Bitcoin Facing Some Resitance

By | May 05, 2019

Bitcoin Facing Some Resitance

BTC has tried & failed at the $5,875 level (depending on which exchange you’re watching) 3-4 times in recent days. This is shaping up to like the battle between Generals McClellan & Lee when the Union had the Confederates on the run with such overwhelming force & McClellan – to President Lincoln’s dumbfound-ment, chagrin & consternation – waited for extra reinforcements despite an 8:1 troop lead. OK, it’s nothing at all like that, but if you’ve never seen Ken Burns’ classic Civil War, you’re doing yourself a disservice.

My 4Rev sidekick & partner Varun Sehgal & I were watching the Warriors game last night when suddenly he bursts out: “Don’t you think they’ll create more bitcoin over time; there’s only 21 million. Once they run out, it’ll cause big price distortions when there’s a flood of central banks coming in to buy. The dollar is unlimited; gold has no supply cap. So they (not sure who he is referring to when he says “they”) will have to boost btc supply to like 100 million someday.”

Aside from cheering for the Rockets – come on, really – now Varun’s postulating the impossible: a radical supply infusion to create hyper-inflation in digital assets & defeat the whole darn purpose of it all.

Two pearls of wisdom: Don’t Tread on Steph; and 21 million is all she wrote.

2019-05-09T18:50:00-05:00May 5th, 2019|

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