By Bam
With all the fear going on in the markets, just as the FED has increased interest rates, it is natural to see an effect on the price of bitcoin, but as the saying goes:
When in doubt, zoom out.
The fundamentals continue to remain strong, as we can see in the charts. Even though the price is moving around 50% lower than the historical all time high (ATH) we can still see: An ATH of 64.9% of the bitcoins (and growing) are intentionally being "HODLed" for more than a year. Keep in mind that these people could have sold for $58,000 a year ago, experienced a draw down to $29,000, then an appreciation to $69,000, and another draw down to $34,000 without flinching. Hash rate is at an ATH, with new machines being plugged in on a daily basis, as miners become increasingly creative in how they acquire cheaper energy and build bigger infrastructure. The amount of addresses with a balance — which could be considered adoption — continues to increase. It is just a matter of lowering our time preference; the path is paved, we just need to continue moving forward.
With love,
Bam | 