I know this advice is easier said than done, but don’t be distracted by the price of bitcoin.
We closed last Friday at $ 56,000 and saw that the price reached and reached a record over the weekend, but the market decided to withdraw. This is a function, not a mistake. Remember that bitcoin is a mature asset and the market is in 24/7 pricing mode.
If you look beyond the charts and read this week’s headlines, you would think that there will be a drastic rise in prices.
Tuesday, February 23
In a deceptively grim announcement, the parent company of Cash App Square announced a $ 170 million purchase of BTC, which now puts 5% of its reserves in bitcoin. Were it not for the insane bullish titles from Tesla and MicroStrategy in recent weeks, this announcement could have caused bigger waves. Musk set the bar, and this move from Square left many bitcoiners wondering, “What is this, a distribution of ant treasure reserves?”
Wednesday, February 24
In its endless quest to buy all watches, MicroStrategy announced it was buying $ 1.026 billion in bitcoin. This headline made waves on Bitcoin Twitter and MicroStrategy CEO Michael Sailor appeared in the mass media, justifying the move and justifying bitcoin as a necessary reserve asset of the treasure. Every time he appeared, he contributed to the bitcoin meme and no doubt left viewers questioning their worldview.
Thursday, February 25
Coinbase has announced that the S-1 submission will be made public on the NASDAQ. This message does not signal large purchases of bitcoin, but shared some very interesting ideas for Coinbase users and its current BTC holdings.
We learned that the exchange has more than 43 million KYC-compliant users and has approximately $ 130 million in BTC. We have long speculated how many HODLers are there and now that we know that Coinbase has 43 million users, we have a line in the sand. The big scratch on the head is how a company founded in 2012 has only $ 130 million in BTC.
But I believe the key information here is that it is incredibly bullish week, despite price declines that may suggest otherwise. These are massive titles that further support the idea that the herd is coming and this time is run by institutions.
The question you need to ask yourself is: What is my personal cash reserve strategy?