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Bitcoin Price Pumps Amidst International Uncertainty

written by

El Salvador Bitcoin President Bukele

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Bitcoin destroys all models and continues to do so. At the time of this article, the S&P 500, Nasdaq, and Dow are all sideways or slightly down while Bitcoin pumps over 10% and seems to have recaptured its bull-run territory. Reclaiming 44K is a short term spot to eye on Bitcoin’s way to achieving new highs.

The President of El Salvador, Nayib Bukele, took a moment to celebrate Bitcoin as the perfect macro environment does all but serve Bitcoin up on a platter.

Nayib Bukele has repeatedly trolled the International Monetary Fund and the hypocrisy of Western foreign and domestic policy as the nation state moves towards hyper-Bitcoinization.

Following the outbreak of the conflict in Ukraine and the Russian incursion, markets tumbled. There were many forecasts for Monday that were most foreboding over the weekend. So far, it has been child’s play in the eyes of a Bitcoiner, but the legacy world is shook coming out of record increases in quantitative easing, and now what appears, ”forcibly”, a shift towards more accommodative policy from the fed. This comes in the midst of 40-year-high inflation, based on CPI, which is a highly manipulated government metric that is still unable to hide the diminishing purchasing power of the dollar through the invisible tax of inflation.

Founder of Swan Bitcoin, Cory Klippsten, put it well in an interview with Bloomberg on the Ukraine conflict’s implications on the market and the role Bitcoin can play.

“I think it’s much more interesting thinking about macro disruption, the promise of Bitcoin, why Bitcoin was created, and what it enables,” Klippsten said. ”Things like, being able to take your value, or your family’s value, and exit your physical location without having to go and talk to the bank, which may be shut down right now.”

Klippsten gave real world examples on the utility of Bitcoin, and how important Bitcoin can be, especially for a Russian or Ukranian living through the explosions, fighting, and martial law. Klippsten put it best on Bitcoin’s performance amidst the market uncertainty.

“The only thing that’s bad for Bitcoin, is when nothing happens and there’s no news.” Klippsten said. “Every wave of press, good or bad, gets more people looking into Bitcoin, and you have a fixed supply of 21 million, more people coming to understand it, more people buying it, that’s what drives price up. The demand curve shifts up, meets that fixed-supply line in vertical, higher price, and there you go. There’s these adoption waves that are driven by Bitcoin being this rockstar, where no news is bad news.”

Regardless of your pre-conceived notions, it could very well prove to be the safe haven asset of our times, is Bitcoin. Gold is scarce. but it is not absolutely scarce, with a scheduled and known supply like Bitcoin. The supply coming into the market gets cut in half roughly every four years leading to constant new supply shocks as more and more Bitcoin continue to be put away for the long term.

Bitcoin has breached three previous resistance and support levels. First, Bitcoin broke the $39.5K resistance before bludgeoning $41.3K, and moving to Bitcoin’s third level of resistance at $44K. The daily low, $37.4K, early a $7K gain and short-liquidations haven’t even really started.

A bullish divergence lies in the hash rate as well as in terms of long-term holders. Bitcoin is near exceeding the highs of locked up coins, currently near the same amount of Bitcoin is in the hands of long term holders as when Bitcoin was at all-time highs of $69K, this preceded the move.

The dynamics in which most measure Bitcoin in relation to fundamentals, are at all-time highs while price remains suppressed. User’s wallets with coins that haven’t moved in months, or even a year, near all-time highs. The miners continue to HODL, and amidst all of this, Bitcoin’s price, not value, is at Mayer Multiple record buying levels as seen only a few times in Bitcoin’s history. Based on the Mayer Multiple this may be this sixth greatest buying opportunity in Bitcoin’s history.

Chart from:

With volatility comes great opportunity, the opportunity at generational wealth. Are you going to sit there twiddling your thumbs all day, bitching about how the government is going to mismanage your children’s wealth? Or, are you going to take the steps towards building generational wealth yourself, with the hardest money ever discovered, the choice is yours.

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