April 18, 2020

Everyone's Negative, Until They Get Involved

Bitcoin has a 50% chance of going to 100k, and a 50% chance of going to zero. Either way, one cannot ignore this market and the great opportunity of crypto.

One would think Bitcoin is positioned perfectly in today's Covid-19 / Brrrrr / Bailout reality. But it's not. (Or not yet, at least).

BTC has every reason in the world to go up:

  • Weak Stock Market
  • Monetary Supply
  • Strong Gold Market
  • Global Uncertainty

Bitcoin As Global Currency

I want to see BTC as a global currency badly. However, I don't think that's going to happen anytime soon. And, by "global currency" I mean everyday people using it to buy everyday items.

Detractors will say people use BTC to buy things all the time. While that is true, it's not used like greenbacks are.

There are several reasons why we're not using it everyday. I think the most important reason is because most people don't understand Bitcoin. So, until creators create an easier entry point for the average human being to get into Bitcoin, I don't see the mass adoption I wish there was.

However, I do play the counterpoint here.

What IS true, is BTC is a trading play.

In my opinion, BTC has a 50% chance of going to $100,000. And, a 50% chance of going to zero.

Now that I see BTC as more of a trading vehicle, I firmly believe Bitcoin is the biggest trade of our lifetime. (In addition to fighting government evil).

The real question is:

If BTC can't go up now... when will it? BTC should be screaming. It's not.

The latest BTC chart shows a current uptrend in the 18 day moving average. This is good.

BTC on 4/18/20

Ethereum looking poised for a breakout here also:

ETH on 4/18/20

Still Young. Still Early.

Bitcoin is only 10 years old. It's just a baby!

Hopefully BTC becomes the world's reserve currency. Until then, BTC will be a trade for me. Let's hope it goes to the moon.