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The price of bitcoin has been surprisingly resilient with all of the FUD going on around the US Infrastructure bill from over the past week or so. In fact, the BTC price keeps pumping higher. The reaction to the congress talking about it has been that people are going out and buying Bitcoin because it is now receiving a level of legitimacy that it has never really enjoyed before regulators.
Also, we have some good news on the adoption front of another company buying Bitcoin. One of the biggest banks in the USA is getting into crypto.
From a money management perspective of how much to allocate to enter into BTC through psychological fears of it as an asset class, there have been several people talking about it where their arguments are terrible, but those who believe continue to be strong in their conviction about
Many are stacking SATs, claiming it is the calming reality. Many people bought BTC early on but sold it when the price went a bit high; they do not have the conviction to HOLD.
Those who understand the fundamentals well, particularly money managers, believe that BTC as a new asset class is still crazy cheap. Those who are new do not understand where it fits. However, the way to look at BTC is as a “new asset class.”
A dip in Bitcoin price is a clear sign for investors to get in. Those who understand the BTC fundamentals, but have not bought yet, should buy.
Someone said BTC is cheap for ex-wall streeters but not everyday people; however, technical analysts can see a crazy BTC pump coming. So maybe it is time for investors to re-evaluate their approach.
Senator Richard Shelby, who was 75 when Bitcoin was invented, screwed up the amendment
recently. Some feel it was done on purpose by Bankster-paid politicians to cause mayhem and FUD in the US. Other people were like; no one is saying they don’t want to pay taxes. The issue is that they’ve purposefully left the language so vague that it leaves the door open for a wide range of interpretations depending on how certain lobbyists/financial institutions/banks, etcetera are feeling.
With all the reckless spending of late, I think it’s fair to expect that people are becoming less reluctant to pay their “fair share” of taxes. Whatever that means these days.
While all these arguments are continuing, those who know the goodness of buying the dip continue to buy it.
