I know this advice is easier said than done, but don’t let the price of bitcoin distract you.
We closed at $ 56,000 last Friday and saw the price range and all-time high over the weekend, but the market decided to pull back. This is a feature, not a bug. Remember that bitcoin is a mature asset and the market is in price discovery mode 24/7.
If you look beyond this week’s charts and read the headlines for this week, you’d think a dramatic price hike is going to take place.
Tuesday, February 23
In a deceptively lackluster announcement, Cash App’s parent company Square announced a $ 170 million purchase value of BTC now putting 5 percent of its reserves into bitcoin. If not for the insanely bullish headlines of it Tesla and MicroStrategy in recent weeks, this announcement may have made bigger waves. Musk set the bar, and Square’s move left many Bitcoiners to wonder, “What is this, a treasure chest reserve for ants?”
Wednesday, February 24
In their never-ending quest to buy all the sats, MicroStrategy announced they would be buying them $ 1.026 billion in bitcoinThis headline caused a furore via Bitcoin Twitter and MicroStrategy CEO Michael Saylor appeared on mainstream media justify the move and advocate bitcoin as a necessary treasury reserve. Every time he appeared, he promoted the Bitcoin meme and no doubt made viewers question their worldview.
Thursday, February 25
Coinbase has announced that it is an S-1 filing to become public on NASDAQ. This announcement did not indicate any major bitcoin purchases, but shared some very interesting insights into Coinbase’s users and current BTC holdings.
We have learned that the plant has more than 43 million KYC compliant users and owns approximately $ 130 million worth of BTC. We’ve long speculated on how many HODLers there are, and now that we know that Coinbase has 43 million users, we’ve got a line in the sand. The big head scratcher is how a company founded in 2012 has only $ 130 million worth of BTC to its name.
But I believe the most important information here is that this one incredibly bullish week, despite price drops that might suggest otherwise. These are all huge headlines supporting the idea that the herd is coming, and this time it is run by institutions.
The question you should ask yourself is: what is my personal treasury reserve strategy