9 Minute Read

Tackle Today: Bitcoin Makes a Move

February 9, 2024

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«Should You?»

Coach Mark here.

I have not always been a fan of Bitcoin. In many ways I aligned with the Buffett/Munger camp in my views of Bitcoin and crypto in general. That changed dramatically in 2020 when it was obvious that Bitcoin and crypto was starting to catch the eyes of big money…the institutions. At the end of 2020 the institutional theme started to develop.

It is one thing if you, me, and other retail traders are interested in something. It is another if institutional investors get interested. Bitcoin has started to go “mainstream” in a significant way. When Larry Fink from Blackrock is interested, this really isn’t a debate anymore. Bitcoin is on a path of full institutional adoption which means the asset class is growing up in a hurry.

Bitcoin has had a nice move the last few days but Bitcoin itself has not always been a great swing trading instrument. The bursts can be fast, do not always give you the greatest setups, and tend to reward cash flow and buy-and-holders more than traders. Kind of reminds me of gold in that way.

I believe Bitcoin will be at much higher prices one day. This is like my view on gold. The institutional theme is still in the early stages and it is a strong one. What path will it take to get there? Not entirely sure but I am sure the ride will not always be smooth. There is a reason HODL has become a rallying cry in the world of Bitcoin believers and why we like to joke at Tackle Trading that it is the “Church of Bitcoin.” A little faith is required during those rocky times.  I have a feeling the true believers will be rewarded in the end.

Have a fantastic weekend!

Chart of the Day: Bitcoin Futures (/BTC)

We have certainly left the “buy the rumor, sell-the-news” stage of the adoption of the Bitcoin spot ETFs.  Bitcoins price movement can be spotty (pun intended) but it is still workable under many trading/investing approaches.

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