F&G: 78

Price: $81,000 or £62,500

Hashrate: 728 EH/s

That’s bitcoin setting another all-time high.

The 2024 bull run is in true form now, folks. This is where face melting FOMO kicks in and every man and his Blackrock dog start buying bitcoin like their life depends on it. Shareholders at Microsoft are voting to hold bitcoin on the company treasury sheet and waiting on a result. Meanwhile, it makes new all-time highs literally day by day.

This is what a deflationary asset looks like.

The world of economics is going to be changed by the discovery of total scarcity, and my personal opinion is that the consequences will be both glorious and daunting. This technological breakthrough/discovery is reshaping economic incentives as we speak. Rather than borrow cheap money at the cost of others, individuals and institutions can now save for the benefit of all.

The market has no choice but to realign because there is a new kind of commodity in its workings. I am not sure if others would agree. Some may not think that bitcoin as a commodity would warrant its own kind of status. But I might, with a little inquiry, beg to differ. This digital asset is fixed in its total supply – and that I think may warrant something.

But that is a conversation that must be had in time and with careful deliberation. We have been gifted by minds such as Adam Smith, Rothbard and Mises and we must add to their wisdom with our own work and patience.

For now, we are watching the rise of Bitcoin during a period of regulatory adoption. Again, the ETF approval changed things and was very big for Bitcoin. Changing course on that now is out of the question, for there would be a great deal of upheaval if that was to occur.

But where do we go? What new height does Bitcoin touch this time?

I’m beginning to think that my $350,000 price prediction might be a little conservative.

But that could just be the hopium.

HODL on, folks.

HODL on.