Wall Street Wants Your $37,500 Bitcoin

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Although Futures traders worry about a possible pending correction to come (just as we do) into the crypto market, the overall news remains very positive indeed for the world of Bitcoin, Ethereum, Chainlink, VeChain, Dogecoin and all others. At the time of writing, Bitcoin is trading at $37,500, Ethereum at $1.2k and even Chainlink is making a comeback.

Now that the Georgia Senate race seems run and could turn the political spectrum in favor of the Democrats for the next two years at least (until the next midterms). Now that the U.S. Office of the Comptroller of the Currency (OCC) issued a letter approving U.S. banks to use public blockchain networks. Now that Bitcoin and Ethereum are tilting towards ever higher prices, Wall Street seems eager to buy your Bitcoin with every new low.

Stimulus

The expectation is that the opinion piece in the Wall Street Journal which we discussed yesterday is correct and therefore mass stimulus programs will be opened up soon, leading to a deflation of the dollar.

I mean, why not?

35k wall, pfff.#Bitcoin pic.twitter.com/Yn8WHQytBo

— Preston Pysh (@PrestonPysh) January 6, 2021

At least, that is also the opinion of influential podcaster Preston Pysh, who hosts very informative programs on investing. He stated that:

I’m telling you….don’t let anyone trick you into selling your Bitcoin…. Wall Street wants your bitcoin more than you could ever imagine – don’t give it to them. They are going to pull all the manipulated tricks and lies they’re experts at – Do. Not. Sell. It. To. Them!

According to Preston’s logic, institutions realize that the US dollar will get printed like crazy in the coming months in order for the US government to restart the covid-struck economy and are therefore hedging like never before to protect their investments.

Validator nodes

Even Bitcoin, which saw a 17% drop earlier this week in a matter of hours, is likely not enough anymore. According to popular belief in the cryptosphere, the OCC letter has also unleashed a buying rush into Ethereum, which would explain why that coin is now close to it’s all time high as well.

The Comptroller of the Currency Brian Brooks said in a statement.

Our letter removes any legal uncertainty about the authority of banks to connect to blockchains as validator nodes and thereby transact stablecoin payments on behalf of customers who are increasingly demanding the speed, efficiency, interoperability, and low cost associated with these products.

Sure seems like a wonderful 2021 is upon us.