While the crypto market is perhaps still not ‘raging’, it has caught many on the hop, and retail investors have still not flocked to the crypto market en masse.
A year of bitcoin upside
When the start of the new year dawned in 2023 bitcoin was still plumbing the depths at $16,000, and many were warning of far lower prices below $10,000. In fact, bitcoin dragged along the bottom for nearly two months before its spring into action at the exact turn of the year.
A fast surge took bitcoin to $24,000 before a retrace and then an attempt at the $25,000 resistance. Rejection took place here and the price went all the way back under $20,000 - once again, with many calling for new lows.
However, from $20,000 bitcoin made its way hastily to the really heavy resistance at $28,000, which stretched up to $30,000. A period from March to mid-October ensued as bitcoin fought this range - coming back to test the $25,000 level on a few occasions.
Finally, on 19 October, the bitcoin price ripped higher, and here we are trying to break through $38,000, with $42,000 and perhaps $48,000 as targets above.
How could a “pet rock” do this?
The problem is, according to mainstream analysts, ably reported on by the mainstream media, bitcoin just shouldn’t be doing this. How can what JP Morgan’s Jamie Dimon referred to as a “pet rock” out-perform the stock market, bonds, gold, and every other asset in the face of negative press at every turn?
The answer is that it always has done so throughout its brief history. How can an asset not perform that has a scarce supply, a known issuance, massive security, truly global decentralisation, and that is completely resistant to any government intervention?
A bitcoin surprise?
The oddest thing about this bitcoin-led crypto explosion is that it has caught most by surprise. In such a debt ridden, fast currency debasing environment as we are experiencing, how is it that more retail investors have not got involved?
The answer to that is probably that they are doing as they have been told by politicians, central bankers, leaders of financial agencies and the like.
The fiat currency reality
As fiat currencies continue to be printed with gay abandon by central banks just so that they can pay the interest on the unpayable debts, the common man/woman faces ever-higher prices for food and energy, and this is on top of the debasement of their currency together with inflation.
The time has come for people to stop listening to those who would corral them into the fiat system and stop them buying anything outside of it by the power that central bank digital currencies (CBDCs) would invest in governments.
The fiat system is dead and the traditional financial system has come to the end of its life. Banks are just zombies that help to suck the life out of ordinary citizens, and central banks are stripping the wealth out of the middle class in order to keep this mess going.
This article is the opinion of the author who advises all to do their own research into bitcoin and the traditional monetary system.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
