5th December 2024 > > $100k!

tl;dr

$100k. What else is there to say?

Market Snap

Market Wrap

You remember I was forceful in my belief that that the $97.5k to $99.5k selling barrier was going to be difficult to break down, and would take time? You remember I said that we would instead enjoy an alt season whilst we wait for six figures?

Yep, wrong on both counts, at least until alts have played catch-up. But I don’t mind so much this time around, truth be told.

Mind that perpetual futures funding rate though. A long squeeze is on the cards, probably taking us back down to the low 90s. I know what I will be doing if that happens, and the word “sell” does not feature in my plans.

Curious Cryptos’ meme corner

Pretty sure we have had this one before in a different context, but the oldies are always the best.

h/t The Milk Road.

Curious Cryptos’ Commentary – The US pivot

US Federal Reserve Chair Jerome Powell, previously a member of Warren’s anti-liberal and anti-freedom army forlornly trying to kill the crypto revolution, has seen the writing on the wall. He has publicly switched sides in support of BTC:

“It’s not a competitor for the dollar. It’s really a competitor for gold.”

“… not a competitor for the dollar” sets us up nicely for the mooted US government reserve fund of 1mm BTC. Secretly, Powell is enjoying the anticipation that the Fed will be given another marketplace other than US interest rates in which he is free to manipulate to his heart’s content.

“… a competitor for gold” is what we all believe too. BTC has a market cap of $2 TRILLION compared to gold at $18 TRILLION. I have long maintained that BTC’s minimum worth is the same market cap as gold, putting us on course for a price of $900k per BTC, within a relatively short period of time.

My convictions are not always correct (see Market Wrap above), but I stand by this one.

…

I see an estimate of global wealth (a notoriously difficult number to pin down) at about $450 TRILLION. If BTC gets to $900k it will represent 4% of total wealth, which is in my 3% - 5% range prediction for the allocation of all investment funds into BTC. This simple calculation does not consider the growth in global wealth from the enormous efficiencies that are being created by the crypto revolution, nor the stockpiling by sovereigns that the US is about to kick start.

$900k per BTC is merely the entry point.