The Top is In. China To Become The New North Korea?!
I was talking yesterday with someone from my town regarding Bitcoin's super cycle, whether the top is in or not and he was highly convinced that the top is in and that we won't have new ATHs till like 2024. I highly disagree on that, I actually believe we're just a few months away from a top for the market.
I also strongly believe that we've entered a new era for crypto, after the 2020 halving. It's not just the supply shock that will push the value of Bitcoin to never seen highs and lead to a not our ordinary bear market for crypto, but also what's happening around the world regarding Bitcoin.
Bitcoin is no longer that highly volatile asset traded by a bunch of geeks from all around the world and banned for hundreds of times by the Chinese government. It's discussed at a governmental level from the point of view of being accepted as a store of value, not much as a currency, but definitely as a store of value.
Putin Says Crypto Is ‘Not Worthless’ and Has ‘the Right to Exist’
“Cryptocurrency[-funded] contracts? It’s too soon to talk about this. Because cryptocurrencies, of course, can be used a unit of account [in deals], but they are very unstable. Using them to transfer funds from one place to another [is viable]. But in my opinion, it is still premature to trade [with crypto] – especially when it comes to trading energy resources.
We will see how much further [crypto] will go. Maybe one day [tokens] could also become a means of accumulation. We see how the market develops. It’s a bit early [to pass judgment on crypto] at the moment.”
-Vladimir Putin source
Putin has a point here, we're still early to stance anything on Bitcoin and say we've found its place in the society. We make plans for it, try and fill some puzzle gaps with it, but overall we don't yet know how nations and big business will use it. Or at least, I don't know...
"Texas Governor vows to make state “number one” for #Bitcoin" and for the past few months the US has done a pretty damn good job in amassing a lot of hash power on its territory and positioning itself as a quite friendly crypto country. Something China definitely isn't...
According to Michael Saylor, the monthly hash rate for the US is 35.4% while Kazakhstan is positioned second with 18.1% and Russia comes third with 11.2%. I bet the third and second place will switch between each other pretty soon. Putin is not gonna waste any chance in challenging the US for this matter as well.
China however has positioned itself out of the "crypto bubble". It has actually 0% of the monthly hash rate and imo it's getting closer and closer to becoming a new type of North Korea. A closed(to technology) borders country that has managed to cut down to its citizens almost any chance of being on the right side of technological progress. It is simply awful what's happening over there.
People are being created social profiles and their liberties depend on these profiles, the national CBDC is on the cusp of being "released on the streets" and that shall further increase the state control they have and almost any way of interacting online is "Chinese based" and also under the total control of the Chinese Party. Those guys don't even have access to the apps that we have in all the rest of the countries.
Sooner than later they'll probably be restricted from the internet, or will have access to "the internet" the country will provide and thus leading to China literally isolating itself from the world. It's an example of how not to do in this regard. Meanwhile we are probably on the stage for the most epic show the crypto markets have ever offered to humanity and based on the mass adoption around the world we will probably get out of the four years bubble once and for all.
There are already talks of constitutionalizing Bitcoin in Sweden and the good news doesn't stop here. The governmental and institutional FOMO hasn't yet started and it won't be one lasting for just a week or two... I tell you, this time is really different.
Thanks for attention,
Adrian
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The move by the Chinese was a major strategic error in my opinion. Cutting yourself off from cryptocurrency is akin to doing the same in the 1990s with the Internet. Those countries that were behind never caught up.
It is going to be the same with crypto. China is taking a path that will make it impossible for it to catch up.
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They probably don't want to catch up. This way they can have more control over their people.
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I totally agree with you, your friend was wrong Bitcoin still has a long way too go.
I believe so as well.
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I am also of the opinion that we have not seen the top yet. PlanB famous for his stock-to-flow model says we won't see the top at least until q1 next year, my focus right now would be on the approval of the ETF's I think the decision may come as early as 18th of October.
China problem are too much. They like people to be using their app but they don't want to use another people own. China cutting out Crypto in their country are bad. Many people are transacting business with them, this Crypto suppose to be the fastest way for them in terms of transaction.
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