No, I can say with absolute certainty that inflation is not the reason for crypto booming recently; we all know its because of the new approval of blackrocks' btc etf. It had brought in a ton of investor money and absolutely changed the market as a whole. We'll never see the market in the same light ever again. New money means new people.
New people in the industry means more inflow of capital over time as the word will continue spreading; especially if backed by the FDIC which is the national insurance corporation in the US for stocks and financial assets which back institutional and large assets. This shifts the momentum in the market over to the corporations and large financial institutions, but also shows confidence in the average consumers' life savings. They also back your assets if you live in the U.S, upto 250,000$ - so you can rest assured if bitcoin ever goes to 0, that you'll get all your money back. (which is exactly why institutional money is entering the market right now; this shows confidence in crypto - shows that they were waiting to be backed to enter such a good investment like bitcoin the entire time.)
It is dangerous but also good for the price all at once. The way bitcoin is designed allows for someone with 5% of the marketcap to basically control the token's daily fluctuations. If they sell 1% of their holdings roughly equivalent to 6 billion dollars, that'd pull bitcoin's price down by 1% instantaneously unless it is replaced with new demand which instantly takes that 1% - this is known as a market spike or market gap. We've had this occur in bitcoin before where it had shot down from 29k to 27k for a minute or two, causing no hysteria whatsoever due to the fact that there are massive whales playing around with 1-2 billion dollars liquid at any second they desire. Extremely powerful indviduals with 1-2 billion dollars liquid are usually unknown to the public - there are a ton of billionaires that aren't on the billionaires list of forbes.
Keep in mind this is 767 million in one week.
Pretty good news if you ask me. We're finally back in the market babbyyyyy. I no longer have to regret not starting a crypto project in 2021, because I've already started one. I'm going to really grind on it and make sure it reaches a billion dollar marketcap. I might have to change over to the ethereum blockchain eventually but i can promise you this one thing; My project will have a billion dollar marketcap before the end of 2024. It is factual. I will make a billion dollar project. It's currently going to be hosted on the cardano chain, we're going to ride it out to a 100k-500k mcap before considering real growth strategies. 100k-500k is a sweetspot, it doesn't require too much effort to get there, but that's where every project's community is able to really come into effect. My best guess is that we'd need to have a community that is 10k members big. Constant growth over time means everything. We'll be at 100 members within this month, and 500 members before the end of 2023. Mark my words gentlemen. More updates on this soon but regardless, it's crazy how we've been blessed with this bullmarket once again. A bullmarket that might just last a year, just like it did in 2021.
That's all for today.
Cheers everyone.
