With inflation in some of the world’s biggest economies on a rise, economies struggling to overcome the burden caused by the COVID-19 pandemic and the continuing noise from the money-printers in central banks across the world, bitcoin is poised to break out even more than it has this week.
As the market prepared for the ProShares bitcoin ETF to launch on Tuesday, Monday set the industry abuzz.
Bitcoin bull, Tom Lee, said he sees bitcoin ETFs hitting $50 billion worth of inflows within the first year, which is putting things lightly as Grayscale filed to convert their $38 billion fund into an ETF the same day.
Tuesday ended on a high note as the $BITO ETF surpassed a remarkable $1 billion in trades on its first day, setting up a hyper-bullish Wednesday.
It started off with a new video showing off El Salvador’s 100% renewable bitcoin mining operation using geothermal energy generated by the country’s volcanoes.
Later in the day, VanEck’s second bitcoin futures ETF was approved, which will start trading on Monday, October 25th.
House Speaker, Newt Gingrich, said central banks will hold bitcoin as a “reserve against inflation.” The day’s bullishness continued as The Houston Firefighters’ Relief and Retirement Fund invested in bitcoin, becoming the first public pension fund in the U.S.
Not to let the rest of the week take all the glory, Friday saw CME overtake Binance as the world’s largest bitcoin futures platform.
Despite all of this, there were some red candles towards the end of the week, especially on Friday as bitcoin was aiming to dip below $60,000 again, but that’s not bearish, it’s a buying opportunity.
If you want to own bitcoin, then stack some sats and store them in a wallet where you control the keys.
Over the coming months we’re going to see new all-time highs on a regular basis, we’re going to see bitcoin breach six figures for the first time and many HODLers become millionaires for the first time.
I have no doubt that bitcoin is heading to $100,000; in fact at this point $100,000 is becoming an increasingly-bearish figure to bring up.
If you look back at the week that was, it’s clear that bitcoin still has a lot of momentum left in it, and surges of 5% or 10% in a single day won’t be uncommon, even as it’s price becomes higher and higher and the critics become louder and louder.