Crypto
Blockchain Strategies Fund - Newsletter June 2021
June 2021 - Crypto
Dear Investor / Partner / Friend,
So, the retail market fell for the Market manipulation/FUD thrown out during the Month of May (Elon Musk’s ill-informed anti Bitcoin tweets over fossil fuel energy consumption, old & misleading news on a China’s Crypto ban) and more recently Donald Trump´s anti Bitcoin interview (fearful for the USD longterm future). Institutions got their way and drove the price of digital assets down. Watch for huge volumes of institutional buying in June & July and the imminent market recovery!
But today we are pleased to announce huge news for the digital asset class….El Salvador adopts bitcoin as legal tender after passing law (cnbc.com). This is a major milestone in the evolution of Bitcoin and will have huge implications within the crypto asset class. It already appears that a domino effect could be in play as Latin American Leaders Show Support for Bitcoin (Crypto Briefing) take a look at all the Countries Where Bitcoin Adoption Is Being Considered (The Street).
We have been here before!
May saw the first retracement/correction in 7 months, but such retracements are common, even in a bull market, and are healthy in the long term. As the saying goes 'History may not repeat itself but it rhymes'! This is certainly illustrated in the below graph:
As you can see, at almost the exact same time in the bull run 4 years ago, we currently find ourself in an almost mirror position….and look what happened in 2017. We believe we are mid bull run, manipulation is rife and the market has corrected ready for the next leg up. This makes investment very timely!
Cut off for the 30th June dealing date is 25th. This could prove the best entry we see for many months.
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