If you have been following Bitcoin, you may have noticed the pullback yesterday. It fell from $108,000 to $99,000 after the FOMC meeting, where the Fed cut interest rates. When Jerome Powell, Chairman of the Federal Reserve, was asked about the Bitcoin Strategic Reserve, He said: “We are not allowed to own bitcoin and we are not seeking to change the law.” The market, as usual, overreacted by dumping Bitcoin. But let me tell you: this decline? No need to worry.
First of all, Jerome Powell’s comments should surprise no one. The Fed doesn’t control Bitcoin policy, Congress does. David Bailey, CEO of BTC Inc. Until he pointed this outSaying that the Bitcoin Strategic Reserve will have “nothing To do with the Fed. “It’ll be in the closet.” So, Powell’s comments are irrelevant when it comes to the US Strategic Bitcoin Reserve. The market just needed an excuse to calm down after its recent explosive run.
Frankly, such declines are healthy, especially in a bull market. This isn’t my first rodeo. I’ve been through three Bitcoin bull markets since it jumped back in 2016, and trust me, these pullbacks are completely normal, and part of the process. They shake up weak hands, bolster support, and set the stage for bigger moves. In my experience, we have just entered this bull market, and the real fireworks won’t come until 2025.
Think about it: Trump hasn’t taken office yet. His administration will likely push pro-Bitcoin and cryptocurrency regulations, and coupled with growing institutional and global adoption in the coming year, that could be huge for the space.
So, don’t panic. Don’t let short-term hype take you out of the long-term game. Instead, use these pullbacks to your advantage. Personally, I would buy the dips, stack the sats, and prepare for what’s next.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
Comments are closed, but trackbacks and pingbacks are open.