It’s actual. We’re within the 1 million BTC timeline. Bitcoin
.cwp-coin-chart svg path {
stroke: ;
stroke-width: ;
}
Value
Buying and selling quantity in 24h
<!–
?
–>
Final 7d value motion
100k is nearly right here! What do you assume will occur? Will Peter Schiff explode like that man’s head within the film Scanners?
Cease for a second. A few months in the past, somebody tried to assassinate the primary pro-Bitcoin president-elect and solely missed by an inch. Nonetheless assume we’re not in a simulation?
Bitcoin 100k is so shut… I can virtually style it.
In the meantime, China is unbanning Bitcoin, and a brand new principle is circulating that Michael Saylor’s MicroStrategy is overleveraged and could possibly be the subsequent FTX if a major BTC pullback happens.
Right here’s what you NEED to know on this week’s Really feel Good Friday.
Bitcoin 100k is Solely The Starting: Right here’s What to Anticipate
Senator Cynthia Lummis of Wyoming is spearheading the Bitcoin Act, which goals to determine a strategic BTC reserve to regular the US financial system throughout storms and repay debt.
A US Bitcoin reserve would act equally to the Strategic Petroleum Reserve, stepping in as a monetary lifeline when the financial system hits a snag. Lummis championed this imaginative and prescient, stating, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE,” highlighting her dedication to integrating Bitcoin into nationwide financial technique.
Does this imply we’re by no means going underneath 100k once more?
It’s unlikely. Bitcoin wasn’t ever imagined to go under $20k once more as soon as it hit $69k for the primary time. $60k is completely nonetheless within the playing cards for 2026 or 2027. These are nice instances to purchase.
Many countries will use bitcoin as reserves, and different crypto currencies too.https://t.co/d9ZbXYpstq
— CZ
BNB (@cz_binance) November 12, 2024
So what about Altcoin Season?
Learn our article right here to seek out out when that’s taking place, however if you would like some essential information, listed below are the cash that mooned all through 2021 after BTC started mooning round November 2020.
Examples:
Kadena (68x): from $0.35 (Jul. 2021 at $47 million marketcap), to $24 (Nov. 2021)
Quant (39x): from $10 (Oct. 2020 at $115 million marketcap), to $390 (Sep. 2021)
Parsiq (31x): from $0.08 (Oct. 2020 at $8 million marketcap), to $2.50 (Apr. 2021)
Fantom (150x): from $0.02 (Dec. 2020 at $50 million marketcap), to $3 (Oct. 2021)
China Bitcoin Ban: What Does This Imply For The Market?
A Shanghai court docket has dropped a shock verdict, declaring that proudly owning cryptocurrency isn’t unlawful underneath Chinese language legislation, lastly giving crypto holders some authorized peace of thoughts.
Solar Jie, a Shanghai Songjiang Folks’s Courtroom decide, broke it down in an announcement on the Shanghai Excessive Folks’s Courtroom’s WeChat account. The takeaway? Residents can legally maintain crypto as private property, however companies can’t spend money on or difficulty tokens with out strict oversight.
Beijing nonetheless views crypto as a monetary grenade, banning associated enterprise exercise outright to keep away from financial chaos. So will China have its personal Silk Street? Nope. However proudly owning Bitcoin is changing into simpler.
DON’T MISS: Finest New Cryptocurrencies to Put money into 2024
Will MicroStrategy Finish The Bitcoin 100k Narrative?
Michael Saylor, March 21, 2000 because the tech bubble was exploding.
There’s an outdated saying on Wall Road … what’s the finest indicator {that a} dealer will "blow up?" Reply: they’ve blown up earlier than.
Simply saying https://t.co/cZYk6hlvQQ
— Jim Bianco (@biancoresearch) November 20, 2024
Lastly, a brand new principle goes round: MicroStrategy is overplaying its hand by shopping for Bitcoin on leverage.
All it takes is for somebody with a major proportion of Bitcoin to start out dumping en masse, and it’ll set off a cascading impact that hasn’t been seen in years. A extreme financial disaster may trigger this. A WWIII occasion may trigger this (nuke going off, and so forth). The idea goes that we’re overdue for a Black Swan-type taking place. The final actual one was Covid.
If the value of Bitcoin goes down, MicroStrategy must promote some to pay again their loans. Nevertheless, after they promote Bitcoin, it should significantly impression the value of Bitcoin, so it should go down additional. So that they must promote extra, crashing the value ridiculously low till they’re liquidated, and so they should promote all of it.
A whole dying spiral.
Saylor has countered that they can not get a margin name. They’re taking loans they should pay again; so long as they do it, there’s no downside. They’ve their very own enterprise, they’ve money, and so they can borrow cash at 0% curiosity. Solely a world occasion like a significant struggle in opposition to Russia, Iran, or China may take it down.
The bear case is we’re nearer to that than ever earlier than.
Fortunately, we’re leaning in direction of the bull case. MicroStrategy isn’t a fraud state of affairs like FTX, Do Kwon, Bancor, or 3 Arrows.
However it’s one thing to intently monitor. Anyway, that’s all we acquired for this week’s Really feel Good Friday! 100k, right here we come. Godspeed!
EXPLORE: BONK Flips WIF Targets DOGE Crown: Some Merchants Are Now Storing Income In BONK Quite Than SOL
Be part of The 99Bitcoins Information Discord Right here For The Newest Market Updates
Disclaimer: Crypto is a high-risk asset class. This text is offered for informational functions and doesn’t represent funding recommendation. You could possibly lose your entire capital.
The publish Really feel Good Friday: Bitcoin Approaches 100k, China Bitcoin Ban, MicroStrategy Collapse Principle appeared first on .
