently freezing bank accounts to people who were associated with the protests in their country, and now many people in Russia being blocked or locked out of their funds due to the sanctions on Russia. People all of the world are learning the real use case of bitcoin and that is a very bullish thing. Sure governments may become desperate and put heavy regulations on bitcoin, but the great thing about bitcoin is that you are able to take self-custody of your coins. No third party is needed or necessary. Another bullish thing.
Now you might be wondering, what I am trying to lead towards with this article, and it is simply this. The world cannot undue what has been done. We cannot unsee, what we have already seen. We cannot put the toothpaste back in the tube after already taking it out. And that is what is happening right now with bitcoin. I believe that this is a monumental moment in bitcoin's history, that we will look back on and say, "that's when bitcoin began its takeover." The price of bitcoin will remain as volatile as ever, probably even more so. But in my opinion the bull run for bitcoin is back on, and now the price predictions should be even higher than what many analysts were previously predicting. Yes, that previous price prediction of $200,000-$400,000 per bitcoin may have been too conservative. Who knows when it will reach those astronomic numbers, but my confidence that it eventually will has never been higher.
Now some people will say that governments will ban it, or regulate it. I don't see that happening. The thing that you need to remember is that for the most part, governments aren't actually run by their leaders. But rather, they are ran by the people who have the money, and donate to those leaders. Just like today, the richest people or groups dictate directions that the government and country move towards. But, its very likely that the worlds richest people will have gotten their money via cryptocurrency. They people and groups will lobby the same way that today's richest people are doing. Not only the lobbyists, but every day people. As the number of users grow, it becomes harder and harder to ban.
Just look to the EU and the recent news that they were wanting to ban proof-of-work mining, which is what bitcoin's protocol runs on. This would have been a huge blow to bitcoin and a threat to its future. But an unprecedented amount of people complained and spoke out about what they want. The EU had no choice but to cancel their ban. That is exactly what will continue to happen in the future as well. Naturally, countries that have authoritan leaders like China still may ban bitcoin, but it won't be the majority.
And so to the people that have been able to hold onto their bitcoin throughout the last year. For many people, it probably wasn't easy. In fact, it's likely that it was very stressful. On top of that, if you were able to fight past the FUD and continue to buy bitcoin. Ignoring all of the noise, taking advantage of all of the dips. To all of these people, we have all won. It is likely that you have been able to accumulate enough bitcoin that will either change your life financially forever, give you a nice cushion, or give you ease of mind as the world is going through a crazy period of time. Always remember your mission, why you are here, and what you hope to achieve.
How about you? Throughout the last year of FUD, were you able to fight through it and accumulate more? Or, did you stop or put a pause on your buying?
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As always, thank you for reading!
