On this second day of Christmas I'd like to share with you some merry news from the crypto-space; we set yet another new all time high on December 25th, peaking just above 24,700 dollar. Since then bitcoin's price has been hovering above the 24,000 dollar level that previously has acted as resistance since December 19th when the price for the first time reached 24,085 dollar; as of this writing it'll be interesting to see if that level will from now on act as support.
source: YouTube
But regardless, things are looking very promising if you're a bitcoin hodler, or even if you've just now decided to invest some of your spare money into this digital gold. In the pas few months there have been a large number of big investors, some institutional, others just filthy rich individuals, who've been converted into believers. In a previous post I already mentioned that some of these big investors are even trading their real gold, the store of value of choice for, well, forever, for bitcoin's digital gold; watch the below linked video for an example of that after finishing today's short post. First, here's a short interview with Peter Schiff making the case for real gold and silver. Schiff is a well known proponent of investing in rare metals, and a vocal enemy of bitcoin and other crypto currencies. But when he's right, he's right, and he's right in his analysis of the fiat money bubble. His story paints an interesting contrast with the story told in the interview at the end of this post, with Schiff is encouraging people to invest in gold and silver, and Pal selling his gold to buy bitcoin...
The Collapse of the Dollar Will RUIN Everything - Peter Schiff
One of the leading big investors is Michael Saylor, the founder and CEO of MicroStrategy Incorporated, who announced on 21 December that his firm has purchased an additional 29,646 bitcoins for 650 million dollar at an average price of 21,925 dollar per bitcoin. This, among other recent bullish news, like PayPal adopting bitcoin, is seen as an indication of growing trust among the world's large investors, and rightly so in my opinion. These firms, institutions and individuals are often referred to as the "smart money" for a reason: they know what's happening in the economy and have built reputations for being able to anticipate what's coming. They are, in other words, very capable in protecting their wealth.
They realize, and have been for quite some time now, that their fiat money isn't safe as most of the world's central banks "print" money like there's no tomorrow, and they flee to the safest haven they can get to in time; next to gold and silver, that's bitcoin and ethereum, the two crypto currencies with the largest market share. For the entire year of 2020, MicroStrategy alone has purchased 70,470 bitcoins for 1.125 billion dollar at an average price of 15,964 dollar per bitcoin. With only 21 million bitcoins ever being created, and with an estimated one third of them being lost forever, there will be an ever growing supply shortage; and that can only result in skyrocketing prices. And that's not to the Moon; we're now aiming at Mars. Saylor knows it, Raoul Pal knows it; watch the video to hear the latter's opinion on bitcoin's and ethereum's immediate and long term future... Merry Christmas!
"I've NEVER SEEN ANYTHING Like What's Going On Right Now!" - Raoul Pal Gold & Bitcoin 2021
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