The CoinSpeech team has collected the most important thoughts from the recent update shared by CryptosRUs. The main focus is on Bitcoin and the recent turbulence in the market. You can find CryptosRUs’s new video below.
Bitcoin’s Surprising Decline
Bitcoin’s recent plunge has left many in the community puzzled. As CryptosRUs mentioned, “the German government is selling Bitcoin by hundreds of millions of dollars”, adding that they are doing it on the spot exchanges, which has caused significant price disruptions. This method of selling is unusual and raises questions about their intentions.
Government Sales and Economic Problems
The German government’s approach to selling $200 million worth of Bitcoin over the last two days is baffling. CryptosRUs notes, “If they were going to sell, why not just do it on the OTC market?” He speculates that this could be a deliberate move to affect the price, though the rationale remains unclear.
The Global Economic Angle
The issues are not isolated to Germany. CryptosRUs points out other economic troubles, saying “Japan’s Yen has fallen to a 1990 low versus the US dollar”. Similarly, currencies like the Indian Rupee and the Euro are losing value, emphasizing the global scale of economic volatility.
The Enduring Value of Bitcoin
Despite the current market volatility, CryptosRUs remains bullish on Bitcoin. He emphasizes its value, stating, “When all these currencies are compared to Bitcoin, they just keep losing and losing and losing because there is a continuous supply of them and there’s no scarcity factor whatsoever.” The scarcity of Bitcoin makes it a valuable asset to hold in the long term.
Wall Street’s Reaction
Interestingly, it’s not just governments contributing to Bitcoin’s decline. CryptosRUs mentions that several Wall Street entities have been selling their Bitcoin holdings, which parallels the actions of the German government. He adds, “There are those on Wall Street that are selling… they don’t quite get it; they don’t know that Bitcoin is the future.” This short-term trading mindset conflicts with the long-term holding strategy advocated by Bitcoin enthusiasts.
Hope Amidst the Chaos
Looking forward, CryptosRUs still sees potential for substantial gains. He points out that the continued sales from miners and the German government are signs that the capitulation phase might be nearing its end. Once this selling pressure is relieved, he suggests, we could see significant upward movement in Bitcoin’s price, possibly leading to new all-time highs.
Upcoming Developments
Future trends also include the emergence of new financial products. “Three IPs are set to file a Solana ETP in Canada,” notes CryptosRUs, indicating a positive development for other crypto assets like Solana. These moves are critical as they show growing interest and adoption in the broader crypto market.
Community and Technology Alignments
On the community side, the collaboration between established tech figures like Michael Dell and Michael Saylor illustrates a growing acceptance of Bitcoin among high-profile investors. Dell’s recent tweet, “Scarcity creates value”, followed by Saylor’s response, “Bitcoin is digital scarcity,” reinforces Bitcoin’s core value proposition.