Sideways Action

Writing this in early September with Bitcoin still in the $50,000 range requires a deep breath and a load of perspective.

A lot has happened this year for Bitcoin and with so much going on, it’s easy to feel discouraged and confused based on the current price.

We had Wall Street enter Bitcoin loudly and officially with numerous Spot ETF applications being approved and going live at the start of the year. These ETFs have only gone on to break records for how successful they have been. How successful? Blackrock’s Bitcoin ETF currently holds over 350,000 Bitcoin (nearly $19 billion) and again, it began trading at the beginning of this year.

We also had a Bitcoin halving occur in which the rate at which new Bitcoin is added to the outstanding supply every block that is mined, every ten minutes, was cut in half. Instead of 6.25 new Bitcoin every 10 minutes, we now see only 3.125 which means the daily new supply was cut from 900 to 450 Bitcoin.

We have also seen Bitcoin become a national talking point in an election year. We had two of the three presidential candidates, Robert F. Kennedy Jr. and former President Donald Trump travel to the Bitcoin Conference in Nashville in July to speak to the crowds, about Bitcoin.

We have Wall Street and they aren’t leaving.

We have half the rate of new supply issuance than we had to start the year.

We have presidential candidates from the most powerful country in the world talking about it.

All of these points are extremely bullish for the price of Bitcoin.

Then why is its price so… Boring?

This is where perspective is key.

Exactly one year ago today, one Bitcoin was worth around $26,000. Today, close to 54,000. That is over a 100% increase year to date.

We just struggle to conceptualize this because the price of Bitcoin has been trading in a sideways range between $50,000 and $70,000 for MONTHS.

Humans get bored easily.

It’s why gambling is so addicting and why social media apps have trended toward short-form videos where you can instantly move to the next video with the flick of your finger.

People like excitement and like the next big thing.

Recently, Bitcoin has been anything but that. Bitcoin has been boring.

But the price of Bitcoin being boring is a good thing because fundamentally, nothing has changed.

Bitcoin is still the hardest currency in the world.

Bitcoin still has the backing of Wall Street and the voices of the United States’ presidential debate talking about it.

If anything, this period of boredom should be celebrated. It allows all of us to continue purchasing more SATs to increase our Bitcoin holdings.

Historically, August and September are the two worst months for Bitcoin and we have seen that pattern continue as the price of Bitcoin largely trended sideways or down for the month of August and is even down over 5% today (at the time of writing).

The good news?

October and November are two of the best months for Bitcoin.

I can’t predict the future.

I can however enjoy the present moment and view it with the perspective I need to enjoy being “bored” with Bitcoin.

And I view this boredom as an opportunity.

The fundamentals have not changed, if anything, they have only gotten stronger.

The price explosions will come.

Enjoy being “bored” with Bitcoin.

Stack SATs.

The views and opinions expressed here are for entertainment purposes only and should, in no way, be interpreted as financial or investment advice. Always conduct your own research when making an investment or trading decision, as each such move involves risk. The team members behind Triana are not financial advisors and do not claim to be qualified to convey information or advice that a registered financial advisor would convey to clients as guidance. Nothing contained in this e-mail/article constitutes, or shall be construed as, an offering of financial instruments, investment advice, or recommendations of an investment strategy. If you are seeking financial advice, find a professional who is right for you.