Despite the price, it was a bullish week – Bitcoin Magazine

I know this advice is easier said than done, but don’t be sidetracked by the price of bitcoin.

We closed last Friday at $ 56,000 and saw the price reach and the weekend high, but the market decided to pull back. This is a feature, not a bug. Remember, bitcoin is a mature asset and the market is in 24/7 price discovery mode.

If you look past the charts and read this week’s headlines, you’d think a dramatic price hike would happen.

Tuesday, February 23rd

In a deceptively lackluster announcement, the parent company of Cash App Square announced a $ 170 million purchase of BTC which now places 5% of its reserves in bitcoin. Without the incredibly bullish headlines from Tesla and MicroStrategy in recent weeks, this announcement could have made bigger waves. Musk has set the bar very high and this Square move has left many Bitcoiners wondering, “What is an ants Treasury reserve allocation?”

Wednesday, February 24

In their never-ending quest to buy all the sats, MicroStrategy announced its $ 1.026 billion bitcoin purchase. This headline made waves via Bitcoin Twitter and MicroStrategy CEO Michael Saylor makes appearances in mainstream media justify the movement and advocate for bitcoin as a necessary cash reserve asset. Every time he made an appearance, he pushed the Bitcoin meme forward and no doubt left viewers questioning their worldview.

Thursday February 25

Coinbase has announced that its S-1 deposit is to be made public on NASDAQ. This announcement did not report large bitcoin purchases, but did share some very interesting information about Coinbase users and their current BTC holdings.

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We have learned that the exchange has over 43 million KYC compliant users and holds around $ 130 million in BTC. We’ve long speculated on the number of HODLers, and now that we know Coinbase has 43 million users, we’ve got a line in the sand. The Big Head Scraper is how a company that was founded in 2012 only has $ 130 million in BTC to its name.

But I believe the key information here is that it was a incredibly optimistic week, despite price cuts that might suggest otherwise. These are all headlines that further support the idea of ​​the herd coming, and this time it’s institutional led.

The question you should be asking yourself is: What is my personal cash reserve strategy?