Bitcoin

when

BlackRock

<p class="has-text-align-center"><strong>Bitcoin has just reclaimed the $50,000 mark for the first time since 2021 under much more favorable conditions than before.</strong></p>
<h2 id="remember-2022">Remember 2022</h2>
<p class="has-text-align-center">For the Bitcoiner <a href="https://twitter.com/MitchellHODL/status/1757093864173609023" target="_blank" rel="noopener noreferrer nofollow">@MitchellHold</a>, the context has changed significantly since 2021, when over 50% of bitcoins were held by <em>“weak hands”</em>.</p>
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<p class="has-text-align-center">Many faltered following the collapse of the Terra/Luna Ponzi scheme, which triggered Bitcoin’s fall from $70,000. And others still due to the fraudulent collapse of FTX.</p>
<p class="has-text-align-center">Caroline Ellison stated last year that <a href="https://www.cointribune.com/ftx-a-manipule-le-bitcoin-a-la-baisse/" target="_blank" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a> had instructed her to <em>“sell Bitcoin as long as it was above $20,000”</em>… And this with an equivalent of $10 billion siphoned from FTX to his personal investment fund (Alameda).</p>
<p class="has-text-align-center">The final blow was the Fed’s sudden interest rate hike. The US stock market plunged, dragging Bitcoin down to $16,000. A drop of more than 70% from the ATH (All-Time High).</p>
<p class="has-text-align-center">All that is behind us. Currently, the only dark cloud reminiscent of the woes of 2022 is the GBTC ETF <a href="https://www.cointribune.com/en/bitcoin-the-downward-pressure-from-the-gbtc-etf-is-significantly-fading/" target="_blank" rel="noopener noreferrer nofollow">GBTC</a>. This is due to the liquidation of FTX’s shares to sell.</p>
<p class="has-text-align-center">In the short term, like <a href="https://www.cointribune.com/en/bitcoin-still-40-days-of-bear-market/" target="_blank" rel="noopener noreferrer nofollow">FTX</a>, which took advantage of the post-ETF validation rise to liquidate its stake in GBTC, there are concerns that <a href="https://www.cointribune.com/en/what-will-be-the-impact-on-bitcoin-of-genesis-massive-dumping-of-gbtc/" target="_blank" rel="noopener noreferrer nofollow">Genesis</a> might follow suit. We are talking about shares representing $1.5 billion.</p>
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     <p lang="en" dir="ltr">Update: This is what <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>&nbsp; looks like for the citizens of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.<br>A combined population of <br>725 MILLION people <br>Nigeria and Argentina price more than doubled since I posted this 2 months ago <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/EIiMEpgqWl" rel="noopener noreferrer nofollow">pic.twitter.com/EIiMEpgqWl</a></p>— Tahini’s (@TheRealTahinis) <a href="https://twitter.com/TheRealTahinis/status/1756709193904439560?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 11, 2024</a>
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<p class="has-text-align-center">Aside from Genesis (and the perennial issue of Mt. Gox), the skies are much clearer than in 2022.</p>
<h2 id="h-bitcoin-bull-run">Bitcoin Bull Run</h2>
<p class="has-text-align-center">Today, more than 70% of bitcoins haven’t changed hands for over a year. The army of Hodlers, in no rush to sell, is growing day by day.</p>
<p class="has-text-align-center">Bitcoin is already at an all-time high for over 725 million people living in Turkey, Egypt, Nigeria, Argentina, Lebanon, and Pakistan:</p>
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     <p lang="en" dir="ltr">Update: This is what <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>&nbsp; looks like for the citizens of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.<br>A combined population of <br>725 MILLION people <br>Nigeria and Argentina price more than doubled since I posted this 2 months ago <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/EIiMEpgqWl" rel="noopener noreferrer nofollow">pic.twitter.com/EIiMEpgqWl</a></p>— Tahini’s (@TheRealTahinis) <a href="https://twitter.com/TheRealTahinis/status/1756709193904439560?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 11, 2024</a>
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<p>Of course, the big difference from 2022 is that major American investment funds like BlackRock and Fidelity are now involved. On average, their ETFs’ net accumulation is 2,000 BTC per day.</p>
<p>This is compared to the daily supply of 900 BTC—a figure that will halve starting from the <a href="https://www.cointribune.com/en/etf-vs-halving-which-will-have-the-most-impact-on-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">halving</a> in April. Therefore, 2024 is set to be a year of double impact on demand and supply.</p>
<p>The icing on the cake, central banks seem on the verge of lowering rates. Historically, the Fed usually waits about eight months after its last rate hike before cutting rates.</p>
<p>However, the markets are no longer convinced. The probability of a rate cut in March has dropped to 19%. The reason is that the situation in the Middle East is explosive. Another surge in energy prices to postpone the rate cut.</p>
<p>In some cases (1997 and 1969), the Fed waited up to 18 months before beginning to cut rates. <a href="https://www.cointribune.com/en/will-the-ecb-really-lower-interest-rates-this-summer/" target="_blank" rel="noopener noreferrer nofollow">Rate cuts are guaranteed</a>, but perhaps not immediately.</p>
<p>Regardless, enough factors are aligned for Bitcoin to set a new record this year.</p>

Bitcoin at $50,000 – The planets align

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