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And I think it’s worth noting that the Bitcoin market is changing because it has actually led Wall Street down and then led it back up, which is interesting considering that despite the fact that we had sold off so viciously, Bitcoin actually started rallying well before Wall Street did. So, the fact that it’s an institutional ETF now, essentially, does change its behavior. It’s starting to become like the NASDAQ, as it behaves very much the same way. Keep in mind that there is a massive amount of influence from ETF inflows. This has nothing to do with actual demand in the real world. This is institutions coming in trying to get in front of their shiny new toy.
Now the question becomes where and when does the market decide that there has to be real world adoption? So far, that’s not an issue. I guess it’s only been 15 years, but we’ll have to wait and see. Sooner or later, somebody is going to say, wait a minute, we aren’t using this yet. That’s the biggest risk with Bitcoin, and that’s why it is so volatile, and it’s considered to be something that should be a small part of your portfolio, because as we’ve seen in the past, you can lose 25 % in just a few weeks. That being said, it can also rise 25 % in a few weeks. So, it is something that most people want to participate in.
Regardless, momentum is most certainly on the upside here. You can’t fight it. It just doesn’t make any sense. The fundamentals, things like that, don’t really matter in most markets these days. It’s all about where the momentum is, and the momentum’s here. So, I fully anticipate that Bitcoin will test at least 120,000 over the next several weeks, possibly $130,000.
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