This Is Why I'm So Bullish On Bitcoin...The Goal To One Bitcoin

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Several months ago, Billionaire hedge fund manager Paul Tudor Jones said he was buying bitcoin because Paul believes bitcoin will serve as a hedge against a jump in inflation due to central banks printing money around the world. Paul has been a successful trader for decades and said bitcoin reminds him of the role gold played in the 1970s.

Mike Novogratz is a former Goldman Sachs partner and now represents Wall Street's transformation to Crypto. He is now CEO of Galaxy Digital CEO Michael Novogratz and said with the U.S. Federal Reserve continuing to print money like it grows on trees, along with other central banks around the world, things could get really bullish for Bitcoin.

Two months ago Mike said he thought that Bitcoin could mirror gold as well. Mike’s latest interview was today on CNBC. He reiterated this thesis to go long Bitcoin and how Bitcoin could move in sync with gold. Mike said he has a big position in bitcoin and thought the times we are in now are great for going long bitcoin and gold.

According to Coin Metrics data, the 60-day correlation between the two assets is hovering at record highs above 0.5. The positive correlation has only gotten stronger since the beginning of July due to the U.S. dollar declining against other major currencies.

Earlier this week, Stan Druckenmiller made headlines by implying the same thing Paul stated months ago. A former chief strategist for billionaire philanthropist George Soros, who became one of the most famous currency traders in the world based on his bet against the Bank of England in 1992 on what became known as Black Wednesday, where he made over $1 billion on the trade. Thus, Stan knows what he’s talking about.

The markets are in a “raging mania” and rising inflation is a big threat, investor Stan Druckenmiller said.

Inflation could hit 5% to 10% in the next four to five years, Druckenmiller said Wednesday in a CNBC interview, adding that the Federal Reserve has created conditions that have sent valuations soaring. Deflation is also a risk, he said.

“Everyone loves a party but inevitably after a big party there is a hangover,” he said. “We are in a raging mania.”

Source

Two years ago, when Bitcoin fell below $6k, CNBC’s Jim Cramer said he thought the tide had turned against Bitcoin and that the sun seems to be setting on Bitcoin. But maybe Bitcoin is seeing a new dawn.

Based on my recent assessment of the equity markets, I'm starting to turn more and more of my attention to crypto will probably move some fiat to get me closer to my one Bitcoin goal. Hey, I even bought my first crypto hard wallet last night as this might be my last time to get Bitcoin near $10k.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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I suspect you are right, that Bitcoin will keep going up as more people decide it's a legitimate asset to own as a hedge against inflation.

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I'm generally extremely cautious with my investments, and am never confident enough to put in any meaningful amounts of money. So even if one of my investments goes up 5-10x it doesn't really change my life. Bitcoin, though, is the first time I've really been confident enough to go nearly all-in. I keep wanting to buy more and I have to try to stop myself and tell myself that I already have enough invested that I'll be set if it does even half of what many people expect it to. Of course, I bought more just last week so I don't do a good job of telling myself that...

I don't have that level of confidence in any other cryptocurrency or any stock or really anything else. I know there are likely many other cryptos that will far exceed BTC in percentage returns, but I also know that I can't reliably pick which ones those will be and I have just as much chance of picking ones that will crash and die out. Even Ethereum, second behind Bitcoin in market cap, and which I'm generally very bullish on, has a MUCH higher chance of ultimately failing than Bitcoin does.

I just really can't conceive of a realistic situation where BTC doesn't continue to significantly increase in value over time. I know it's possible, but it just seems so unlikely at this point. In any case, I think you should get yourself to 1+ BTC asap. Not financial advice, of course!

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I feel you @yabapmatt, it good to be diversified. I can't imagine btc going to $100k, but history has shown fiat losses value over time...so it's very possible since btc has a limited supply.

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I do not think 100k is an impossibility but I guess its not going to be this year (even though, think of how cool that would be...)

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Hopefully folks understand the difference between gold paper and physical prices. Some of these markets may not exist in their current form in the not too distant future.

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Agree, like the Silver COMEX is all screwed up...there is no silver to support that market.

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What I think for me was the most bullish signal that not many talk about, is what micro strategies did, taking 250mil they had in cash on their balance sheet and swapping it for Bitcoin. A company with huge cash reserves feeling that storing in fiat isn't worth their time for when they do want to use the capital was a game-changer for me. If their bet is successful, how many cash flow companies won't do the same

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