Burgers, BlackRock & Bitcoin

Earlier this month, President Trump made history as the first U.S. President to publicly transact in Bitcoin. Trump bought the world's 1st Bitcoin Burger at PubKey, a Bitcoin bar in New York City.

The world took notice as Bitcoiners everywhere celebrated the historic transaction. Not only did the historic transaction showcase the potential ease of using Bitcoin for everyday purchases, but between pizza and burgers Bitcoin is a reflection of the American spirit.

Later that week, the FED announced a rate cut of 50 bps, which was larger than expected. The market cheered as it kicked away the FUD and raced upward to make new trends. Between the FED rate cut of 50 bps and Trump's Bitcoin Burger the mood was overall positive and the market reflected the week with a big Bitcoin Burger Bump rising over $63,000 for the first time since the end of August.

It was the Bitcoin Burger 🍔 Bump.

Image: AI Wix

Since the Burger Bump, the Bitcoin price per U.S. dollar has bounced around $63K reaching an upward trend of $66,000 over the last weekend. But then Bitcoin strutted its energetic nature and trended down again over the last weekend to back around $63K this week likely due to lags in ETF settlements and other global influences.

There is recent news of the FED potentially cutting the rate another 50 bps in November. Thus, October and November will be volatile with the upcoming U.S. elections and various global events affecting Bitcoin's trend line. Don't be afraid of the volatility as the ups-and-downs are part of Bitcoin's recipe. Bitcoin's finite number of 21M and limited supply make it prone to volatility. Like a toddler testing its walking shoes Bitcoin is a bit wobbly, but its wobble is its strength, as that's how Bitcoin builds its muscle. Before long Bitcoin will learn to walk steady and at some point may start running.

You can't learn to walk without a sofa to hang on to and if nothing else you can hang on to the words of Larry Fink, CEO of BlackRock, as even Larry recently affirmed "Bitcoin is a legitimate financial instrument." Larry has been out and about lately backing Bitcoin and believes "there is a role for Bitcoin in portfolios."

This last week the SEC approved options on BlackRock's Bitcoin ETF. This will likely bring in more money and more volatility with the gamblers (I mean traders) getting a chance to play on Bitcoin's price action. Whether good or bad for long-term HODLers, BlackRock has laid their cornerstone of the Bitcoin building. This week BlackRock added to their footing and purchased more than $17 Billion worth of Bitcoin.

"Give the people what they want and then go have a hamburger." — Judy Garland

☕️ Bitcoin Brunch

For more detailed information about this topic, see PubKey's X post:

https://x.com/PubKey_NYC/status/1836510708634390680