21st November 2024 > > New ATH & yet more adoption.

tl;dr

It is time to say goodbye and good riddance to Gensler. Yet more companies are buying BTC to add to the balance sheet. A delightful and fully deserved poke at the techies.

Market Snap

Market Wrap

Another day, another ATH just shy of $98k. People, you better get used to this. The trend is your friend.

Curious Cryptos’ Commentary – Gensler must go

Curious Cryptos’ Commentary – BTC on the balance sheet          

Just a few days ago the CCC reported that Genius Group and Thumzup have both joined the ever-burgeoning roster of companies that are adding BTC to the balance sheet. The Daddy of them all, MicroStrategy, keeps making new all-time stock price highs, consistently outperforming BTC itself.

We also know about Metaplanet which now owns 1,142 BTC and has just issued more bonds to raise funds to add to its crypto stash, copying MicroStrategy. Semler Scientific has been buying again and is now the proud owner of 1,273 BTC.

But there are new kids on the block.

Solidion Technology has announced it will use 60% of its free cash flow to purchase BTC, as well as following MicroStrategy’s lead in raising debt just for that purpose.

But that’s not all.

Nano Labs and Cosmos Health now both have plans to buy BTC. Cosmos Health CEO, Greg Siokas, explains that both BTC and ETH act “… not only as potential hedges against inflation and currency devaluation but also as diversification tools offering substantial upside potential.”

As other Boards of Directors’ take note, and they contemplate the shareholder rewards accruing to these early adopters, we will see a continuous flow of companies announcing their intention to add BTC to the balance sheet. And let us not forget that Microsoft will be taking a vote at the AGM in a week or so as to whether it should follow. Michael Saylor of MicroStrategy will be giving a presentation to the shareholders of Microsoft at its AGM. We do hope he wins them over.

As I keep telling everyone who can be bothered to listen, the direction of travel has never been more clearly signposted.

Curious Cryptos’ meme corner

Curious Cryptos’ Commentary – Ridiculous technical analysis

This example really takes the biscuit.

Let’s think about this for a moment.

If we ignore the so-called “Resistance” drawn on the graph, what this techie is saying is that if BTC does not get above the current ATH (whatever that might be) then it will not get to $100k. I think we can all agree that is true, but it is also rather trivial. It helps us in no way.

What he could have said is that if BTC never breaks $99k it will never get to $100k. Which is equally true, and equally trivial.

What does annoy me is that some people read some of this technical analysis fantasy, and assume it has value. You can see this for yourself – 494 people have hearted this comment, twelve have given it a fire symbol, and four the thumbs up. I dare say people make investment decisions, probably leveraged at that, based on some of his so-called analysis.

Who is more stupid – the techie or the ones who believe his pontifications of nonsense are worth more than the price of fish?