Bitcoin gaining momentum

[motomania]

Wow you have really made something very simple complicated..

It is a unregulated way to move money around, launder money, etc.

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If it were only that simple……….books my friend, read the books.

[boneil]

.55% of MSFT shareholders voted in favor of adding bitcoin to it's balance sheet. We are still very early in adoption.

This explains the Bitcoin sellers. The majority think's there won't be a bitcoin reserve, bitcoin will collapse, bitcoin is fake internet money......... they believe all the bear case arguments.

[mossie3]

Bitcoin ran from $65K to $100K mostly on talk of support, and promises. As Johnny Unitas famously said, "Talk is Cheap". If the talk isn't put into action, Bitcoin could take a big hit with expectations priced in. There was more commitment talk today after ringing the bell of making sure the US is the leading country in Bitcoin. It's looking like China and Russia are will be investing in Bitcoin. We'll see.

.55% of MSFT shareholders voted in favor of adding bitcoin to it's balance sheet. We are still very early in adoption.

This explains the Bitcoin sellers. The majority think's there won't be a bitcoin reserve, bitcoin will collapse, bitcoin is fake internet money......... they believe all the bear case arguments.

[mossie3]

I missed hearing the pledge to make Bitcoin tax free. That would be huge, encouraging transactions. I watched a recent youtube video of someone noteworthy talking about how his dad could propel Bitcoin to $1 Million, and he had also pledged to make it tax free. That would tempt me to buy a new truck and save $15K in taxes. Of course I could end up missing out on a $700K potential gain also.

Oh, and Bitcoin hit an ATH of $106,550 earlier.

[boneil]

I'm neutral on the tax thing. But that could be a way to spur economic growth. The gov buys bitcoin keeping price high while long time holders sell tax free and use that money in the economy. I ain't selling though unless I really need to.

These next two weeks should be really exciting. I'm guessing this week will be the final week of Wall Street chasing performance and then Christmas week will be a lack of liquidity leading to either a Christmas bloodbath or a holy candle to the upside.

[mossie3]

“They have them paying tax on crypto, and I don’t think that’s right,” he said in a recent interview, echoing the frustrations of millions of Americans who find it absurd to pay capital gains taxes after using Bitcoin to purchase something as small as a cup of coffee. “Bitcoin is money, and you have to pay capital gains tax if you use it to buy a coffee?” he asked rhetorically, highlighting how current laws discourage everyday transactions. He added, “Maybe we get rid of taxes on crypto and replace it with tariffs.”

Good thing if you own enough Bitcoin to compensate for the tariffs, bad thing if you don't.

[boneil]

Am I crazy thinnking we are closer to a bottom than a top? in the near term at $99,500

[boneil]

[boneil]

I'm feeling 70/30 bottom is in. Maybe we get a stop run and briefly break $90,000 on a gov't shutdown during Christmas week. But I think we make new highs before Jan 20th. And then it's wait and see.

[boneil]

If we're not rip roaring next week I'm gonna need to reevaluate my thesis. I feel like we should be up alot this month.

[rds_nc]

If we're not rip roaring next week I'm gonna need to reevaluate my thesis. I feel like we should be up alot this month.

Everyone keeping their powder dry waiting on the 20th?

[boneil]

Everyone keeping their powder dry waiting on the 20th?

I think there will be a run up into the 20th. I typically look at the time around Christmas and New Years as slow and meaningless. I think the big boys come back from vacation and get to work putting money to work the week after New Years, so next week.

There's alot of rumor mill talk about a bitcoin strategic reserve via executive order. Saylor has been talking about it and he's been hanging around Mara Largo.
https://finance.yahoo.com/news/micha...214844875.html

I'm leveraged with call options for a run up over the next two weeks. I need bitcoin above $106K on the 17th to make money but I'm wanting $115+ for real profits. I'll give it to Tuesday or Wednesday to see what the market does. If we're not above $100K by Wednesday, I'll roll my calls out several months and start building a end of year position.

[mossie3]

From what I google Tesla owns $1 Billion in Bitcoin (10,000 Bitcoins), and Trump owns $9.9 Million in crypto, and World Liberty Financial, a crypto business startup, that his sons are involved in. I'd expect any crypto legislation would be favorable for Bitcoin. I'm going to ride on their coat tails. Get rid of taxes on it, which has been mentioned, and form a US Bitcoin strategic reserve which has been mentioned, along with China and Russia starting a reserve, could propel Bitcoin to 100s of thousands of dollars over the next few years.

[boneil]

Looks like the DOJ has been cleared to sell 69K bitcoins from silk road. Theres the reason for the weakness. Will be interesting to see how this plays out.