2nd March
Notable bitcoin bears become bulls (or invest anyway)
Citibank suggests allocating at least 1% of portfolio to bitcoin. They also say that bitcoin has the potential to become a global reserve currency in the future.
There is the thesis that:
The higher the price of bitcoin goes
The safer an investment it becomes
Leading to more money flowing in because bitcoin is a “safe asset”
Leading to an even bigger rise in price
Here it comes a self-fulfilling prophecy, as more people pile in. As more people pile in, the bitcoin train becomes harder and harder to stop. (supposedly)
But a counter-thesis
Three entities decide where the market will go according to Chico:
- Tether USDT
- Whale Miners
- Chinese Exchanges
Chico points to these being linked — i.e. they’re potentially in cahoots with each other.
He thinks that there might be one last push up — Coinbase won’t launch its IPO unless there is a bull market going on.
It’s possible that key players are propping up the markets until Coinbase IPO launches, after which, they could pull the plug.
Chico says that major whales are accumulating here before a big event that will push the price of bitcoin up even more.
The coinbase IPO price won’t dip below $373 ~ $100 billion total market cap
If next update from NASDAQ private markets this price is staying above $373, then this bull run is far from over according to Chico.
If the price drops below $373, then things could go south from there.
Something interesting to read on NFTs
