It’s real. We are in the million BTC timeline. Bitcoin .cwp-coin-chart path svg { stroke: ; line width: ; }
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Trading volume in 24 hours
Last price movement over 7 days
100,000 are almost there! What do you think will happen? Will Peter Schiff explode like that guy’s head in the movie Scanners?
Stop for a second. A few months ago, someone tried to assassinate the first pro-Bitcoin president-elect and narrowly missed. Do you still think we’re not in a simulation?
Bitcoin 100k is so close…I can almost taste it.
Meanwhile, China lifts the Bitcoin ban and a new theory is circulating that Michael Saylor’s MicroStrategy is overleveraged and could be the next FTX if a significant BTC pullback occurs.
Here’s what you NEED to know about this week Feel good Friday.
Bitcoin 100k is just the beginning: here’s what to expect
Senator Cynthia Lummis of Wyoming is leading the Bitcoin Lawwhich aims to establish a strategic reserve of BTC to stabilize the US economy during storms and pay down debt.
A US Bitcoin reserve would act similarly to the Strategic Oil Reserve, stepping in as a financial lifeline when the economy hits a snag. Lummis defended this vision by stating: “WE WILL BUILD A STRATEGIC BITCOIN RESERVE,” emphasizing his commitment to integrating Bitcoin into the national economic strategy.
Does this mean we will never go below 100,000 again?
It’s unlikely. Bitcoin was never supposed to drop below $20,000 again once it hit $69,000 for the first time. $60,000 is absolutely still a possibility for 2026 or 2027. These are good times to buy.
Many countries will use bitcoin as reserves, along with other cryptocurrencies.
—CZ
BNB (@cz_binance) November 12, 2024
BNB (@cz_binance) So what about Altcoin season?
Read our article here to find out when this happens, but if you want some important data, here are the coins that lunar throughout 2021 after BTC started lunar around November 2020.
Examples:
- Kadena (68x): from $0.35 (July 2021 at a market cap of $47 million) to $24 (November 2021)
- Quant (39x): from $10 (October 2020 at $115 million market cap) to $390 (September 2021)
- Parsiq (31x): from $0.08 (October 2020 at $8 million market cap) to $2.50 (April 2021)
- Ghost (150x): from $0.02 (December 2020 at $50 million market cap) to $3 (October 2021)
Bitcoin ban in China: what does it mean for the market?
A Shanghai court has issued a surprise verdict, declaring that possession of cryptocurrency is not illegal under Chinese law, finally giving cryptocurrency holders some legal peace of mind.
Sun Jie, judge of the Songjiang People’s Court in Shanghai, explained this situation in a statement posted on the WeChat account of the Shanghai Higher People’s Court. Takeaway meals? Citizens can legally hold cryptocurrencies as personal property, but companies cannot invest or issue tokens without strict oversight.
Beijing still views crypto as a financial grenade, banning related business activities outright to avoid economic chaos. So, will China have its own Silk Road? No. But owning Bitcoin is getting easier and easier.
DON’T MISS: Best new cryptocurrencies to invest in in 2024
Will MicroStrategy end the Bitcoin 100k narrative?
Michael Saylor, March 21, 2000, as the tech bubble burst.
There is an old saying on Wall Street…what is the best indicator that a trader will "jump?" Answer: They have already exploded.
I’m just saying
– Jim Bianco (@biancoresearch) November 20, 2024
Finally, a new theory is circulating: MicroStrategy is overplaying its position by buying Bitcoin with leverage.
All it takes is for one person owning a significant percentage of Bitcoin to start dumping en masse, and it will trigger a cascading effect that hasn’t been seen in years. A serious economic crisis could be the cause. A World War III event could cause this (nuclear bomb explosion, etc.). The theory is that we are overdue for a Black Swan type event. The last real problem was Covid.
If the price of Bitcoin falls, MicroStrategy will have to sell part of it to repay its loans. However, when they sell Bitcoin, it will have a huge impact on the price of Bitcoin, which will therefore decrease even further. So they will have to sell more, drive the prices down to a ridiculously low level until they are liquidated, and they will have to sell everything.
A complete death spiral.
Saylor countered that they couldn’t get a margin call. They take out loans which they must repay; as long as they do it, there is no problem. They have their own business, they have cash, and they can borrow money at 0% interest. Only a global event like a major war against Russia, Iran or China could bring it down.
The problem is that we are closer than ever.
Fortunately, we are leaning towards the case of the bull. MicroStrategy is not a fraud situation like FTX, Do Kwon, Bancor or 3 Arrows.
But it’s something to watch closely. Anyway, that’s all we have for this week Feel good Friday! 100,000, here we are. Good luck !
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Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.
The article Feel Good Friday: Bitcoin Nears 100,000, China’s Bitcoin Ban, and MicroStrategy’s Collapse Theory appeared first on .
