Shitcoin Casino Ep. 03 – Going Nowhere Fast
Sooooooo…. How’s the ✌️Crypto Market✌️doing?
In this months update, let’s talk about what’s going on, if anything, in crypto.
The market is still trending lower, as central banks the world over tighten their monetary policy and savings account seem to offer a reasonable, albeit a below inflation, return on money.
BUT….
How much longer can this tough man approach continue?
You see, the thing is, you can’t taper A Ponzi, and all these central bankers are going is turning the thumbscrews on themselves. It would be like having a hundred grand in credit card debt, and choosing to raise the interest rate. Not a very sensible action.
Governments are the biggest debtors, and their, ahem independent, central bankers will play tough to try to fight inflation, but ultimately they will have to do what all over indebted governments who have access to the money printer will do,
Brrrrrr goes the money printer
There are a few beacons of hope on the horizon.
1. Black Rock spot ETF
This should bring significant interest and liquidity into Bitcoin. Black Rock has a high (90%+) success rate with ETFs, so fully expect this one to be approved.
2. 2024 halving
I appreciate that the halving cycle is nowhere near as influential to price as it once was, but if you’re mining and you need to recover your costs, the marginal price just doubled. It has to have some potential to set the price floor, especially after a protracted bear market where sellers are few and far between outside of the normal trading types. Estimated halving from 6.25 to 3.125BTC is 21st April 2024 (ref: https://bitcoin.clarkmoody.com/dashboard/)
Hopefully next month will bear some more interesting news…
