The SEC to Save Crypto? Incoming SUPER BULLISH News

Bitcoins recovery:

At least he hodled. Yeah I was watching the superbowl. I’m getting the full American experience. My new favourite food is Roscoes chicken and waffles. Bit of hot sauce on the chicken. Oooo.
We’re dipping hard boys. Dipping hard. We’re losing almost $50 billion a day at this rate. I don’t mean to down play this, this could be over tomorrow. Or it could take years to recover from. No one is sure.
It’s a perfect storm of growing to a ridiculously high unsustainable peak compounded with bad news after bad news. If you zoom out 3 months it doesn’t look that bad, when you consider when you could’ve sold at the top, or potentially a lot of people buying at the top, then this is one of the most painful crashes in recent memory. Which is a huge psychological hurdle for many to overcome.
This is what scares me most about this crash. Bitcoins main function is as a store of value. If you check out this chart you can see just how little main stream adoption we have for using it as a currency. with good reason it is not ready yet. Being this volatile it is no longer seen by many as a very good store of value.
I don’t agree with this mind set, but that doesn’t matter. It’s what people think generally that matters, and they will care about the shorter term. The general public want to buy and sell at any point of any given day, and wild swings like this are bad for them. They will ask things like: Why is bitcoin a better hedge against inflation then say investing in an index fund or some other way that people use to store value and not suffer from reductions due to inflation?
Of course if you zoom out and look at Bitcoins stability year on year, it paints a different picture. The actual value of Bitcoin for me is choosing mathematics over politicians, sovereignty of my own money and being able to hedge against fiat. I want a rising USD price too but I’m ok to wait.
Let’s think about what is good about this crash. Let’s say the vision of crypto has clicked with you, and you have no fear of the USD price or no fear that the USD price will go up, it’s a chance to accumulate more before the actual market recovery. It’s a hollow victory for many I know. But it is something and not insignificant for many.
Many are hoping from some bullish news from the SEC tomorrow.
We see what these guys say tomorrow: https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39
Great summary of it here on Twitter, I will link below: https://twitter.com/valkenburgh/status/960572899886288897
Support from the SEC is a huge deal. If America issues a clear and positive statement this could be the ripple effect around the world and the start of something huge. Or it could not be. And the whole thing is just more vague nonsense. The end of the dip people are hoping for! I really hope so too. Positive news out of them combined with another drop in marketcap would be imo disastrous for investor confidence. Fingers crossed.