Bitcoin - You either love it or hate it but you can't ignore it. Ever since President Biden signed an executive order on cryptocurrency on 9 March 2022 which calls for government agencies to create a plan to regulate cryptocurrencies, Bitcoin has jumped. It has seen an increase of 15% over the past week alone.
Will the Bitcoin crypto rally continue? My answer is Yes! In view of the current Ukrainian war, Bitcoin is seen as an alternate source of money. It is hard for central governments to regulate it as it is decentralised. It is also a scarce commodity as there can only be 21 million Bicoins issued.
But will Bitcoin hit USD50,000 this week? It is possible. The current support is USD47500.
As part of my diversification strategy, I do have a small exposure to Bitcoin. I believe that in the long run, Bitcoin will be recognised as an important mode of monetary exchange. It may even hit USD100, 000! I am planting the seed now so that it can grow into a tree.
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Let our seeds germinate to become a 100k old tree.