Bitcoin ETF launch is good for BTC, but actually much better for altcoins
The Goldilocks scenario for altcoins is when BTC goes up slowly over the span of months and years. Few if any double digit % intraday swings. Most days will be up, but not up that much relative to the early glory days.
BTC will offer too little volatility to interest many traders but a grind up creates confidence in an upward trajectory for the crypto market. The result is continued comfort and allocation down the risk curve.
This is the environment facilitated by the continuous new money flows of the Bitcoin ETFs
DONALD TRUMP: πΊπΈ "As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give our federal government absolute control over your money."
Bitcoin's hash rate hit an all time high 500 exahashes/s this month.
To highlight the enormity of this number:
- For every star in our galaxy, the Bitcoin network is calculating 5 billion computations per second.
- It would take ~2000 years for the entire global population, each performing one hash/second, to match the Bitcoin network's hash rate.
- The Bitcoin network performs ~67 times more hashes per second than there are grains of sand on Earth.
- By number of raw operations/second, Bitcoin is ~500x more performant than the world's most powerful supercomputer.
Yet, there are skeptics out there that still believe "bitcoin is backed by nothing".
The WEF has just committed suicide and unintentionally handed Donald J Trump the victory in the upcoming US election by telling American voters that he would destroy their globalist agenda.