BITCOIN BRUNCH BITE : SEP 14, 2024

SNAPSHOT from SEPTEMBER 14, 2024

An overview of news and Bitcoin happenings over the last few weeks.

Image: Adobe Stock & Bitcoin Brunch

Down, down, down said the charts and FUD puppets. While the charts reflect the current sentiment, there can be a lot of wiggle room in the data with the timing of sells and buys from big holders and institutions.

The FUD puppets, as I call them, are visible on the mainstream feed with strategically placed newspaper articles or CNBC lunchtime guests who come on to poo-poo the value of Bitcoin. At times it appears, they are attacking it from all fronts.

Given the speed of viral clips these days, and the general public parkouring from various data entry points — news bites, office break room chats, social feed, neighbor gossip and day to day information touch points — it’s easy to get sucked into a cyclone of fear and doubt. But have no fear, MicroStrategy is here. $MSTR MicroStrategy just announced it bought over $1 billion more of Bitcoin this past week.

So let’s Focus on the facts, not the FUD. FUD is in the air, but public companies and ETFs are still stacking. Millions of dollars flowed back into ETFs this week. Several ETFS had inflows including ARKB which just bought $100 million worth of bitcoin. More public companies like $CAN Canaan, Inc., an ASIC chip design company, are holding Bitcoin on their balance sheets.

Bitcoin bumped back over $60,000 while mainstream media continue to downplay its resilience. Trusted depository institutions (banks) that hold your paper money are essentially taking from your hard-earned money over time, lending it out while required to keep a 0% reserve ratio.

Bitcoin isn't a hedge, its a revelation. Bitcoin is the only currency with absolute scarcity and verifiable by mathematics. The hash rate just reached another all time high of 752 exa hashes per second — and the higher the hash rate, the stronger the security of the blockchain network.

Volatility is part of Bitcoin's makeup, but instead of focusing on the FUD and wincing at its ups and downs — look at it like a dance of energy. So get out your Bitcoin dancing shoes and shake them wiggles out.

"Bitcoin is digital capital." — Michael Saylor

 ☕️  Bitcoin Brunch