The month of June 2021 will be remembered as a month marked by fear. Extreme fear even in the bitcoin market. Throughout the month, the majority of investors made the mistake of focusing solely on the price of Bitcoin and the FUD (Fear, Uncertainty and Doubt) messages that constantly accompanied China's Bitcoin ban.
While there is no doubt that Bitcoin hashrate has been hit hard by China's Bitcoin ban, you must learn to look beyond the simple short-term impacts.
In the long run, this is something extremely bullish that will benefit the entire Bitcoin system. The big exodus of Bitcoin mining we're seeing from China to the West, will touch on two main issues that are constantly used by Bitcoin's detractors:
- The Centralization of Bitcoin Hash Rate in China.
- The impact of the bitcoin system on the environment.
Those with a long-term view of Bitcoin are taking advantage of the current situation to accumulate more
With China's ban on Bitcoin, the equipment that will be redistributed around the world will aim to use as much electricity as possible from renewable energy. This will greatly improve the amount of renewable energy used by the Bitcoin system to operate.
Finally, a better Hash Rate distribution around the world will solve the last little problem with centralization that some Bitcoin detractors might see so far.
Some people understand all of this and therefore decide to take advantage of the Bitcoin price moving sideways between $30,000 and $35,000 for several days. Paul Tudor Jones, for example, explained in early June 2021 that he had decided to move his portfolio allocation from 1% to 5% in Bitcoin.
More and more billionaires are adopting Bitcoin because of the amazing guarantees it gives to its users
On the Mexican side, it's billionaire Ricardo Salinas Pliego, the third richest man in Mexico, who we just learned is a Bitcoin supporter.
An interview he gave a year ago has just surfaced. Ricardo Salinas Pliego explains that fiat currencies are a real scam. He then elaborates on why he likes Bitcoin. Not surprisingly, the security that Bitcoin offers makes this billionaire embrace the Bitcoin revolution.
For him, if the government is going to hold one asset for the next 30 years, it should logically be Bitcoin.
He then backs up his point by detailing the math behind the endless devaluation of the Mexican peso, his local currency. The peso was 20:1 to the US dollar when he began his career in 1981. Today, the peso is 20,000:1 to the US dollar.
The most incredible thing here is that this statistic does not even take into account the devaluations of the US dollar that have occurred in the last few decades. Therefore, for Ricardo Salinas Pliego, the ability to own hard money like Bitcoin is something essential to protect the fruits of his labor.
Gold loving Indians are slowly but surely moving to Bitcoin
The observation made by these billionaires is shared by more and more people around the world. In a Bloomberg article from June 28, 2021, se explains that more and more Indians are betting on Bitcoin instead of gold. This is a strong signal, as Indians are known to love gold, which they pass down from generation to generation.
When you consider that India has a population of nearly 1.4 billion people, you can tell that the demand for Bitcoin will be huge from this country in the future.
Globally, it's going to be huge all over the world. The examples I have just given you are obviously only a small part of what is happening around the world. From Pakistan to Nigeria to India, more and more people are realizing that Bitcoin is a necessity to protect the future of their money.
Block by block, Bitcoin adoption continues to move in the right direction.
If this still does not translate into a rise in the price of Bitcoin, it is only temporary. It always takes time to materialize, but there is no doubt that within a few weeks or months, Bitcoin price will once again surpass its all-time high (ATH) of $ 64.8K reached in April 2021.
Those who have the foresight to take advantage of the current situation to accumulate more will be the big winners as always. There is no room for luck in Bitcoin. You only get what you deserve . It is up to you to make your decisions based on this basic truth.