For years, bitcoiners have been fighting a seemingly uphill battle with the powers that be. Resistance varied from country to country: discriminatory regulations, billionaire investors spreading FUD, arrests, and outright bans on mining and trading. However, the power dynamic has now shifted.
The shift started in 2023, with Blackrock's application for a spot ETF—a company often associated with corruption and elite conspiracies. While Bitcoin’s incentives eventually work on everyone, it was mildly surprising and seemingly out of the blue that Blackrock wanted to promote Bitcoin. We don’t have to like our new promoters, but Bitcoin has new friends in high places, and this week we glimpse the massive scale of this shift.
After several weeks of calm and a contained Bitcoin price, the last few days have brought far-reaching changes to Bitcoin’s fundamentals. From ETF inflows to significant institutional endorsements, the bullish momentum is unmistakable. In this post, we delve into recent events reshaping Bitcoin's landscape and why the bullish sentiment might still be underappreciated.
Bitcoin surged over 7% yesterday, breaking through and closing above the 50-day moving average that we’ve been monitoring, creating a higher high to follow the higher low, cementing the bottom on May 1. This rally was the result of a confluence of events, sparked by April’s CPI data coming in under forecasts for the first time in months. However, the narrative is much broader and more bullish than just a single economic data point...
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