In addition to El Salvador, Panama, and Paraguay making bitcoin legal tender, we now have Brazil, Argentina, and Mexico also considering this possibility. These are countries where millions have suffered massive loss of buying power from their often plummeting currencies. Many remain unbanked. Their respective economies are unstable. While bitcoin is volatile, it is still a far better alternative. As Bitcoin mature, bitcoin's volatility will diminish. Note, Bitcoin is capitalized when discussing it as a protocol, lower case when discussed as a currency. As I mentioned on the recent podcast, once one country makes an important change, others follow like dominoes.
Michael Saylor received $1.6 billion in recent offers from VCs and hedge funds as they want to accumulate bitcoin, so Microstrategy is increasing its position in bitcoin by at least $500 million. As for Saylor being forced to sell BTC as its price drops, this link clears up this FUD: https://twitter.com/hodlKRYPTONITE/status/1402151791173672980?s=20. Despite this and other matters of FASB accounting, many still cling to their mistaken notions when it comes to Bitcoin. It's like 2013, 2014, 2015, 2016, 2017, 2018, 2019, and 2020 all over again, and reminds me of leftists who go cognitively dissonant when it comes to understanding and accepting higher order effects from the COVID lockdowns since early 2020, but instead resort to ad hominem attacks including, "Well, if you don't understand my point, you're not worth my time." ;)
Amazon (AMZN) is also getting into Blockfi and DeFi in terms of supply chain tracking based on their job postings. Blockchain works well with drone delivery. AMZN may create its own digital currency along with a DEX where you can buy it.
Also, a tweet from CZ, the founder of Binance: https://twitter.com/cz_binance/status/1402966943674499076?s=20
Finally, for those who insist India will ultimately ban bitcoin, here's a story published today, June 10, that clears up this FUD: https://www.newindianexpress.com/business/2021/jun/10/after-el-salvador-india-may-move-to-classify-bitcoin-as-an-asset-class-2314097.html. Russia and China have both banned various or entire aspects of Bitcoin at various times over the last decade but then had no choice but to lift some of their bans.
We are repeating the three major corrections exceeding -50% in bitcoin since 2012: mid-2013, mid-2017, and Mar-2020. Metrics overall remain bullish as they did in those prior corrections. Early 2018 was different in that my metrics gave a major sell signal in Jan-2018, the first such signal since early 2014. The current potential V-bottom issued an undercut-and-rally buy signal. Members received the report yesterday.
All of the above further solidifies Bitcoin's position.
PS: In a partially related matter, https://twitter.com/zerohedge/status/1402968891157008386?s=20
Crypto Report - Brief update on Bitcoin becoming even more anti-fragile
| Published: | 10 Jun 2021 08:44 ET |
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