Crypto Market Overview November 17th | Dex-Trade
Nayib Bukele and Justin Sun Will Buy 1 BTC Daily
El Salvador’s president and bitcoin maximalist, Nayib Bukele, wrote yesterday that he intends to buy “one Bitcoin every day starting tomorrow,” after which the founder of the Tron cryptocurrency ecosystem and the ambassador of Grenada, Justin Sun, announced a similar plan to accumulate crypto flagship. The strategy of buying bitcoins on a set schedule instead of reacting to market movements is known as dollar cost averaging (DCA). The benefit is that buying regularly removes the emotional component of decision making, and you end up paying less in dollar terms for an investment over the long term than you would spend on a market calculation. The decision of Bukele and San is connected with the dramatic story of the collapse of the FTX cryptocurrency exchange, owned by Sam Bankman Freed, which still has a tangible impact on the digital asset market. Some analysts are still predicting crypto gold to fall to $13,000 as the asset has already lost 76% since hitting ATH at $69,000 exactly one year ago. But there is a difference in the situations of Sana and Bukele. If the founder of Tron uses bitcoins to collateral balance the USDD stablecoin ecosystem, then Bukele, who spent about $103 million to buy the crypto flagship, lost about $63.5 million on these investments as a result of the crypto winter. And it seems that the political electorate will not appreciate the new investment games of the president.
Mark Yusko Doesn’t Give Up: the Forecast for BTC at $100,000 Is Postponed to 2024
In a new interview with YouTuber Benjamin Cowen, managing partner of crypto hedge fund Morgan Creek Digital, Mark Yusko, despite an extended bear market, doubles bullish on bitcoin and says the asset will fluctuate for several months before making a parabolic transition to six-figure. price. According to Yusko, noticeable market changes should not be expected until the first quarter of next year, and the protracted parabolic movement of the crypto-flagship will become distinct only after halving: “The halving is in January or February of 2024, I think. And it’s usually nine-ish months before we get that next parabolic move and you know the speculators will come back, their wounds will be healed and the gamblers will come back…” In his forecasts, Yusko uses the Metcalfe model, which indicates a price of $100,000 exactly in 2024. At the same time, the crypto businessman claims that the digital flagship survived the collapse of FTX perfectly. In his opinion, BTC could really be thrown back to the levels of $12,000 - $13,000, and even there it could not find confident support. But the consequences were much less catastrophic. Yusko also mentioned that some analysts from his circle predict a price of $250,000 for Bitcoin in the next couple of years, but he does not share their excessive optimism. Apparently, a simple, human $100,000 per coin is enough for him.
Admiration for Fed, Hate for BTC, and Respect for Tesla: The Personalities of Charlie Munger
Berkshire Hathaway vice chairman and right-hand man of paleo investor Warren Buffett, Charlie Munger, commented on the collapse of the FTX cryptocurrency exchange, stating that "it is partly fraud and party delusion," emphasizing that "the country did not need a currency that’s good for kidnappers." The 98-year-old businessman also said he likes the US Federal Reserve and hates bitcoin promoters. And it is especially insulting for him to live in the same country with people who were previously considered respected, and now they are promoting "these things." According to him, such people apparently do not care what they promote: “they don’t care whether it’s child prostitution or Bitcoins.” “If it’s hot, they want to be on it. I think that’s totally crazy. Reputation is very helpful in financial life and to destroy your reputation by associating with scum balls and scum ball promotions, it’s a huge mistake.” — Munger said. It’s noteworthy that the businessman said that he was genuinely surprised by the success of Tesla and its CEO Elon Musk. In his opinion, the American auto giant made a real contribution to civilization, and Musk did something good that other people could not do: “We haven’t had a successful new auto company in a long, long time, but what Tesla has done in the car business is a minor miracle.”
