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To investors,
I am currently on a plane to speak later today at the Texas Blockchain Council’s event in Dallas, Texas. Lee Bratcher and his team do a great job. It is a quick trip, but it is a good day any time we can get bitcoiners in a room to help explain what is going on.
Speaking of what is going on, bitcoin has been the big winner since the election. We almost saw the digital currency hit $95,000 this morning. Fidelity’s Jurrien Timmer writes:
“We are now almost two weeks post-election, and with the House now also called for the Republicans. Per the chart below, the standout so far been bitcoin, which soared past $90k last week.”
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Jurrien goes on to point out that we shouldn’t be surprised by bitcoin’s performance: “Bitcoin appears to be following the playbook of the last two winters-turned-into-summers. There’s an unmistakable rhythm to Bitcoin’s cycles.”
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Galaxy Digital’s Head of Research Alex Thorn shows “bitcoin on track from prior cycle lows and now outperforming the 2015-2017 cycle.”
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“It’s been 212 days since the 4th halving and bitcoin price performance is finally moving up closer to historical trend… if the patterns repeat, we’re in store for some fireworks in the coming months.”
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So where is all of this buying demand coming from? Ki Young Ju shows that a good portion of buyers are US investors simply hitting the buy button on Coinbase.
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Add in the fact that Microstrategy announced a monster $3 billion convertible debt offering this morning and it becomes apparent that we are watching a full-blown accumulation race.
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You never see this level of FOMO from the debt market, but Microstrategy’s debt has been some of the best performing debt this year. So investors are going to chase returns and keep funding whatever is working.
But the magic is not only happening with institutions and public companies. Someone sent me a press release on Twitter earlier this week — a private company called Oasis Engineering is putting 25% of their annual profits in bitcoin.
Everyone wants bitcoin. They all think the asset is going to keep going up.
If this is your first bull market, welcome. Buckle up and enjoy the ride. Things can be bumpy but you are in for a big treat. If you have been through prior bull markets, good to see you again. Things are about to get fun again.
And as I tweeted yesterday, things can get much crazier than you think in a bull market.
Hope you have a great day. I’ll talk to everyone tomorrow.
-Anthony Pompliano
Founder & CEO, Professional Capital Management
The Global Race For Bitcoin Has Begun
Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss Donald Trump, bitcoin strategic reserve, why the US should print $250 billion today to buy bitcoin, tax cuts, Trump’s cabinet, and future market outlook.
Enjoy!
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