Bitcoin Rips Above $60K! Who's Buying?

Summary

The script discusses the recent surge in Bitcoin's price to over $64,000, analyzing reasons for the increase such as institutional investors buying through ETFs at an unprecedented rate. It explores who the anonymous 'Mr. 100' whale buying 100-1300 Bitcoin daily could be. The script advocates a Bitcoin savings strategy rather than trading, citing data showing Swan users with active savings plans are overwhelmingly in profit. It argues we're likely at the start of a new Bitcoin bull market and more gains are ahead, with technical and on-chain data backing this thesis.

Takeaways

• 😲 Bitcoin hit new all-time highs of $64k
• 💰 Institutional investors are buying huge amounts of Bitcoin via ETFs
• 🤑 An anonymous whale has been buying 100-1300 Bitcoin per day since November 2022
• ⚡️ Bitcoin is now ranked as a top 10 global superpower by money supply
• 👍🏻 100% of Swan users with active BTC savings plans are in profit
• 🔥 Bitcoin futures interest and trading volumes are hitting all-time highs
• 📈 Analysts predict Bitcoin will hit $100k+ before next halving in April 2024
• 😎 Coinbase crashes are a sign we are entering a bull market
• 🤯 Satoshi took the concept of perfect money and programmed it into existence
• ❤️ Keep stacking sats while institutions fomo into Bitcoin

Q & A

What price level did Bitcoin reach early in the morning?

The transcript mentions that Bitcoin hit $59,000 early in the morning, and then $64,000 just a few hours later.

Who is buying hundreds of Bitcoin per day according to the transcript?

The transcript refers to an anonymous whale buying hundreds of Bitcoin per day. It also speculate that it could be Jamie Diamond, Jeff Bezos, or some other entity with significant capital.

What is the Bitcoin halving mentioned in the transcript?

The Bitcoin halving is an event that happens roughly every 4 years where the bitcoin mining reward per block is reduced by 50%. The next halving is expected to occur in April 2024.

How much Bitcoin are ETFs buying compared to miners?

The transcript states that ETFs are buying 10x the amount of Bitcoin produced by miners every single day.

Who is Mr. 100 referred to in the transcript?

Mr. 100 seems to refer to an anonymous entity that has been buying 100 bitcoin per day since November 2022. On the day referenced, they bought 1300 bitcoin.

What percentage of Swan users with an active savings plan are in profit?

According to the statistics referenced, 100% of Swan users with an active savings plan are in profit, with a median cost basis of $31,250 per Bitcoin.

What is the predicted Bitcoin price level prior to China mining ban?

The transcript estimates that Bitcoin likely would have reached $100,000 last cycle if not for the China mining ban and FTX selling.

What is the sign that we are nearing a bull market top?

The transcript suggests that when Coinbase crashes multiple times due to high trading volumes, that is a sign we are nearing the top of a bull market.

How does the current futures interest compare to previous cycles?

According to the tweet referenced, Bitcoin futures interest is nearing all-time highs, more so than at the same point in the previous two cycles leading into the halvings.

What makes Bitcoin a technological breakthrough?

As stated in the referenced tweet, Bitcoin represents the first successful implementation of perfect money - hard capped supply and increasing purchasing power, which is a conceptual breakthrough.