F&G: 76
Price: $93 – 96k – (or) £73 – 76
Hashrate: 734 EH/s
Nodes: 20,236
MSTR Price: $362 – $393
December 10th is when the shareholder meeting for MSFT is expected to take place. Michael Saylor gave his 3 minute presentation to them. If they decide to take his advice and add bitcoin to their balance sheet, they could become the first trillion dollar company.
In other news, France has taken a preliminary measure to tax unrealised capital gains from assets deemed ‘unproductive’ – with Bitcoin being mentioned repeatedly. This proposal, part of a broader shift from a real estate wealth tax to an unproductive wealth tax, aims to target assets that are not actively generating income. The vote was held with only supporting senators present, indicating it is not yet final legislation but a move towards regulating crypto assets more stringently.
Needless to say, it has not gone down well. If France stays this course and decides to tax bitcoin holders on unrealised gains then we could see wealth flee the country as it looks for a safer haven in more welcoming countries. This is already a trend, with countries like Saudi Arabia and even Russia appealing to the crypto industry. A similar situation is happening in the UK with the recent October budget – millionaires are fleeing for better jurisdictions en masse. If countries like France and the UK continue to scare off their wealthiest citizens, we could see a continuous exodus of money from these once prosperous states.
It goes without saying that as the productive, prosperous and wealthy individuals begin to leave a country, a trend begins to form. If allowed to continue, you will see those that cannot leave the country get squeezed evermore as the State tries to recoup the loss. This is something that does not get discussed half as much as it should, and it should be an important factor in anyones decision making.
But this trend is happening and I do not think that it will stop. The result here in the UK will mean that those individuals who do not hold assets will continue to be destroyed by inflation. They will be trapped in a country that can only raise taxes in response to the wealth leaving its shores, and they will suffer because of it.
Again. Get off of zero. Hold Bitcoin. That way, if the country you do live in takes a turn for the worse, you can flee at short notice and not have to worry.
Because unlike gold and other traditional assets, Bitcoin can travel at almost the speed of light.
It is the digital age, after all…
Bitcoin is at a current market cap of around $1.7 trillion. This is going to continue to rise, and as I eluded to just now, Bitcoin is better than traditional wealth because it can be taken, stored and accessed from anywhere given the right criteria is met. As long as you have access to your keys, in your head or otherwise, your wealth is accessible wherever you are. It cannot be confiscated, stolen or seized. Nation States do not like Bitcoin because they cannot control it.
Those that embrace it will thrive.
Those that persecute it (looking at you France) will slowly suffocate, starve and die.
The road to $100k seems to have stalled for the moment as well. Even with MSTR purchases of Bitcoin, we are still yet to hit that $100k goal. What is interesting on this though, is that exchanges are still dwindling. Their supply of bitcoin is already starting to dry and the recent move by the US government to move around 20,000 coins to the Coinbase exchange has had some speculating that this is to prop up the supply and thereby keep the price suppressed. In simple terms, the US may be seeking to avert a supply shock that could see Bitcoin absolutely moon in price.
And this is exactly the kind of game theory that is playing out as we speak, across the world, from crypto bro at his workstation to the high ranking official for the State. There are all these ifs and buts that the only sensible position to be in is in a bitcoin position. The human race has never had an asset that is fixed in supply. Never.
Read that again.
This means that we’re not playing by the same rules as before. Granted, there are fundamental laws such as supply and demand that are fundamental for a reason.
So don’t be in a position of betting against it by holding 0 bitcoin.
Get off of zero, because big things are afoot.
And time has a habit of passing by quicker than you think…
P.S – I am posting a little earlier than I otherwise would, therefore, the price action of both BTC & MSTR may rise or fall out of the range that is posted here – especially as we are not in a US time zone.
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