Pretty hard for THEM to ignore Bitcoin now!

Remember when Jamie Dimon called bitcoin a fraud? Or how about when Warren Buffett called it Rat Poison Squared?

Or how about when Jamie Dimon said he would fire any of his traders for trading bitcoin? (Yep he actually said that...)

Well, it's come a long ways since then.

Numerous billionaires and billion dollar companies have opted to use it like digital gold, as a digital store of value.

And it's now the 6th largest currency in the world...

Check it out:

(Source: https://twitter.com/SimonDixonTwitt/status/1331317102893010952/photo/1)

It's funny how quickly things can change!

While some might argue that bitcoin doesn't really work as a currency, myself included, it certainly works as money and may some day also work as a currency.

That being said, my feelings are that it's going to make a run at top 3 on this list by end of next year, mark this post.

Bitmex is bad for Bitcoin Prices?

I stumbled upon something else today that I found rather interesting...

It's the balance of BTC on Bitmex correlated with the price of bitcoin, specifically the two seem to be negatively correlated.

When the balance of BTC goes down on Bitmex, the price of bitcoin goes up and conversely when the balance of BTC goes up on Bitmex, the price of bitcoin goes down.

Check it out:

(Source: https://twitter.com/n3ocortex/status/1329845383988711425/photo/1)

Ever since the DOJ investigation into Bitmex and it's officers went public, the exchange has seen a massive exodus of bitcoin.

And what has happened to the price of bitcoin during that time, it's basically gone straight up after an initial freak-out dip.

Make of this data what you will, but perhaps an exchange that allows users to use 100x leverage isn't good for sustained bull markets, who would have thunk?!

Anyways, would not be surprised if bitcoin dips at some point here, it's come very far very fast.

The only question is whether that dip will be here, at $20k, or $22k etc... but it's coming.

I sold some GBTC today in my IRA as the premium in that had spiked to over 26%, the highest it has been in months.

Stay informed my friends.

-Doc

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