I know who the buyer is
Interpreting the latest phase of bitcoin's rally.
Dear readers,
The Sheikh is buying! The Emir is buying! No, sorry, I don’t have evidence of this. And the title of this post is not meant to be taken literally, unfortunately. I don’t actually know who is buying, but I have a very strong idea. While Saudi Arabia, Qatar, and the UAE have all graced recent headlines suggesting a newfound association with the orange coin, ETF volumes and assets under management are establishing a new cost basis for bitcoin. Today, I want to suggest who is participating and the significance of these new entrants.
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Wild moves, but within context
In today’s letter, I’m determined to get one point across to you: bitcoin certainly experiences extreme highs and extreme lows on a cyclical basis, but this week’s price action is far from extreme—it’s well within the context of our expectations. Here are four charts to show you why.