Bitcoin has surged from $15406 to $28,865 in the past 7 months, posting an almost 200% increase. Inflation has played a role in this upward trend for Bitcoin and as the world further uses it as a safe haven from inflationary pressures of fiat currencies.
During this period of time governments worldwide have implemented expansive monetary policies. Investors seek assets to protect their wealth and hedge against the loss of purchasing power.
Bitcoin is an asset worth looking deeper into. It’s the only impenetrable store of value in the world that has a finite, limited supply(21 million coins), while being decentralized. Gold has acted as the world’s store of value for hundreds of years because it’s scarce, but it’s not perfect like bitcoin. Gold can suffer from inflation as well as fiat currencies if there is more gold mined in the world.
Institutional investors like Black Rock are interested in the cryptocurrency market, so there are trillions on the sidelines ready to pour in. It’s no wonder that they are chomping at the bit, as the commercial real estate market looks to take a hit from the rise of remote work causing the fall in demand for commercial real estate.
There are a lot of problems going on in the world today, and protecting one’s earned income is guaranteed through bitcoin with its finite supply. It’s not surprising that Bitcoin remains at a high price level. The fiat currency system is centralized and people’s wealth is constantly diluted by the central banks. The world is at the cusp of a huge change where central banks lose their power to steal from the average citizen in the world.
Below is our technical analysis of Bitcoin on 6/21/2023. This may be the beginning of the bull-run in the cryptocurrency markets.
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