Bitcoin Crash Over, Bitcoin Revolution On

 

Elon Musk

Welcome to the Bitcoin Revolution where there is never a dull moment. This story contains my newest crypto market update. From DOGE to BTC, here is where I think we are headed in the short term.

You all read the headlines about how Elon Musk, the super villain has been meddling in the crypto markets. He keeps pumping DOGE which is not good for the crypto community. People are attracted to Dogecoin because it has a low price and quick gains. Fundamentally, it is not a secure coin compared to Bitcoin and does not have the network effect. Some idiot bought DOGE will his credit card and made money. This is not a smart idea as he could have lost his entire life savings. If I owed DOGE, I would say to sell it and buy BTC to preserve wealth. My mailman just loaded up on DOGE which makes me think it's done. If you don't see the sucker, you are the sucker. Most alt coins don't stay in the Top 10 for long.

Musk also posted on Twitter how he thinks Bitcoin is bad for the environment, which crashed the crypto market. This is completely untrue. The majority of Bitcoin miners use renewable energy. When you compare this to the footprint of the banking system, Bitcoin is a saint. I predicted this crash here:

Crypto Crash

Crypto Death Spiral

I think the Musk crash is done now and the negative catalysts are off the table. Bitcoin went to $45,000 during the crash and has partially rebounded. Institutions like Blackrock have a vested interest in keeping Bitcoin prices relatively stable. Right now I feel Bitcoin is a good value at $47,000. It also provides more downside protection vs other coins.

Viva The Bitcoin Revolution

Recently, Vitalik Buterin donated $1Billion dollars worth of SHIBA to fight Covid in India. You can read about it here:

Vitalik Bloomberg

This is part of the Bitcoin revolution. Wall Street wouldn't do that. Also, Crypto Twitter donated $800,000 to help a child fight Leukemia. This is also unprecedented. View the story here:

Crypto Twitter Leukemia


Ethereum

Right now everyone is talking about Ethereum flipping Bitcoin. I don't think this will happen just yet. The ETH trade is getting very overcrowded. Bitcoin dominance is at 40.83% and has room to grow. Michael Saylor of Microstrategy recently bought the Bitcoin dip at $55,387 which gives me confidence in BTC right now. Read the story here:

Microstrategy Bitcoin.com

Now that I believe the Musk crash is done, prices can start rising again.

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I am not a financial advisor and this is not financial advice. I like BTC and own it.

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