What a damn rainy day it’s been here, and anyone who’s known me for a while knows I can’t stand the rain—especially in winter. Technically, it’s not winter yet, but with these freezing temperatures, it sure feels like it.
There’s a saying, "when it rains, it pours," and it pretty much captures Bitcoin’s current price action. At the time I’m writing, BTC is closer to $86,000 than $85,000, and who knows how high it’ll go before the next correction.
There’s still a lot of fear and uncertainty in the market, though. No one I know is buzzing with excitement or euphoria. And while a handful of people I follow on Twitter predicted this pump, it still feels surreal, doesn’t it?
I’ve been in crypto since late 2017, and I have to say it’s an incredible feeling watching BTC hit these numbers. But at the same time, it feels expected. Bitcoin was always set up to disrupt the financial system, and while it’s not quite eating it alive, it is definitely securing its spot as a serious asset class.
“The United States cashed in $12 trillion out of thin air over the past 10 years simply because the US dollar is a global currency. They just make money out of thin air, and this is what everyone should bear in mind.” This cold, blunt opinion comes from Mr. Putin himself, openly stating that the U.S. is printing money without backing.
After Trump’s election, Putin mentioned a few days ago that he never planned to ditch the dollar. His problem, he said, was getting cut out of SWIFT when the “special military operation” began in Ukraine. So, the dollar isn’t disappearing anytime soon.
But...
In what is certainly a groundbreaking moment for the economic alliance, the BRICS bloc has proposed the creation of a new global crypto investment platform. Indeed, Russian President Vladimir Putin recently unveiled that the idea had been suggested and would heavily involve cryptocurrencies.
The bloc has been developing its own blockchain-based payment system for much of the last year. However, it has yet to unveil any substantial process made for its eventual launch. Still, the most recent announcement confirms the collective’s continued commitment to the growing asset class.
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It seems BRICS nations want a piece of the crypto action, and if the U.S. signals any intent to establish a BTC reserve fund, I have a hunch BRICS will follow suit.
Considering BlackRock’s rapid Bitcoin accumulation, the U.S. essentially has a Bitcoin reserve already, albeit a private one rather than state-owned. With MicroStrategy and BlackRock collectively holding around 700,000 BTC, plus the government’s 100,000 coins, the scale of institutional holdings is impressive.
Now imagine China re-legalizing crypto—that alone could catapult BTC beyond $100,000 in a matter of hours. I wouldn’t bank on it, but something tells me they might take action by this bull market’s peak.
Right now, we’re witnessing an unprecedented expansion in potential market participants. Blockchain technology is paving the way for the first genuinely global financial markets, and institutions are racing to ensure access worldwide.
I don’t mean to sound overly bullish, but this market feels different from any previous cycle, even if the masses remain largely unaware of what’s unfolding. What do you think?
Thanks for your attention,
Adrian