Today's been quite the 'jazz bath' for Bitcoin.
As I scribble this, BTC is at 15,700. Much can be attributed to its free-fall...such as:
- Mid-term election results.
- FTX and other Crypto shenanigans.
- Recession and Inflation.
The answer is...
I know, hardly a uber-technical analysis wrapped in the geo-political sphere of ultra right and left wing skullduggery...
No, it's fairly quite simple, if for the moment:
People are scared...and don't know what to do.
This is what happens in an economic downturn with a war thrown in for good measure:
So What Does History Say?
Bitcoin history (10-11 years?) says there will be another run-up, just the like the last few cycles before it. Can you take that to the bank?
2 things you can throw in to your ol' savings...and that's it (they start with a D and end with a T).
I DO think that Bitcoin will be fine and will have another big run-up...the next one higher than 60K. But as I pointed out in a video some years ago (5) it will take some level of regulation before the 'powers that be' trust it as a true store of value.
Remember, BTC is not about being the next currency.
It's really about it being 'the story' that hasn't even been written yet.