Go to the unique article*
I do know that this recommendation is simpler stated than completed, however don’t get distracted by the value of bitcoin.
We closed final Friday at $56,000 and noticed the value attain and all-time excessive over the weekend, but the market determined to drag again. This can be a characteristic, not a bug. Do not forget that bitcoin is a mature asset and the market is in price discovery mode 24/7.
If you look beyond the charts and read the headlines from this week, you would think a dramatic price rise would be taking place.
Tuesday, February 23
In a deceptively lackluster announcement, Cash App parent company Square announced a purchase of $170 million worth of BTC that now puts 5 percent of its reserves in bitcoin. If it wasn’t for the insanely bullish headlines from Tesla and MicroStrategy in the past weeks, this announcement might have made bigger waves. Musk set the bar and this move from Square left many Bitcoiners wondering, “What is this, a treasury reserve allocation for ants?”
Wednesday, February 24
In their never-ending quest to buy all the sats, MicroStrategy announced it’s purchase of $1.026 billion of bitcoin. This headline made waves through Bitcoin Twitter and MicroStrategy CEO Michael Saylor made appearances on mainstream media justifying the transfer and making the case for bitcoin as a crucial treasury reserve asset. Each time he made an look, he furthered the Bitcoin meme and little doubt left viewers questioning their worldview.
Thursday, February 25
Coinbase introduced it’s S-1 submitting to go public on NASDAQ. This announcement didn’t sign any huge purchases of bitcoin, however shared some very attention-grabbing insights into Coinbase’s customers and its present BTC holdings.
We realized that the trade has greater than 43 million KYC-compliant customers and holds roughly $130 million in BTC. We’ve lengthy speculated about what number of HODLers are on the market, and now that we all know Coinbase has 43 million customers, we’ve a line within the sand. The massive head scratcher is how an organization that was based in 2012 solely has $130 million in BTC to it’s identify.
However I consider that the important thing piece of knowledge right here is that this was an extremely bullish week, regardless of worth dips that may recommend in any other case. These are all large headlines that additional help the concept the herd is coming, and this time it’s being led by establishments.
The query you ought to be asking your self is: What’s my private treasury reserve technique?
The submit Regardless of The Bitcoin Worth Dip, This Week Was Extremely Bullish appeared first on Bitcoin Journal.