Black Swan Events..
They effect everything geo-politically, economically, and socially.
There are those that say BTC is a ponzi, to those who believe hard corporate money is now embedded into it; and thus has a long-term stake at these price levels. Honestly, I can be swayed by many different opinions and examples. For instance I won't run with the 'ponzi' scheme, but I will say big Holders effect the price. If bitcoin goes past 21K it's not just because of fundamentals. Fundamentals in such a speculative asset are almost oxymoronic.
21k in a Bull-market push is not so far off; especially with it's meteoric rise. Big money will also chase high yield in such 'bearish' markets. Stocks are at record highs (and who is to say won't go higher). Sure we are at 18,600 USD but y'know there are such things as psychological levels. Since 18K was a mark we can still say 21K is not far off. If indeed institutional money has gotten 'in', there may be a peg in place to support price levels.
With that being said, to say there weren't big wallets and big movers before the newest institutional buyers would be silly. Does buyer sentiment have anything to do with BTC? Well we know of FOMO, HODL, SODL, FUD.. REKT! They all apply to bitcoin. So is anything guaranteed?
Black Swan's do come and go. MT GOX, Bitconnect, etc..
If JPM Morgan can get caught manipulated 12 Billion worth of COMEX contracts and fined only 1 Billion for it..yes.
Gold is flat right now. However it was the go-to when deflation hit us in March 19. So what's got the world of finance so interested in BTC? It is not immune to similar 'institutional' money. However 21K is no laughing matter.
Now what does the current Political, Economic, Societal arena's tell us? Well for one, being pushed into a more 'online' culture, tons of political instability, tons of economic instability etc..
Robin Hood kids spent money on stocks.. and I'm sure smarter ones on crypto!
Alright, institutional money like Paypal. It is here to stay. Interestingly enough, E-BAY has now gone DIRECT to bank account (at least for me) and is by-passing Paypal.
SO where are we headed? I have to say my money is on 21K. It's not just the 'institutional' money but also the attractiveness of yield and gambling. My parents generation with money has no idea about bitcoin. They don't care.. but then you have tech-nerds like Gates, Bezos, Musk, etc.. I haven't seen a pullback yet but when it comes it will come hard.
Can Bitcoin go to 41K? 100k? Well I'll tell you this, when it's on the night--time news you are reaching peak interest.
I'll have to see what the Geo-politics are telling me, and after it hits 21k (which might not be too far off). I'm enjoying the pump like the rest and lockdowns are just 'norm'. Social factors will contribute to the psychology and the deflation has already set in. Stimulus will eventually come or else a deflationary crash will be upon us. Will everyone and their mother get a bitcoin wallet?
Posted Using LeoFinance Beta