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Bitcoin Soars To New All Time Highs In 30+ Currencies

Bitcoin Soars To New All Time Highs In 30+ Currencies

Feb 28, 2024
Marty's Ƀent

Bitcoin Soars To New All Time Highs In 30+ Currencies

Are you tired of winning yet? I hope not because the winning is only going to intensify from here. What we are witnessing is nothing short of astonishing. The bitcoin price is up 8.5% today, 20.27% over the last week, and 42.85% over the last month. One of the most epic price runs I have seen in my eleven years following bitcoin.

What makes this price run particularly interesting is the fact that it is happening within 10,000 blocks of the next block subsidy halving, which is currently on pace to happen on April 19th. As it stands right now, we are currently less than 10% below the last all time high set in late 2021. The price is typically anywhere from 40-60% below the previous all time high while heading into the halving. It isn't far fetched at all to believe that we will reach a new all time high before the halving occurs in seven weeks. At this pace we may be at an all time high by the time you wake up and read this article.

The flows coming into bitcoin from the ETFs at the current moment are quite impressive. Since the ETFs launched, all of the issuers (ex. GBTC) have scooped up 314,851 bitcoin. To put this into context, today along they added 10,000+ bitcoin to their products, which is more than 10x the daily network issuance of 900 bitcoin. Come block 840,000 the daily issuance will be cut to 450. If this pace of buying keeps up it isn't hard to see that we could be entering some uncharted price discovery action territory. (If you're going to hold bitcoin you should actually hold and not ETF shares. Unchained is a great way to actually hold bitcoin using a collaborative custody model.)

via Apollo

The price rising is certainly exciting. However, I think the implications of the price rising - beyond an increase in the net worth of everyone who holds bitcoin - are what people should be focused on. Bitcoin is at a point in its maturation phase where it is really starting to standout against the incumbent fiat currencies of the world. As it stands today, bitcoin has already reached an all-time high in more than 30 sovereign cuck bucks.

Since bitcoin is still ~10% below its previous all-time high in dollars, we find ourselves in a special period of time during which it becomes very obvious to people that their currencies are not only absolute crap, but they are crappier than they previously thought. A new all-time high in Japanese yen, South Korean won, the Chinese yuan, Canadian dollars, Indian rupees, or another currency from a somewhat established economy before reaching a new all-time high in US dollars highlights just how abysmal these currencies are. They have been debased at a pace that is impossible to ignore. Bitcoin being 10%+ its previous peak in many of these currencies is a forcing function that drives more and more people toward monetary enlightenment.

"Oh my! Our money must be really messed up if we've been sitting at new bitcoin all-time highs as it remains below the previous US dollar all time high. Maybe the money is broken."

With all of this being said, none of this should be surprising to anyone. This has been the thesis all along. Bitcoin will inevitably obsolete all other money and the road to total fiat irrelevance is paved with the dead bodies of all the weak currencies that came before it. The weakest currencies lie at the beginning of the road and the relatively strong ones will be keeled over toward the end of the road. At the end of the road is a throne and bitcoin is headed on a b-line toward that throne to claim its crown.

Speaking of crowns. Were you aware that with this week's price action bitcoin has become the 5th largest base money in the world after surpassing the British pound?

All of this is happening with the Fed Funds Rate staying elevated above 5%, inflation continuing to roar, the economy crumbling, equities markets flat on the week, and an army of brain dead pundits screaming in front of the steam roller trying to convince everyone that bitcoin is a Ponzi scheme with no fundamental value.

I couldn't imagine a more insane set up right now. Hold on to your butts, freaks.

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