President Bukele of El Salvador just tweeted recently that “ El Salvadorans are now buying more bitcoins than they are withdrawing ' and that's no wonder given the price performance BTC has had recently and what's to come.
Without a doubt, Bitcoin is the only currency that has not only maintained its purchasing power over the past decade, but also insanely added to it. Going from a few dollars, in 2010, to over $50,000 today, BTC is a currency that has proven to be a long-term store of value and hedge against inflation.
Inflation is a certainty for almost every damn country in the world and the purchasing power of most of these currencies has fallen dramatically, especially in these times when gas and oil prices have gone through the roof and many more will follow as the world's economies are connected in some way way with gas and oil.
Although the idea that Bitcoin is not fit to work as a "currency" has been scoffed at for quite a few years, El Salvador recently proved otherwise by making it (BTC) legal tender and putting it to work. Twitter also integrated the lightning network to test it for BTC tipping.
Bitcoin has become so delicious, even the devil wants a piece of it
Recently, the news about George Soros' family office confirming it will trade bitcoins and there are already outlets attributing the jump from $50,000 to $50,000 to this news. I doubt that is the case, but I have no doubt that many other oligarchs around the world are interested in Bitcoin right now, they just haven't announced it yet.
George Soros, known for destroying economies like Thailand and Malaysia through his aggressive currency trading, is a character I wish he wouldn't join this crypto tribe, but hey...we wanted decentralization and open chances for all and here we have them. I guess it would have been better if this guy didn't survive the holocaust.
Dawn Fitzpatrick, chief executive officer and chief investment officer of Soros Fund Management, said at the Bloomberg Summit on Tuesday, October 5, that “from our perspective, again, we own some coins, not a lot, and the coins themselves are more little interesting from DeFi use cases and stuff like that. "
Fitzpatrick's remarks confirm past reports that a Soros fund began trading in bitcoin based on anonymous sources earlier this year. The Soros Fund is also an investor in cryptocurrency companies such as Lukka and NYDIG, but the announcement is the company's first public confirmation of direct investment in crypto assets.
According to Dawn Fitzpatrick, CEO and Chief Investment Officer of Soros Fund Management, they have their eyes on DeFi as well, not just Bitcoin's tasty ass. The empires that are being built around the "Bitcoin concept" I think will really change the world. Bitcoin cannot do this by itself, it is limited (21 million) and the use cases are also limited, while DeFi, WEB 3.0 and the blockchain gaming industry are pushing the world towards a world of abundance through crypto.
" Bitcoin is the most important innovation for money in 1000 years and I am so happy that you are part of the revolution ", was written in twitter from Vijay Boyapati recently authored the book The Bullish Case for Bitcoin. I couldn't agree more on this point, as Bitcoin with its cohort of alternative blockchains is probably the best thing humanity has from the internet.
Apart from the aspect of making money in such currencies, we also have to consider the process of "printing money" which will somehow be absorbed by this damn inflation. Hive is a pure example of a "money printer", Axie Infinity as well, as many DeFi projects are also in the same category. Once upon a time we only had governments printing money out of thin air and now we can do that too. Isn't this the opportunity of a thousand years?
I was thinking the other day what would have to come out and affect the price of bitcoin to send it to a quarter million or more, but in fact the price of bitcoin inevitably goes up, which attracts such events. The ETF, which will be approved in the US sooner than many expect, is due to the appreciation of bitcoin over the past decade, not the other way around.
From what I've read on Twitter, it appears that there are individuals and mutual funds that can only gain exposure to Bitcoin through ETFs, and they've already made it clear that they want their shares as soon as the ETF is approved, this one day. . And there you have “ $50,000 daily green candle for bitcoin ".
Thank you for your attention,