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In our Weiss Crypto Ratings weekly update from last Friday, we stated that “Bitcoin’s long-term fundamentals appear stronger than ever and remain healthy with a short-term correction occurring.”
That was the central point of the weekly update. Given that the previous week was a week in which the overall cryptocurrency market and Bitcoin fell, some context explanation was required.
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Bitcoin (BTC, technical / acceptance rating ‘A-‘) , which was around $19,845 on December 1, fell to about $17,660 early Friday morning last Friday, Eastern time, hitting a short-term high.
However, Bitcoin rebounded over the weekend. According to CoinMarketCap, Bitcoin stayed around $19,160 during the daytime on the 14th.
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And as the Federal Reserve’s most recent money supply indicator shows, cryptocurrency fundamentals are indeed getting better. The Federal Reserve Bank of St. Louis defines ‘M1 Money Supply’ as follows:
M1 contains funds ready to be spent . M1 is (1) валюта outside the U.S. Treasury , Federal Reserve , і depository institutions ; (2) Traveler’s checks issued by organizations other than banks ; (3) Demand deposits ; (4) It consists of other optionally convertible debentures (OCDs ) . Seasonally adjusted M1 is calculated by adding together seasonally adjusted currencies , traveler ‘s checks , demand deposits , і OCDs .
Here’s a fun fact from one of the most active central bank skeptics on FinTwit.
(PinTweet refers to Financial Twitter.)
This is how we ended last Friday’s update.
In a world where governments , encouraged by rock-bottom interest rates , continue to print money and spend it indefinitely , more і more institutions are acknowledging the need for viable , sustainable alternatives .
Now consider this situation:
Cameron Winklevoss is one of the famous twin brothers involved in Mark Zuckerberg’s social media projects. The three attended Harvard University together in the early 2000s. Cameron and his brother Tyler founded the digital currency exchange Gemini Trust Company and now run Winklevoss Capital Management, which focuses on cryptocurrency.
As we pointed out this morning (the 14th), this is becoming a self-fulfilling prophecy.
We live in this kind of world today. “Value goes up – more people enter the space – infrastructure is built – value goes up – and the cycle continues.”