Good Afternoon,
Today FTX agreed to be acquired by Binance after experiencing a liquidity crunch. Interestingly, buyers for many cryptocurrencies rapidly evaporated, likely blowing some levered longs out of their positions.
I believe these events are good for crypto, and especially Bitcoin
BTCUSD
.
Like junk bonds in the early days, the risk/reward tradeoff made little sense to many institutional investors. Crypto is even more speculative, and has seen no material regulation to allow significant integration or use in the US Financial system.
In time, the technology and use cases will either be proven or fail. My sense is if they work, Bitcoin is work more than 10x its current price, if not much more.
This is approaching a price level where traders are simply betting on survival or death of Bitcoin. Will be volatile days ahead.
I remain long Bitcoin.
Today FTX agreed to be acquired by Binance after experiencing a liquidity crunch. Interestingly, buyers for many cryptocurrencies rapidly evaporated, likely blowing some levered longs out of their positions.
I believe these events are good for crypto, and especially Bitcoin
BTCUSD
. Like junk bonds in the early days, the risk/reward tradeoff made little sense to many institutional investors. Crypto is even more speculative, and has seen no material regulation to allow significant integration or use in the US Financial system.
In time, the technology and use cases will either be proven or fail. My sense is if they work, Bitcoin is work more than 10x its current price, if not much more.
This is approaching a price level where traders are simply betting on survival or death of Bitcoin. Will be volatile days ahead.
I remain long Bitcoin.
تعليق:
playing out well, let's see where 2023 takes us.
تعليق:
So far so good. I think ETF approval can provide the firepower to see spectacular highs. We'll see, no edge forecasting a somewhat political event in this strange environment.
Long Bitcoin.
Long Bitcoin.