Bitcoin flips Silver as it breaks above $71,000 for the first time Ever
It's a milestone that Bitcoin has seen often since the beginning of March. It was only Friday afternoon when Bitcoin broke above $70,000 for the first time ever. Among the catalysts -> uk's financial watchdog said on Monday it will now permit recognised investment exchanges to launch crypto-backed exchange-traded notes, the latest regulator to pave the way for digital asset trading products. Theses products would be only available for professional investors such as investment firms and credit institutions authorised to operate in financial markets, the Financial Conduct Authority (FCA) said in a statement. Source: Decrypt, www.cnbc.com
Capriole has developed a model to calculate the intrinsic value of bitcoin as determined by energy spent.
The current intrinsic value based on this approach is close to $81,000. Some highlights of this methodology: - Energy, raw Joules alone, can be used to estimate Bitcoin’s fair value - Increased energy input increases the fair value of a Bitcoin (and vice versa for decreases) - Bitcoin’s price is mean reverting to its Energy Value - The Energy Value model states that if all miners were to stop mining Bitcoin tomorrow, the power input would be zero and Bitcoin would be worthless This approach might be of interest for Pershing Square Capital Management founder and CEO Bill Ackman who turned some of his attention to Bitcoin on Saturday afternoon, cheekily suggesting a scenario in which the price for the world's largest crypto could soar far higher than anyone might imagine. "Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues," said Ackman in a post on X. "Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses," he continued. "Maybe I should buy some Bitcoin." "The problem of course is that it also works in reverse," he later added. https://lnkd.in/eEd7D9gw Source: Capriole.com, Charles Edwards
Bitcoin rallied 346% from its low in November 2022 to hit a new all-time high last week, its first new high in 846 days. $BTC
Source: Charlie Bilello
BlackRock to buy Bitcoin ETFs through its $15b Global Allocation Fund.
Source: Bitcoin Archive
Bitcoin inflows to exchange user deposit wallets are low, i.e those who have bictoin in storage do not show any intent to sell even after recent rally
Source chart: CryptoQuant
BlackRock's Bitcoin ETF pulled in a MASSIVE $788m yesterday.
It smashed the previous record of $612m. They could be taking in +$1 Billion a day soon. Source: Bitcoin archive
The law of supply and demand...
Source : Bitcoin Archive
Yesterday, not only has Bitcoin reached an ATH, Gold is also trading at a record high. What is the message here for fiat money?
Source: HolgerZ, Bloomberg
