Make no mistake about: Bitcoin and cryptocurrencies are here to stay. After a brief dip toward 94k earlier this week, BTC is back above 100k and trading at $101,400 at the time of this writing. The total market capitalization has surpassed the $2 trillion level. I've heard analysts and financial professional say to treat Bitcoin like a tech stock. There are definitely similarities. Let's make a note of other companies that have surpassed the $2T level:
- Apple
- Nvidia
- Microsoft
- Saudi Aramaco
- Amazon
- Alphabet
What's pretty remarkable about this current bull run is that the total trading volume has been relatively low, compared to the last run that began in 2020:
The volume trend is down overall, going back to 2020. This low volume seems to be indicative of more hodlers that are doing what hodlers do best: don't sell. And why would anyone?
Our favourite Bitcoin bear Peter Schiff is advising President Biden to sell all the Bitcoin the U.S. has to "reduce the 2024 budget deficit" and "put an end to all the nonsense about creating a harmful “strategic” Bitcoin Reserve." The country's BTC stack is currently worth $20.9 billion, and the deficit stands at $1.8 trillion. So it wouldn't really make a significant dent in it.
Does it make sense for the United States to sell the top?
I've had the idea that Bitcoin could one day be a matter of national security. After all, there is a scramble taking place right now -- countries all over the world are stacking BTC and building strategic reserves.
One thing is clear: the $3 trillion milestone will be the next to watch. Gold's current market capitalization? $18.44 trillion.
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