Bill Gates Changes His View on Bitcoin
Today on CNBC Bill Gates said, “I don’t own bitcoin. I’m not short bitcoin. I’ve taken a neutral view.” This may sound small. However, it shows the world’s leading thinkers pivoting away from the old mainstream view of bitcoin. Bill Gates comments are showing that new mainstream is accepting bitcoin or, at minimum, being neutral.
To highlight the point, on May of 2018 when Bill Gates was on CNBC with Warren Buffet and Charlie Munger the three of them made fun of bitcoin like it’s an impractical joke on the world. During the interview Bill Gates said, “I would short [bitcoin] if there was an easy way to do it.” Noting this change of mind isn’t a slight on anyone, as most people have thought Bitcoin is a joke at some point in their life. What is important is that Bill Gates’s comments show that more influential people are changing their mind and public stance.
(In this article, we’ve added the “Graphs of the Day” section. Please comment if you find this helpful and would like to see more graphs.)
Tweets of the Day
Good ol’ Billy changing his mind with the rest of us
“When facts change, I change my mind.” - John Maynard Keynes
Canada’s ETF is gets some major love on it’s debut
Canada launched the first Bitcoin ETF of North America today.
Undocumented Fortune 500 companies (We’ll look into this more)
Fortune 500 companies are adding bitcoin in stealth mode to their balance sheets. Fortune 500 have to disclose that they own bitcoin in their quarterly filings where they show bitcoin a “digital asset” on the balance sheet. We should expect to hear more companies announce they own bitcoin in April-May 2021 time frame when Q1 2021 earnings come out.
THE MOST EXPENSIVE PIZZA IN THE HISTORY OF THE UNIVERSE!
On May 22, 2010, a man ordered two large pizzas for 10,000 bitcoin, which would now be worth $500M. The lesson is here is to think twice before making purchases with bitcoin. Or, just think about how delicious each of those $250M pizzas must of been.
Bitcoin Graphs of the Day
We are in the middle of the bull run of the 3rd halving cycle. (Stacked Halving Cycle with Stock-To-Flow)
The red line shows where we are in the current cycle of the 3rd halving ($51K). The light blue wiggly line shows price movement of the 1st halving cycle. The blue wiggly line shows the price movement in the 2nd halving cycle. The light green straight line shows PlanB’s famous Stock-To-Flow (S2F) price target for 3rd cycle ($100K). The dark green straight line shows PlanB’s Stock-To-Flow X (S2FX) price target for the 3rd cycle ($288K).
It’s starting to get warm. Pinch-to-zoom to see the previous 2 halving cycles compared to where we are now (upper right part of the chart).
Bitcoin price is nearing the green line market top line (730 DMAx5). In previous cycles the price of bitcoin starts to accelerate quickly when touching and passing the green line. When the price nears the dashed red line things begin to get overheated.
History Rhymes. Expect Volatility. - Zooming into the previous halving cycle bull run in 2016-2017 we can see the downward price spikes as bitcoin marched hyperbolically up and to the right.
The image above is from 2016-2017. We would be surprised if there aren’t a few major dips in the 2020-2021 bull run. There already has been one major dip. In January 2021 there was a dip from $42K to $29K. This happened after Bitcoin skyrocketed from $19K to $42K. Now, we’re around $51K. History surely is rhyming.
Close Out
That’s it for today. Let us know if you like the charts. It takes more time, but we always want our readers to find value in our writing.
Hope you have a good vibes only Friday,
Bitcoin Daily
Go here for an intro to bitcoin charts --> https://bitcoindaily.substack.com/p/intro-to-key-bitcoin-charts