Bitcoin doubling is so much more fun than halving (note: Bitcoin joke). It was only four months ago that I wrote about Bitcoin’s 19th doubling when the price touched $31,457.28 on 2 January 2021.
Then yesterday, as Europe was enjoying morning coffee, we witnessed the 20th doubling in the price of Bitcoin as it broke through $62,914.56 for the first time.
This week I have written an open letter to Daniela Cambone-Taub. She will be hosting the debate between Frank Giustra and Michael Saylor. These are prominent people in the gold and Bitcoin communities.
Giustra publicly challenged Saylor to debate his thesis on gold and Bitcoin. He claims Saylor uses friendly media outlets and has not been effectively challenged to date. Saylor ran a poll, asking whether he should debate Giustra. In a vote by 20,684 respondents on Twitter, 90.3% said yes. It’ll be fun to watch.
Daniela Cambone-Taub is the Editor-at-Large & Anchor at Stansberry Research, following a successful 12-year…
The recent strength in Bitcoin is puzzling. The speculative excesses in financial markets are easing, yet Bitcoin remains strong. Institutional demand is cooling, yet Bitcoin remains strong. Even the on-chain metrics are slowing, as I discussed last week, yet Bitcoin remains strong.
Sometimes the obvious is staring us in the face. Bitcoin and the crypto space is rife with innovation. Whatever is thrown at it, it comes back fighting.
Bitcoin’s blockchain data is our linchpin as it reports the vibrancy of blockchain activity. It has always been the case that a growing network has coincided with a rising bitcoin price and vice versa. That said, the past few months have seen another force dominate events.
At ByteTree, we see the six-fold move from $10,000 in October, largely attributable to institutional investment flows. They see bitcoin as an asset that protects against inflation and gives them an opportunity to participate in a growing network. They are right.
Over the past five years, there has been a quantum shift in institutional…
The arrival of institutional investors into Bitcoin has been the game-changer. The last Bitcoin halving was a year ago, and since then, these funds have bought more Bitcoin than the miners have generated. Of all the reasons why Bitcoin has been strong over recent months, institutional demand ranks high on the list.
Since the last halving on 12 May 2020, 309,557 BTC have been released into the network by miners, while the institutions have purchased 380,644 BTC. As a result, 71,088 BTC have been acquired from the secondary market.
I have long argued that Bitcoin has links to tech and social media stocks (SOCL) in particular. That’s hardly a revelation, nor controversial, because Bitcoin is a network effect situation that rose from the internet. Bitcoin has performed spectacularly over the years, leaving social media stocks for dust.
In recent months, Bitcoin funds have scooped up all the bitcoins that have been mined, and then some. The miners have been reducing their inventories (tracked by ByteTree.com) to meet the insatiable demand. In this piece, I will walk you through what is happening and demonstrate how institutional fund flows have become a major force.
In the early days of Bitcoin, there were no funds, just wallets. They were free to use, which was great, but came with a custody problem that kept institutional investors at bay. This is not a new problem. Prior to the gold ETF in 2003…
I want to re-examine the current macroeconomic environment and how it impacts the Bitcoin price. It has been a rough week so far, but one thing I can be sure of is that Bitcoin loves hard-on macroeconomic conditions.
I wrote much about this in a report in conjunction with BitStamp last summer, I concluded that Bitcoin is happiest when the economy is strong (bond yields are rising), with inflation rising concurrently.
Bitcoin’s creator, Satoshi Nakamoto, designed the Bitcoin Network to become ever more attractive over time. He defined time by epoch, the period between halving events, which are 210,000 blocks apart. With an average block interval of 600 seconds (10 minutes), the time between epochs is expected to be 1,458.3 days.
Tesla announced that they had invested $1.5bn in bitcoin and the price duly surged. Markets are more efficient than many believe, and in recent months, the bitcoin price has responded positively to known investment flows more than anything else. Back in the day, Bitcoin would spike on news that a coffee shop accepted payment in Bitcoin, or a minor celebrity liked a tweet.
At the time, that made total sense because it was evidence of network adoption and that Bitcoin was catching on. Other examples showed price correlating with the number of addresses, wallets and transactions. …
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