Bitcoin has made new highs on just about every chart you can think of, except one
With all the money printing going on, bitcoin hasn't technically made a new high yet in terms of the total money supply.
When you divide the current bitcoin price by the M2 money supply, you will see that we are actually at those highs right now.
Sees:
(Source: ~~~ embed:1343637971254177792/photo/1) twitter metadata:aW50b2NyeXB0b3ZlcnNlfHxodHRwczovL3R3aXR0ZXIuY29tL2ludG9jcnlwdG92ZXJzZS9zdGF0dXMvMTM0MzYzNzk3MTI1NDE3Nzc5Mi9waG90by8xKXw= ~~~
Not quite partying like it's 2017 just yet are we.
What this means is that a big reason that bitcoin is where it is right now is due to the dollar and other fiat currency weakness, which is coming from an increase in their money supply.
We have more currency sloshing around so things priced in those currencies goes up.
It's pretty simple math really and with more stimulus on the way I suspect bitcoin will keep climbing higher, even if its not climbing higher in net terms.
Either way I think we break these highs with or without more stimulus in the coming months.
With more money sloshing around it just means the dollar value of bitcoin will be that much higher.
Works for me!
Posted Using LeoFinance Beta
Great article as always!
Btw I'm just wondering why you don't have a profile pic ... ?
BR
Posted Using LeoFinance Beta
It shows up on hive but not on leofinance, I will look into it.
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