Things Are Certainly Speeding Up
Over 1 million Bitcoin tied up in ETF's when we consider that is roughly 5% of the total supply gobbled up in a little over a year and to make matters worse this is only warming up. How much of retail will own and more importantly hold a Bitcoin in the future?
The crypto space is definitely changing at a rapid rate and it is hard to see this taking place as there has not been huge price movements and is more of a gradual accumulation over a period of time.
They always say that things normally start off slowly then become gradual and then all of a sudden things speed up. I would say we have oved from slow into the all of a sudden part over the last 2 weeks with 6 x the mined Bitcoin rate for that period being purchased.
Just look at the first 3 days of this week even with a blip on Tuesday that is roughly $500 million or 5000 Bitcoin purchased. The good news is the new money is flowing into crypto which should make for a bumper climax to the end of this cycle for everyone involved.
Time is one thing we had and relied on in the past and the windows definitely seem to be closing slowly. The questions will always be asked how this is going to effect the crypto cycle in the future and will history repeat itself moving forward or closely replicate the past?
I know I have had to think ahead of what to do when the time comes when it is time to sell as navigating the crypto space is not always so easy and things do change quickly. Last week the tax man and Binance removed one option and have been planning other options which are still very viable as giving the tax man 40% versus a 0.25% fee is a no brainer.
I always knew crypto would take me to exotic places and never in my head thinking it would be somewhere in the Middle East (Dubai, Bahrain and Qatar) for banking purposes. My thoughts were more about sipping cocktails on some tropical island, but those are no longer thoughts and banking is where the reality lies. If you can get the banking aspect right then it makes up for the 7 years of sacrifice and commitment growing a portfolio day in and day out.
I will know for certain this weekend after the Binance meet up whether I have used that exchange for the last time or not. My head tells me to convert what I have there to Bitcoin and move that to a cold wallet whilst it is still an insignificant amount being under $3K. This I could declare if I have to as a worse case scenario.
Who knows what tomorrow will bring and what curved ball we will be challenged with next as protecting what we have is our only priority. 4 years ago this was never really an issue as the value was not really there in the portfolio and now I guess this is a good problem to have.
Posted Using INLEO