BANK OF AMERICA PURCHASING MICROSTRATEGIC STOCK TO GAIN BITCOIN EXPOSURE IN A REGULATED MANNER

Bank of America and Fidelity bought over 65 million dollars in Microstrategic stocks, this doesn't make sense to me. You can only assume that Bank of America and Fidelity are purchasing Microstrategic stock to gain Bitcoin exposure in a regulated manner. Because we don't have regulations, big companies like this have to do things like buy Microstrategic stocks. This to me means Bank of America and Fidelity essentially are looking to ride whatever appreciation Bitcoin's going to get, maybe they are slightly bullish. Grayscale GBTS is a leader in the cryptocurrency market as an institutional kind of vehicle. I do think you are getting a lot of institutional involvement in the crypto space from the speculative investment point of view.

---

Non-farm payroll, I think has had this expectation every month for the past 9 months and it did the same thing now. We know what is driving the market in 2022 and up until recently and still largely so that case id rate hikes. One of the things that allowed Jerome Powell to be persistently strong with rate is the fact that he had this strong labor market. If the was a weak labor market, it's questionable whether they could do what they are doing but because we have had this better-than-expected non-farm payroll Powell the UMP to keep going. I think the FEDs are not finished hiking and I think is largely relevant. If we were back in 2022, the market would have sold off significantly on this Bitcoin.

---

It's been a largely confusing week for Bitcoin but you always get this kind of price action before some kind of break. If you look at the Bitcoin daily candle, it didn't do a lot. Even though the rate hike price in, the yield markets tell us that is not the case and that they are done with rates. I think we are going to go just this sideways price until you get some sort of definitive data which I think is going to come out low. The macro news hasn't played out too much for Bitcoin which I think is a bullish sign, it shows relative strength. If this was already in a weak or wanting to be a weak market, it would have used that as an excuse and it hasn't.

Reference