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Bitcoin fixes Economic Censorship!

Bitcoin is back over $44K today, and has broken out of the descending wedge it has been in.  Today, we will discuss where we see price action going the next few days and into next week.  However, this newsweek article about CBDC’s is interesting and worth pointing out.  CBDC’s will result in a massive loss of freedom in major G7 countries once they are rolled out.  China, US, and all of Europe are trialing CBDC’s now and will roll them out.  China already has.  Click here to reaf this article.


So the decentralization and inflation hedge narrative may also be evolving into an anti-censorship narrative.  All of these reasons are valid for adopting Bitcoin as your store of value.  Thanks to the lightening network, Bitcoin meets the medium of exchange requirement as well.  We simply need to see more infrastructure around the Lightening Network, so that it can be adopted and brought into the mainstream.  


Conoco Phillips is mining Bitcoin, they have invested $100 million into Bitcoin mining, click here to view on twitter.


Fidelity has also established and been approved for a Bitcoin ETF in Europe(FBTC), with physical, spot Bitcoin!  It will be listed on the European stock exchange.  Fidelity may be the one company who could get SEC approval in the US for a spot ETF.  There is no doubt a US spot ETF would catapult the Bitcoin price exponentially higher!  

So we have good news and Bitcoin pumping somewhat today.  Not bad.  Below is a tweet showing how Bitcoin stacks up against other risk on assets in terms of return on investment after 10 years:   


Neutral ATM - Bitcoin fixes Economic Censorship!


Gold has returned 4% in 10 years!  Wow!  We sold all of our Gold for Bitcoin, we don’t care about Gold’s ROI.  Yet another way to look at Bitcoin as an investment is read a chart of USD priced in Bitcoin.  In just 5 years the dollar has lost almost all of it’s value when priced in Bitcoin:


Neutral ATM - Bitcoin fixes Economic Censorship!


So why is Bitcoin so sluggish this bull run.  We believe it is the institutional investment into Bitcoin coupled with only future’s ETF’s having been approved, up to this point.  Since Europe is approving a spot ETF, it is safe to assume in some months, the US will as well.  That is a very safe assumption.  We don’t know if it will be in 3, 6, or 12 months.  Appears this will happen relatively soon.  Therefore, this bull run has been stretched out.  Frequent high volume trading from institutional investors has kept the price from turning parabolic sooner.  In these next charts, Crypto Zombie has found some similarities from past price action to where we are now in the bull run.  We can see, in 2019 Bitcoin peaked twice above the EMA ribbons in these next two charts.  Then it dipped below the EMA ribbons, once it got back above, it tested support twice and then went on a long parabolic run.  This is what may be playing out again now.  See the two humps on the right side of this chart, those are the two ATH’s set in 2021 ($64K then 6 months later, $69K).  Then, we see Bitcoin dropped below the EMA ribbon.  Here is that chart: