Have a great day!
I'm not sure whether it's clear the Fed has to tighten, soft data which forecast future inflation is showing that inflation will remain soft for the coming months. I think a hawkish Fed would be a policy error this late with initial claims trending higher and the data generally slowing down from this time last year. But I will be watching objectively and if that is the outcome, of course, I will be abandoning my bullish expectations, for now, it seems to be the right outcome.
On a separate, and more important note, not many talks about the research regarding price manipulation and large players luring in retail buyers only to short them. I'm afraid without some regulatory oversight Bitcoin won't be able to be broadly adopted. It's why every SEC news impacts price action. And while Bitcoin is a global asset that cannot be impacted by the government, the US leads the way in terms of overall sentients at this point. Before and after Dec-17 are completely different. It's why Bitcoin is in its longest bear market on record.
Lastly, would love your thoughts on davos -- the most powerful people in this world believe that Bitcoin is going to zero (they all recognize the importance of the protocol). The wealth creators (thousands of years) aren't going to sit by and let an unregulated decentralized currency eat their lunch. Most don't think these people can ultimately have an impact, but, imo, that's naive.
What we are seeing is corporations starting to issue their own coins. Much more likely that people will broadly adopt at FBCoin which offers real utility vs. Bitcoin which at this stage is purely a speculative vehicle.
Said quite a bit here, would appreciate your insight if any.
Value your take on things a lot, so either way -- Thanks!
As much as the elite talk down bitcoin, they are scrambling to take advantage of digital assets. Jamie Dimon being the poster child, as he talks down Bitcoin he is building a crypto desk and launching his own coin. One huge blow to the elite is a resolve to the custodian issues. Two pension funds have invested $40 million with Morgan Creek Digital which is likely a new wave of capital ready to pour in.
If Im honest, as a trader I can have often do turn on a dime if the outcome I believe to be probable starts to fade. For now Im bullish and like the prospects of higher highs from here.
Jamie and FB looking into cryptos seem very bearish for Bitcoin. If I can transfer money across borders (P2P) and have additional incentives and security that corporations can provide, why would I use Bitcoin? The problem is Bitcoin was never meant to be a digital gold/speculation vehicle, which has become the new narrative.
I think companies realize the inherent flaw with Bitcoin and how people are using it so they are issuing their own to capitalize on the state of crypto today.
Of course, I own Bitcoin/alts, just as a gamble because I don't let my personal theory get in the way of staying objective. I hear you as a trader.