Fantastic News for the Fall
JPMorgan CEO Jamie Dimon, a well-known bitcoin sceptic, said that the price of bitcoin could rise by a factor of ten, but he doesn’t care. Meanwhile, Morgan Stanley revealed that it had increased its holdings in the Grayscale Bitcoin Trust to 58,000 shares in the last three months, more than doubling its initial investment of $2 million.
Strike CEO Jack Mallers pledged to donate all bitcoin tips he received on Twitter to the Human Rights Foundation when the practise of tipping bitcoins on Twitter began to gain traction. Soon after, Miami Mayor Francis Suarez began advocating for the use of nuclear power as an environmentally friendly and cost-effective alternative to fossil fuels among bitcoin miners. In his opinion, Miami has the potential to become a centre for environmentally friendly bitcoin mining.
Last but not least, El Salvador revealed that its Chivo bitcoin cryptocurrency wallet is now used by over 2.25 million people, which is quite an accomplishment considering it was only launched three weeks ago. Paychecks can now be automatically converted to bitcoin on Coinbase, according to a company announcement. Senatorial aspirant Blake Masters, meanwhile, believes the United States government should purchase a large quantity of bitcoin as a form of strategic reserve.
Verifone has partnered with BitPay, the world’s largest bitcoin payment processor, to allow its merchants to accept bitcoin payments. Salvadorans will be able to withdraw money from ATMs owned by ATM manufacturer Athena, which made the announcement. And El Salvador’s president shared a teaser video of his country’s plans to mine bitcoin using geothermal energy from the country’s volcanoes, which you can see in the video below! According to Robert Kiyosaki, author of “Rich Dad, Poor Dad,” when the stock market crashes, people should buy bitcoin before it goes down in history.
Elon Musk talked about crypto regulations in an interview with Kara Swisher on Wednesday, stating that the US government should “do nothing” to regulate bitcoin and the broader crypto market. It was also revealed that on Tuesday, Cathie Wood’s Ark Invest bought $28.2 million worth of Coinbase stock.
Umbrel unveiled their first plug-and-play bitcoin node on Wednesday as well, which is a significant step toward giving users more control over their money. Despite China’s anti-Bitcoin measures, 145 bitcoin nodes were found to be running in the country on Wednesday. Mayor Jayson Stewart of Cool Valley, Missouri, closed out the day’s news by revealing plans to give $1,000 in bitcoin to every household in the city.
El Salvador’s President Bukele announced on Thursday, as September came to an end, that the country would offer a $0.20 per gallon fuel discount to anyone using the Chivo bitcoin wallet, in an effort to encourage further adoption in the Central American country.
Ahead of China’s recent cryptocurrency ban, U.S. Federal Reserve Chair Jerome Powell said that the United States would not prohibit the use of bitcoin or any other cryptocurrency within the country. An important message for those who are still hesitant to invest in bitcoin in the United States and around the world.
The government of El Salvador began mining its first bitcoin using geothermal energy on Friday, becoming the first country to do so and kicking off a new era in bitcoin mining powered by green energy. It was ironic that the CEO of the Tehran Stock Exchange resigned just two days earlier after bitcoin miners were discovered in the exchange’s basement.
Over the last week, the market has been overly bullish, with bears likely going into hibernation for the winter as bitcoin is expected to break out in the coming months Only Jamie Dimon, the CEO of JPMorgan Chase, spread more fear about the future of bitcoin, despite his belief that it could rise by a factor of ten.
The month of September came to an end this week and it’s interesting to see how PlanB’s June forecasts and Stock-to-Flow model have played out. For his model’s first release, he predicted that bitcoin would end August over $47,000 and September over $43,000 if all went according to plan, which it did. On top of all that, he predicted that bitcoin would hit $63,000 by the end of October, then $98,000 by the end of November, and $135,000 by December. Indeed, the “worst-case” predictions are remarkably upbeat.
If you know what bitcoin is and what it stands for, it’s easy to predict that its value will soar in the coming years. Despite all the fear mongering from countries like China, the price of Bitcoin has risen by 25% in the last three months. At this point in the year, it looks increasingly likely that bitcoin is gearing up for a strong rally that could see it reach $135,000 or even $300,000 in value.
Of course, it’s not difficult for me to remain upbeat on the stock market on a weekly basis. Here are the reasons why I believe he will make a bid. In addition to the adoption of bitcoin by an entire country (El Salvador) and the addition of bitcoin to the balance sheets of more and more institutions (thanks to MicroStrategy), fiat is also getting ready for a beating in the months to come. Fuel, food, and personnel shortages are all on the rise as a result of the United Kingdom’s decision to leave the EU. Janet Yellen also said the United States could run out of money in three weeks after Joe Biden’s recession warning.
Due to the fact that the “superpowers” of the world are going through increasingly difficult times, their economies will suffer, which will have an impact on the 66 nations that use the dollar as their currency and the global economy. People will search for more secure investment options, which is why bitcoin is so well-known. There will be a shortage and a rise in the price as more people and businesses rush to buy them. Simple.
Bitcoin is expected to reach new all-time highs in the final three months of 2021, and it may even reach the six-figure mark for the first time. More and more people are going to realise that Bitcoin is a sound investment in good times and bad.