Why Is Bitcoin Falling?
We’re Not supposed to Panic over Fiat Interest Rates?
Bitcoin was down today to $59,190 amidst market panic over the pending FOMC meeting tomorrow! Can you imagine a currency that is supposed to replace fiat money actually falling because the fiat God is about to raise interest rate?
This is the type of moronic logic that is leading Bitcoin owners to sell-off their positions in fear of rising inflation and the potential Fed move. They have not taken stock of the meaning and purpose of Bitcoin. Bitcoin was precisely created to provide the world with an alternative monetary unit. It was not created to extent the life of fiat currencies.
We’re supposed to be buying Bitcoin when interest rate goes up. We’re supposed to be loading up on Bitcoin when fiat money supply gets expanded. We’re supposed to hodl Bitcoin as world Governments binge on fiscal wine and spend our futures on increased expenditures.
Some have speculated that the fall of Bitcoin price during the past week could also be attributed to the lackluster demand of BitcoinETFs. While it is true that we have seen a remarkable slowdown on inflows into the BitcoinETFs in the United States during this past month, we all should have expected this to happen at some point. It has been nearly three months of consecutive daily record sales. What…
