Yesterday, we discussed conviction in the blog. If you believe in a thesis, there must be a logic path to reach the conclusion. Thus, we will follow the logic path on Bitcoin. First, balance on Bitcoin exchanges is falling steeply while price is climbing. That did not happen in the first two bull markets. See the chart below, exchange balance is in blue:
This means Bitcoin is being stored offline in cold storage. This will increase scarcity which will begin increasing price action, which will increase demand. That will eventually spike the price up. Friday is the option expiry for Bitcoin derivatives. That could cause this price spike, in the next week or two. Miners are also holding Bitcoin long term. The below chart shows miners decreasing the Bitcoin they sell, holding it. This will improve Bitcoin’s scarcity. It is likely to add fuel to the price action increases, as this unfolds:
Nexon Co Ltd. Korea’s largest gaming company has now put $100 million of Bitcoin onto their balance sheet for long term storage. Below is the updated list of public corporations now holding Bitcoin on their balance sheet:
There are 22 companies, this is just the top 12.
Below, is the St Louis Fed (www.fred.com), tracking processed foods, corn, soybeans and M2 money stock all climbing up fast. How will the Fed be able to keep interest rates down in this environment? Print money and grow M1 and M2 money stock or supply. Which is why that is no longer tracked on www.fred.com. The Fed is hiding what they are doing to Americans savings accounts. Inflation is here, they are just printing so much currency that interest rates have remained artificially low, so far:
Don’t let Fed money printing inflate away the value of your savings and your income. Invest in Bitcoin like the smart money is doing. Put it on your balance sheet and leave it alone. The more we read on what smart money is doing with Bitcoin. The more we don’t want to sell it unless absolutely necessary! Follow the logic path!
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