How To Play The Next Move In Bitcoin

How To Play The Next Move In Bitcoin

It was almost precisely a year ago that I got the most bullish on bitcoin I've ever been. Fears around a winter Covid wave were building, and investors were debating how much stimulus the next president would have to inject into the economy. The Nasdaq was in the midst of a correction as bond yields clawed their way higher. Bitcoin, however, was heating up. My view on bitcoin has always been remarkably straightforward: it's a high-risk call option on the event our financial system gets so whacky, people seek out this internet token for safety. The odds of that probability are generally very low but change as a function of how weird things get. For context – lately, we've been debating the definition of transitory and thinking about minting a trillion-dollar platinum coin. So ya, bitcoin's up. Things were even weirder last October. Vaccines were not yet a certainty and Covid was picking up again, but stay-at-home tech stocks were dragging on the Nasdaq anyway after a random but explosive blow-off top in September. The future was tremendously uncertain, with the exception of one thing: no matter who won the election, more money was on the way. One trade started