The halving will have an unexpectedly dramatic impact on bitcoin
Here it is, the ninth edition of The FUD, where I talk about the biggest FUD of the week. I help clarify events that crypto twitter decides to escalate. Leggo.
This week we had a lot of paid group drama, which I have no interest in diving into. Bitcoin keeps trying to break out and we hosted our second Whisky & Wicks.
Elon Musk has a Baby
So in top news, this week — Elon Musk, the on and only has a baby.
The name, well, yes that wasn’t a spelling mistake.
We talk about the spectrum and everyone is to some degree on it. Elon has his own spectrum.
Regardless we wish him all the best and recommend he buy that kid some Bitcoin.
Second Whisky & Wicks
This week I hosted the second Whisky & Wicks, essentially a traders roundtable where we discuss all markets with top traders.
I extracted a lot of alpha, but it seems to. be the common theme is the USS. I know it is not surprising but when you truly think of how our entire financial system depends on literally 1 asset, a paper issued by a foreign government, you start to understand Bitcoin’s value proposition.
What I found most interesting was when Chris Weston, head of research some on Bitcoin. While he does not hold. any, from a theoretical perspective he was quick to deduce, something like Bitcoin is needed in the event of financial collapse. The reason being that an asset like that has a very unique set of advantages and the biggest use case will emerge. due to ballooning yields created pressure on markets and global currency debasement.
Looking at Bitcoin it is a better gold, lately, unfortunately, it has been moving just like any other asset, completely correlated. Bitcoin will truly shine once we eventually decouple from traditional markets. That is when Bitcoin becomes a true leader.
Until then we need to remember Bitcoin is perceived by most as a high-risk high return asset and changes at the macro level will most definitely impact Bitcoin price levels.
Kids don’t need economics, but a pole.. why not…
I look at the subjects kids are taught in school in dismay. Most of what we learn is useless. An educational system built for the 90’s being spoon-fed to us now in 2020.
I found this quite ironic. We should not teach kids about money because they are too young, but hey let’s get them a pole and a stripper. Those parents seem happy at least.
Another group leader scams
ChainlinkJunkie hit the runner with apparently 100BTC.
Guys, I am not interested in going too. deep into this, but let’s just try to be logical. how many times are we meant to tell you yo never send coins to anyone let alone to a freaking frog on twitter.
I feel for those who lost their funds, but you kinda asked for it. NEVER GIVE. ANYONE YOUR COINS. Seriously it’s a simple rule.
Bitcoin Recap & The Trade
Bitcoin feels stagnant, it keeps trying to break through the 9400 support, and falling back down. We are. stuck in a range and the move is imminent.
Now, this could go up or down, it is a 50/50 chance I have no way of guessing this. However, I feel breaking down is more realistic. We. have attempted multiple times and the attempts keep getting weaker.
But then the halving is next week. Personally I think we break down to $8800 followed by another run to $9400 right at the halving only to be rejected viciously and dump to $6800.
Listen I hope I am wrong but that’s what I see, don’t crucify me.
If you are unsure of a trade, just watch, you do not always have to be in a trade, and always, always consider risk management first.
Hope you all enjoyed this don’t forget to follow me TheBitcoinaire and MineDigital on twitter and medium to stay updated on The FUD and Whisky & Wicks, we have some great guests for the next event, traders whose pnl values are close to the average persons home equity value. Also, don’t be a sheep and pay a premium, use Mine Digital for the best rates in Australia guaranteed. Mine Digital also has insured custody so don’t worry about your funds.
Please note this is not intended as financial advice. Always do your own research. The writer holds (and is biased towards) Bitcoin. The writer’s thoughts are his own and do not reflect those of Mine Digital.