30 trillion dollars doesn’t even sound real, does it? I had to google how many zeroes are in that number because I wasn’t sure (it’s 12, by the way). It sounds like monopoly money, it reads like a punchline. It’s hard to believe that the United States announced a $30 trillion debt deficit, and that figure is only increasing by the day.
Between bailouts and pandemic relief, this is a serious pickle for the American market that has been brining for some time now. The consistent pumping of more money into the economy resulted in more debt than we could have imagined, so much so that it makes the entire crypto market cap look like a drop in the ocean.
To state the common phrase, most recently in the words of on-chain analyst Dylan LeClair, “Bitcoin fixes this.” For perspective, the Bitcoin market cap would only cover about 2.5% of the $30 trillion deficit. This shows why it still presents a beacon of hope for a fair financial future that doesn’t reflect these current circumstances. There’s no artificially inflating Bitcoin and no printing more, making it a catalyst for more sustainable economic solvency. (Cointelegraph)
As for the current market, analysts think things could be looking up based on patterns that suggest recovery. Investors remain cautiously optimistic, keeping their eyes on derivatives and whales to see where the candles are moving. Although we’re still at “peak fear” levels, Willy Woo, Co-Founder of Hypersheet and Bitcoin analyst, drew hopeful comparisons between Bitcoin’s flux and traditional market trends.
“You know, back in 2019 to 2020, if you looked on-chain at what the investors were doing, they were accumulating, but you just couldn’t see any impact of price because the price was really dictated by traders on the futures exchanges.” (Cointelegraph)
Accumulation definitely continues, both in the background and the foreground, with people and enterprises continuing to buy the dip. MicroStrategy, run by Bitcoin bull Michael Saylor, snatched up $25 million in Bitcoin this last week. The company has now dropped a total of $3.78 billion into Bitcoin, holding an astounding stash of over 125,000 BTC. Saylor is prominently outspoken about the Bitcoin future he envisions and remains unwavering in his support for the groundbreaking asset, dip or no dip. (Cryptopotato)
Saylor isn’t alone. According to data from IntoTheBlock as reported by George Georgiev, “the number of hodlers has grown consistently regardless of price volatility, managing to increase through the recent correction and even through the steep crash experienced in March 2020.” Further data from the study shows that investors “slowly sold a small portion of their holdings during the early 2021 rally, and they have now started to accumulate again as Bitcoin started to drop in November.” If these statistics are the ones being eyed by investors, it stands to reason that this market optimism might have legs. (Cryptopotato)
It seems the value of Bitcoin in these uncertain times isn’t lost on anyone, because an awful lot of people are asking for it in their paychecks. Rep. Tom Emmer of Minnesota told Bitcoin bull Anthony Pompliano in an interview that he’d take Bitcoin payments as a part of his salary, and believed others would, too.
“Why not? I think I would take advantage of it and I think that other people would,” said Rep. Emmer. “The idea is that we can start bringing crypto into the mainstream, whether it’s by taking a portion of our salary, or by allowing it organically [to spread.]” (Cryptopotato)
New York Digital Investment Group also launched a benefits program that will allow affiliated company employees to receive a portion of their paychecks in Bitcoin. NYDIG Bitcoin Savings Plan participants can choose how much of their paycheck they want to be allocated to Bitcoin and do so with no associated holding fees.
This program came about as a direct response to a survey the firm conducted recently, which showed that 36% of workers under 30 said they would be interested in receiving pay in Bitcoin. Fertitta Entertainment CEO, Tilman Fertitta, spoke to this advancement in respect to the upsides his company will see from the new plan, saying that "Offering cutting edge benefits [...] helps ensure that we are appealing to the new generation entering the workforce and allows us to attract and retain some of the best talent in the industry.” (Cointelegraph)
Seeing people add Bitcoin to their personal earnings hits different. It implies a level of trust that is almost immeasurable. In terms of mainstream adoption, it’s an incredible sign. Not only are people willing to buy and trade crypto, but they’re also willing to work for it. This evidence shows us pivoting, as a people, in a direction that puts more store of value in cryptocurrencies than fiat money.
And is this so shocking? With global inflation reaching unforeseen heights and another zero tacked onto the national debt crisis number, crypto is becoming more and more of a safe haven for future generations. Perhaps, to Americans, volatility in the market is starting to look normal compared to the fluctuating value of the dollar. Is Bitcoin the fix? It looks like it, and at this point, something has to be.
Top market movers as of February 4, 2022
- Tezos (XTZ) +33%
- Maker (MKR) +26%
- Decentraland (MANA) +23%
- Ethereum (ETH) +21%
Bitcoinist.com > "Saylor & Dorsey At "Bitcoin for Corporations," What Did We Learn?"
Cryptopotato > "Grayscale and Bloomberg Launch First Equity ETF"
Benzinga > "Arizona Senator Who Proposed The Bitcoin Bill Says People Should Be Able To Buy Dogecoin, Shiba Inu Because It's A Matter of 'Freedom'"
Cointelegraph > "Yashu Gola YASHU GOLA 9 HOURS AGO US Federal Reserve is making some analysts bullish on Bitcoin again"
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