Fear & Greed: 79
Price: $91 – 96k (or) £72 – 76k
Hashrate: 760 EH/s
Nodes: 19,559
MSTR Price: $380

MSTR continues to fall in price and Bitcoin is now retracing back to the 90k level after failing to hit the fabled $100k mark. What is interesting is that we have seen an appreciation in Bitcoin at 150%, yet after a 5% all of the people against it come out and says ‘I told you so.’ The logic doesn’t add up, but that’s by the by. You’re either in or you aren’t. And if you are in, seeing a 150% gain in one year is plenty. The rest is just noise.

Bitcoin has a dedicated community of believers and naysayers, and Peter Zeihan observed that Bitcoin is idelogical. The truth is, is that Bitcoiners usually believe in sound money. If they don’t at the start, they do after a while of HODLing. Bitcoin forces you to open your eyes to the fundamental laws of economics in ways that school or univeristy never did or could. It is not idelogical to agree with the observations that Austtrian Economists have given us. It is prudent. And prudency is paying off.

150% YTD, in fact.

But even if you take Peter at his word, that Bitcoiner’s are idelogical, then the same must also apply to the naysayers. We are making new highs and still they are adamant that it has no value.

They are clearly looking at the wrong chart.

But I am ranting now. Let’s have a look at some of the developments:

• Morocco is preparing to legalize cryptocurrencies following a ban imposed in 2017. The central bank of Morocco is currently reviewing a draft law which aims to govern cryptocurrency transactions.
• Bitcoin experienced a significant price drop, losing $180 billion in market value as Bitcoin’s price fell to around $92,000.
• Pantera Capital CEO says Bitcoin is going to $745,000
• Brazil has now begun a process with lawmakers to establish a Bitcoin Reserve.
• The UK is pushing ahead to regulate crypto. It is also worth remembering that London was the financial centre of the world for a long time – a crown they likely hope to regain.
• US debt is at $36 trillion.

In closing, I will point out that the Bitcoin hashrate fell by around 40 EH/s these last few days. If it starts to regain and come back then we will likely see the price of Bitcoin surpass 100k.

Here’s hoping that’s a prediction I don’t get wrong again.