From all time highs at $123,000 to below $115,000, what happened?
Very simple:
Last Tuesday, this was all the news:
Everyone thought, oh-oh – that removes the hope that the US Strategic Reserve would be wading in with all the traders of Bitcoin and buying it on the open market.
Let’s not forget: President Trump owns a ton of Bitcoin and other crypto (Trump and/or his family).
Let’s not forget: SIX MEMBERS OF TRUMP’S CABINET OWN BITCOIN
There’s a saying, “Don’t Fight the Fed”. In this case, the most powerful members of the most powerful government, owning Bitcoin, is “THE FED”.
I’m sure Bessent had a conversation with his boss so two days later he tweeted:
In other words, he takes back what he said. He now says there could be “budget neutral” (whatever that means) ways to buy crypto for the strategic reserve. And he reiterates that the US will be the “Bitcoin superpower of the world.”
BUT..the temporary damage was done.
I don’t think we stay here at $114,000 but this shakes off the weak hands.
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