Is Bitcoin Losing The Battle? (CRITICAL Moment for Digital Gold Crypto)
Why? Well, just as they were celebrating bitcoin day yay bitcoin day, this happened. Financial cartel stepped in mass liquidations, fear and panic everywhere, or was it because, while history would tell us that bitcoin dominance should spike as people rush to protect their capital, it didnt the altcoins, had other ideas, specifically layer ones, thats, because crypto is in the grip of Layer, one mania right now: solana, phantom cosmos, avax, elrond and even al goran – are all waking up in a serious way lets get it welcome to bitboy crypto home of the bit squad, the largest and greatest crypto community on all the interwebs. My name is ben every day on this channel. I show you how to make money in crypto, if you like money in crypto, then make sure to hit that subscribe button in this video, we take a look at bitcoin and price potential for the remainder of this cycle. All coins are pumping, despite bitcoin slumping, for any bitcoin maximalist or refuse to invest in anything but bitcoin. This must be one tough orange pill to swallow, but lets get something straight. I love bitcoin and its easily our most valuable holding here at bitboy crypto. I believe its the number one store of value there is, and the most significant innovation of our time. What i cant stand is the hard line bitcoin maxis. Why well not only are they close minded and anti innovation. They literally want every other crypto project to fail, plus they actively enjoy seeing regular people get wrecked, like its some kind of moral justice for investing in anything other than bitcoin.
So my thoughts and prayers have been with them this week. Thoughts and prayers – i mean it must be pretty tough when even mainstream outlets like forbes, are asking the multi trillion dollar question is bitcoin losing its position as the crypto markets leader, because it would be impossible to answer that without addressing the bigger picture. After all, theres a huge week a historic week, something we could only dream of a few years ago, a sovereign nation has officially made bitcoin legal tender and look president buchelle might be a divisive figure theres. No denying this guy has serious machismo. This guy wears a sash like hes, a senator from krypton anyways with him, setting the historic precedent. Theres been a lot of talk about which countries could be next in line places like panama, argentina, maybe even cuba. Reports this week suggests that ukraine could be next with laser eye. President vladimir zelinsky ready to go all in on crypto. First step was legalization earlier this month, which he hopes will help. Ukraine become a blockchain magnet for specialists around the world, but experts believe they could be gearing up to make bitcoin legal tender as soon as september 2023.. Justin bouquet hopes to move el salvador from out from under the dollar. Ukraine could be looking to crypto as an escape hatch from the overbearing influence of russia. This is what crypto is all about: economic sovereignty for individuals and now even nations alike, for countries under the control, the powers to be the imf, the world bank, not to mention the financial cartel bitcoin and crypto in general, are fast becoming a hot ticket to genuine Independence, this might be music to the ears of the crypto supporters, but its a serious headache for the fiat maximalists people like steve hanke.
You know that guy that shouts on the tv all the time hes been up to the usual hanky panky this week, tweeting his super repetitive list of countries. He wants to see dollarize, which is a bit like inviting people onto the titanic, but a titanic that is captained by a legit pirate, janet the felon yellen, not such an easy sell these days. You know my position. I believe the dollar index will go up as deflation kicks in pretty soon, but its not a long term hold people you hold it to buy more crypto hanky disagrees, hes even spreading fud about how crypto adoption could help the taliban escape. U.S sanctions ever think about the regular folk in afghanistan trying to escape taliban sanctions steve clearly, no because he literally only thinks about the dollar its. Why hes trying to freak everyone out by calling crypto a cult, though in his defense, hes half right. There is a cult in crypto and its called maximalism, while the bitcoin maxies dont agree with people like hank on economic issues. They do share one thing in common theyre all morons, unlike the bit squad, so do as a solid and dont forget to hit that subscribe and like button. So i dont think youre an idiot anyway. Weve got to have some nuance here, because theres a wide spectrum of maximalists out there youve got the hardliners, but also the moderates. People like michael saylor, someone who doesnt actively want other cryptos to fail.
Just think bitcoin is the only name in the game or, as he puts it, which ones the best crypto asset. Well, bitcoin is the best crypto us, okay, whats, the second best. There is no second best theres, no second best crypto asset theres, a crypto asset, its called bitcoin right right. There is no second best anyway. He just announced another huge bitcoin purchase for microstrategy 5050 bitcoin to the tune of 242.9 million dollars cash, bringing their total holdings to just over 114 000 bitcoin. Its roughly a bitcoin bought every five minutes for the past 400 days with an average injury price of about 27 000 yep. If bitcoin is the digital equivalent of manhattan real estate, then hes vastly becoming the apex predator of landlords, hes – probably going to buy that 300k hot dog cart that sets up next to central park on the next deal, which brings us to the macro strategy. The bigger picture at play because, while recent price action has been as skittish as the falcons in the red zone Music, this is often the time to buy, buy the fear, sell the green so easy to say much harder to do, but its exactly. What on chain analysis shows us? The whales are doing ive said it before forget the charts and look at whats actually going on behind the scenes, its the beauty of blockchain. We can see where the smart money is flowing. Michael saylor might tell everyone he passes in the street how much bitcoin he has, but, as will clemente pointed out, whales have increased their stack by a hundred and three thousand six hundred bitcoin.
In the last three weeks. Sailor bought over five thousand of those about the other. Ninety eight thousand five hundred guess well find out, but i wouldnt be surprised to hear some major announcements coming this quarter. Willie wu is another nice bitcoin maxi and he just shared some pretty cool facts about on chain data. First of all, he explains that retail drives macro cycles when retails stack their sats at an increased rate as theyre. Doing. Right now is the fundamentals saying we are in the middle of a bull market, the middle of a bull market. When we see this kind of sharp uptrend among retail investors are shown by these arrows here. Its pretty much always followed by a parabolic run. The kind weve not seen yet this cycle. Secondly, watch the whales – i repeat: watch the whales they think coins are cheap right now, theyre playing the long game, but also see a major rally ahead. We get this kind of uptick in activity from the whales. Its historically been in anticipation of serious gains, the pump before the dump. After all, who else are they going to sell their coins to when the retail fomo kicks in? Not the bit squad? You guys are way too smart for that data from crypto. Quant also shows that weve seen almost 1.2 billion bitcoin coming off exchanges, which are showing levels of reserves last seen in early may. This could mean were about to see a sell side liquidity crisis, a supply squeeze that would see prices rally so whats next does bitcoin need to construct more pylons in order to make those 100k gains well in the short term, who knows, could blast on up or Come back down to test the low 40s so be prepared and dont freak out.
If we do coming back to the matter of bitcoin dominance in the space, clearly, the maxies will be proved right on one thing were probably going to a million dollars at some point. Several cycles from now we agree on that, but whats playing out right now, thats so interesting and which they absolutely hate is the decoupling not of ethereum, which is what weve been talking about for years, but the entire ecosystem of each competitors, the layer ones which have Seen some base melting gains, while bitcoin was dumping or simply trading in a range, it shows that the narrative is changing. The maxis understand perfectly half of whats going on, namely the bitcoin. Does one thing better than anything else. So far, it stores value nobody who ever held it for more than four years ever lost money thats why the whales are scooping it up like never before, but is not the only horse in the race now thats shifting its a race of innovation in ways bitcoin. Just cant compete period for everyone in crypto, something we can all be getting seriously excited about.