CRYPTO CORNER EPISODE 386
Market Analysis, Updates, News & Reviews
In today's episode we commemorate the 13th anniversary of Bitcoin's Genesis block. I go through TA on Bitcoin and give you the latest news. Michael Saylor makes the boldest Bitcoin Price Prediction, President of El Salvador also chips in.
take a look at the video version of this post or scroll to read below.
It's January 3rd and today marks an important historical event that happened 13 years ago - the first block was mined, giving birth to the first blockchain in the world - in other words, Bitcoin was born.
We call this the Genesis block and today is also referred to as Genesis day in Bitcoin history.
This is why every year on this day we celebrate Bitcoin's blockchain birthday, in addition to October 30th when we celebrate the release of Bitcoin's white paper - so we end up with 2 birthdays and why not. Bitcoin is not a person, so let it have 2 birthdays - the community is still undecided as to which of the 2 dates bears more significance and in all fairness, both have their own role to play in history, so we commemorate both.
The good thing is, we welcome today with a great outlook on the future of Bitcoin, the world has learned about it a lot in the 13 years of its existence, especially in the past 5 years since I joined this space. I remember talking about it in 2016 and maybe 20% of the people I was speaking to had even heard of it, most of them didn't know much about it though. Today everyone has at least heard of Bitcoin and many already have some.
Last year we finally broke out of one of the last threats to its stability - that of miner centralization - as China took another hostile approach to crypto, banning mining and all transactional operations, we saw a much needed re-distribution of mining across the world. This is how the mining looked in China last year and how it looks right now.
So, China is out of the picture.
Well, not completely, as many of the Chinese-owned mining farms have relocated but they're still owned by the same people - still, it's a good thing that we no longer have the threat of 51% mining coordination - something we were fearing for quite some time.
The mining exodus from China had a negative effect at first, with the hashrate dropping to very low levels in the summer but that has recovered and in fact just 2 days ago the Bitcoin network hashrate hit a new all-time high of 207.53 million tera hashes per second (TH/s) just in time for today's anniversary.
The fees per transaction are also at very low levels, which is really beneficial - we did a spike above $50 back in April and May last year, but since then the average fee for transacting has been around $2-3 which is way better than Ethereum's $15-20 fees - so Bitcoin is starting 2022 strong. Not so much in terms of price action though. In my video report I go through the charts of Bitcoin - daily, weekly and hourly, to establish the key support levels and the direction we are most likely to take, so take a look at the video (above).
In other news, El Salvador President Nayib Bukele has made some bold predictions regarding Bitcoin prices and the crypto industry in 2022.
In a tweet on Jan 2, he offered six predictions for the coming year starting with a new all-time high for Bitcoin of $100,000.
He also predicts that 2 more countries will adopt the cryptocurrency as a legal tender as a follow up to his lead - as you know, last year, El Salvador became the first country in the world to adopt Bitcoin as legal tender alongside the US dollar which is still their official currency. All merchants are required to accept both currencies and the government helps them convert Bitcoin in real time should they prefer not to hold it.
His third prediction was that Bitcoin will become a major issue in U.S. elections this year. The mid-term elections are set to be held in Nov. There are pro and anti-crypto politicians in both parties but winning over a younger voting demographic could be key to election victories, so I'm curious to see how this will play out.
He then predicts more progress in the mining operations he kick-started in his country, mainly their volcano-powered mining and Bitcoin city as he calls it.
and lastly, he teased another big surprise for the Miami Bitcoin Conference this year - this is where he first announced his decision to adopt Bitcoin last year, so let's see what it will be this time around - the guy is clearly a super-fan of Bitcoin and I want to see more politicians join him in this quest.
I doubt though, it seems many are in fact turning the opposite side and this year we will see some more bans, or restrictions on crypto and more frightening - we are bound to see more CBDCs being launched - Jamaica apparently is now ready with theirs and China of course, India is gearing up with theirs, slowly but surely, centralized digital currencies are making their way into our lives and nobody is doing anything to prevent this - I really don't like what's happening and where this is taking us, but it is what it is..
Speaking of predictions, Michael Saylor, the biggest bull of them all has made even bigger one - although, not tied to a particular time frame, but so far it is indeed the boldest one - 6 million dollars per coin. Eventually - meaning it could be in 10 years or in 20... but eventually it will. Well, I for one do not intend on selling my Bitcoin just yet, but I surely will not wait 20 years either - I'm living the best years of my life now and I would be taking profits as soon as we hit another ATH - as you know I never sell all of my Bitcoin - that would crash the market - ok, maybe not, but I use a portion of my holdings for swing trading, so I do take advantage of the market volatility.
Michael Saylor’s company MicroStrategy is a leading business intelligence firm and is known for being particularly bullish on BTC, owning almost $6 billion in crypto assets. According to a recent interview, he never sells and doesn't intend on selling. His strategy is to borrow against it and never sell. This is also what I started doing last year. I use Nexo and Matrixport right now and I have a Vauld account too - these are all lending services that pay you interest on your holdings while at the same time you can trade your assets fee-free and you can borrow with your crypto collateral, so I have talked about these services in separate videos, you will find them in the description below.
The quantity of Bitcoin (BTC) held by private corporations increased significantly during 2021, building on increases from the previous year, Grayscale, Microstrategy and Square (now Block) continue being in the lead but more and more institutional players are coming into this space so 2022 will surely see even more big money flowing into Bitcoin and propell its rise to new All-Time highs for sure.
☝These are my opinions, not financial advice, always DYOR.
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The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
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