The Blockchain Miami conference isn't completely tanking the market, so thank God for that. But there is still a lot of work to be done when great news doesn't move the price of BTC like it should.
Nayib Bukele, president of El Salvador, just announced that El Salvador will use bitcoin as legal tender. That's huge. Bigger than any Elon tweet. And he announced this in front of the Miami conference, full of the biggest innovators in the space with the biggest social media audiences. The bill explicitly named central banks as an enemy of the state. There is no clearer indication that the bull case for bitcoin is coming true, yet the price actually dumped a bit.
If you want to know what kind of market you're in, don't watch the news. Watch people's reaction to the news. News doesn't drive the market. It only acts as a catalyst to what the market is already doing. This news from El Salvador, an incredible step forward, coincided with a price dump while literally all of the biggest bitcoiners in social media were tweeting about it at the same time. In the short term, we are in a decisively sideways market with the possibility of going lower.
If we break through $32k on the downside, we will probably go into the $20ks. You may not want to hear this, but it's possible. And with the bitcoin price absorbing this amazing news with no upside, I'd say that probability just increased. Hold your bitcoin long term, of course. In the long term, this is just a rounding error. But if you're trying to trade a bit like me, you want to watch for downside volatility.
This post is also not to scare you out of bitcoin. Its to help protect your bitcoin and what I stand for in this blog — human freedom. If you are aware of the deceptions that go on in this space with price action, dips won't scare you. What I'm telling you should make you a stronger hodler, not a weaker hand. Don't let bullies shake you out of your position. If you're a trader, trade with a percentage of your portfolio, not the whole thing. Don't let leverage wipe you out so you have to go back into the system begging for shit jobs and worrying about money. And if you have money on the side, buy bitcoin during the dip if it comes.
See you at $100k.
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