FUD is weak and the market is stronk
It looks like Bitcoin is on the way to $26k and this is coming after all the associated FUD had tried to dump the market. All the doom and gloom predictions have proved to be immaterial, as we're seeing widespread recovery in the general market.
Judging by the state of the market, it does seem like the numbers are reacting to certain changes. One change being that the dollar is not exactly in a good place right now.
Politicians try to sugarcoat it but the reality is that we are in a recession. Perhaps not the 2008 kind but we're heading there.
My hunch is that the pump we're seeing now is the market responding to the potential recession by hedging against it with crypto. The deep pockets will undoubtedly be looking at Bitcoin as one route, particularly with it's inflationary model that seems like deflation when you put it side by side with dollar inflation.
We might not be out of the gutters yet but I think we might be on course to a proper bull run. When you consider all the things that have transpired in the past couple of months, it is rather amazing that we're seeing Bitcoin ride the crest of the wave.
Hopeful Heart
I think there's hope and reason to be optimistic. Not just because of this pump but the way the market has behaved in recent times.
All the FUD attempts have been rebuffed and almost instantly absorbed by this crazy market that is primed for a major pump. People don't realise how massive it is that the market has responded positively to multiple bearish events that in ordinary situation, would have led to a harder dump.
The situation is really just a testament to how the crypto market has grown and where we're going as a digital economy. The industry is matured enough to take disaster in the face and move on unscathed.
Okay, maybe unscathed isn't the word but the point is that just like the stock market or any other legacy market, the crypto industry is now, more than ever, in my opinion, exhibiting signs that it is indeed here to stay.
All those "going to zero" podcasts and prophets will probably now need to find another fear to monger because frankly speaking, it is not happening. For what it's worth, I always knew crypto is here to stay, but in the eyes of the general public watching as everything unfolds, this minor pump and the overall positivity of the market after all the FUD we've survived should be enough convincing.
Posted Using LeoFinance Beta