I just had an interview with @BloombergTV about the recent #BitcoinRollerCoasterMoment. Here's a summary of my views (NFA, DYOR):
Despite the mixed data, I agree with Bitwise's @Matt_Hougan's opinion: for long-term investors holding for three years or more, the current pullback presents a good strategic buying opportunity.
Why did the price of Bitcoin plummet last week? The trigger was policy uncertainty stemming from the new Fed candidate, coupled with risk aversion due to macroeconomic and geopolitical factors. Following the 10/11 attacks last year, overall liquidity in the crypto market tightened, and any sell-off was quickly amplified.
What's next? Macroeconomic factors are crucial—pay attention to the US quantitative easing policy and global money supply (M2) growth. I also have a positive outlook on the tokenization of Real-World Assets (RWA) as a major driving force for applications.
The four-year cycle still exists, but it has now been "smoothed out" by Wall Street capital represented by ETFs and DAT. Bitcoin remains the purest asset reflecting liquidity—from a 3-4 year perspective, the current $70,000 level is a good entry point (DCA phased entry is recommended).
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#Cryptocurrency #BTCUSD
bloomberg.com/live/asia
