Cryptocurrencies

Bitcoin (BTC) eyeing $ 30,000 – Cryptocurrencies

Joe Biden surrounds himself with a Bitcoin (BTC) pessimist

Bitcoin (BTC) continues to absorb billions of fiat. Around $ 23,000 9 days ago, he went to get the $ 28,000. And while it took 8 years for BTC to break through the $ 2,000 mark, we achieved the same performance in just an hour last week… Here is the latest BTC / USD analysis from Wednesday of this messed up year.

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FUD, again and again

Let’s start with the things that annoy with a little FUD relayed by bitcoin.fr which precisely emphasizes that the authorities are sharpening their knives.

Ripple has for example recently suffered the wrath of the SEC. No one will complain since this company was set to consolidate the global banking system by replacing the old SWIFT system.

On the other hand, it is more “worrying” to see certain companies launching into the censorship of certain Bitcoin transactions. This is a frontal attack since its very essence isbe the only truly free and non-inflationary universal currency. But Canadian society BlockSeer does not hear it that way and has not hesitated to launch a mining pool excluding transactions from certain addresses placed on the US Treasury Department’s blacklist.

This is of course a drop in the ocean of BTC hashpower. Let us recall in passing that he you have to secure half of Bitcoin’s hashpower to hope to censor transactions effectively. And even…

It is nonetheless true that about half of the minors are in China. What would happen if the Communist Party suddenly decided to nationalize all mining equipment? This is a real question. And as such, note that Philip Salter, the head of mining operations at Genesis Mining, recently told Bloomberg that the miners moved their activities on a massive scale from China to the Scandinavian countries (Sweden, Norway).

We are never too careful in a dictatorship putting in place of social credit and seeking to make cash disappear. It is not for nothing that the Chinese are precisely the champions of Bitcoin mining … The Great Reset is ahead there …

All that being said, given the hashrate (Proof of Work) of Bitcoin, there really is nothing to worry about. It would take an attacker (with 100% of the current mining power) nearly 600 days to rewrite the entire Bitcoin blockchain. Suffice to say that your transactions are secure …

Bitcoin blockchain
The proof of work contained in the entire Bitcoin blockchain expressed in number of days (taking the total hash rate of the last day as a reference)

Signals are green for BTC

The Dollar Index is at its lowest for almost 3 years. And even soon to be 6 years old … Gold is recovering and silver is also in shape thanks to central bankers who always promise more billions. Realize that the Fed will have injected into banks the equivalent of 18 Bitcoin networks over the past 18 months

According to The Block’s annual report, volumes on exchanges are approaching levels that we haven’t seen since the 2017 bull run.

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Bitcoin volumes
Bitcoin trading volumes

According to Coin Metrics, the number of active Bitcoin addresses increased by 105% in 2020. The same goes for the number of Bitcoin distributors, which now exceeds 13,500 units.

According to deadcoins.com, over 2000 cryptocurrencies ceased to exist and BTC dominance is now over 82% (excluding stablecoins and other non-decentralized shitcoins). Here is the list considered by bitcoindominance.com:

List of cryptocurrencies listed on bitcoindominance.com
TRBDI = The Real Bitcoin Dominance Index (the true dominance of Bitcoin)

Still in the category ” good news for 2020 “, The number of tweets containing the word” Bitcoin »Increased by almost 30% (28 million tweets) compared to 2019.

Number of tweets including the word Bitcoin
Number of tweets containing the word Bitcoin / Source: @lopp

Note also that the number of Bitcoins on the exchanges has fallen sharply, from 1.7 million BTC to 1.3 million, the lowest since February 2018. This trend bodes very well because its scarcity supports its value.

quantity of btc on exchanges
Number of Bitcoins on exchange wallets / Source: @lopp

We don’t like to talk about Bitcoin-backed futures (especially CME ones that don’t ship any Bitcoin), but note thatthey opened the week with a bullish gap of $ 3000, a record suggesting that even “institutional” investors no longer dare to short.

Futures BTC CME
BTC Futures (CME)

Jacket flipping

Speaking of institutions, JP Morgan now suggests that Bitcoin could reach $ 650,000 per unit if it were to be on par with gold. This is very possible because it is much higher (transaction speed and divisibility).

Bitcoin’s upside potential goes even beyond half a million $. It will certainly end up being worth many million because gold is undervalued. The value of the barbarian relic has only doubled since 2008 as the balance sheets of the main central banks have multiplied by 7 …

Note also that BlackRock is currently seeking to recruit a cryptocurrency specialist. The candidate should have at least one year of blockchain experience, including “cryptographic hash functions, distributed network consensus mechanisms, and public-private key cryptography.” This obviously presages an investment by BlackRock (6,700 billion in management) in Bitcoin …

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The dollar, the euro and all fiat currencies are just government promises to repay their debt. When everyone understands that these promises are lies and that inflation is much higher than you think, confidence in fiat currency will crumble. States and multinationals will eventually no longer be able to refinance themselves and this is how hyperinflation begins, followed by a rebalancing of prices (more expensive food and cheaper real estate, among others).

  • BTC / USD weekly chart (one candle = one week)
btc / usd
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