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BR #20: The Bumpy Ride on the Way Up

Aug 20, 2023

(1-minute read)

After spending 6 years in crypto, I am used to boring periods when Bitcoin's price does nothing...only to be then followed by a major price movement.

This week we got a price drop.

The bad news:

  • Bitcoin dropped 15% (that is also good news as we can now buy cheaper:)
  • More capital is moving into the "risk-free" 5% savings accounts like Revolut (which I covered recently). And so scared people run away from stocks and Bitcoin (dropping 15%) to earn a 5% "guaranteed" short-term return..
  • Many also worry the largest crypto exchange Binance is on the verge of survival
    • Binance lost two major baking partners.
    • There seems to be a big game behind the scene between the old money (US government, BlackRock, Wall Street) and the new money (Binance).
    • The old money would love to bring Binance down, so they drive the new kids out of business, lower Bitcoin's Price, and accumulate more cheap coins.

I don't think Binance will fail, but it is certainly possible it does fail.

If you or anyone around you holds Bitcoin or other assets on Binance, I would recommend withdrawing to self-custody sooner rather than later. I teach easy self-custody in my Bitcoin Masterclass.

The good news:

  • Governments will eventually get back to printing easy fiat. They have no other choice (also explained in the Bitcoin Masterclass).
  • The Bitcoin ETF fund will almost certainly launch in the coming 6 months.
  • The Halving Earthquake in April/May 2024 gets closer and closer.
  • The buying, building, and BTC adoption behind the scene is astounding... I have come across impressive Bitcoin projects that I still can't share. But trust me, upcoming news and products are definitely not priced into the current Bitcoin price of ~$26k.

Lastly, 2023 reminds me a lot of 2019.

In 2019, the BTC price hovered between $6,000 and $14,000 for more than a year.
Then we had a final painful flush down to $3,900 as Covid started only to reach $60k a year later.

In 2023, the BTC price hovers between $20,000 and $30,000.
It is possible there is one more major price drop, but those who have studied the fundamentals also know this next price rise will be epic.

To recap:

  • There is a lot of noise in the Bitcoin and crypto world and it is easy for one to get lost or discouraged.
  • The key is to focus on the signal!
  • The short-term ride is bumpy but the long-term one is only in one direction: UP. Way UP. Never forget that.

Till next Saturday!

P.S. Whenever you are ready, I would be glad to serve you in my Bitcoin Masterclass: the fast track to deeply understand money, fiat, and bitcoin and secure your future with the right knowledge and actions today. There is an early-bird price running until the end of August.

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