Chart of the Day
Zoom Out. The last line of defense at $47k has successfully held incoming bears at bay. As the futures market shakes off excessive leverage, we’re seeing somewhat of a BTC bounce back to the upper $53k region. For some of us who find the recent scares seeming all too real, here is a little dose of confidence. The driving force behind each bullish cycle boils down to a surge in demand. Coincidentally (or not), entity growth is observed to undergo exponential increases throughout previous cycles. Although we understand that exponential growth will eventually plateau out, notice how the new ATH has just peaked the previous 2017 high, signaling that there is probably room for further growth.
Talk of the Town
Dimon in the Rough (not a typo). In 2017, JP Morgan CEO Jamie Dimon publicly denounced Bitcoin. “A fraud”, he said. “If you’re stupid enough to buy it, you’ll pay the price for it one day.” Surprise, surprise. Fast forward to 2021, after a number of major financial institutions have warmed up to the idea of cryptocurrency, JP Morgan is preparing to offer an actively managed Bitcoin fund to its private wealth clients. Welcome to the club, Mr. Dimon!