Cuenca Expats Magazine, Issue 45

(January 21, 2024)

On January 3, 2024, Bitcoin turned 15. Today, in the 60,000 range in early March of 2024, it is the single best investment (in terms of growth or return) in history!  Per the original protocol, when it is all said and done, there will be a total 21 million Bitcoins in existence, period.  We are at approximately 19.6 million today, and it’s estimated that about 15-16 million are held in tight strong hands, so there is very little supply of Bitcoin and the supply of new Bitcoins is about to be reduced again soon.

Despite this absolutely amazing record of growth, the majority (perhaps the vast majority) of people do not regard it as a legitimate investment or financial vehicle. In fact, many people still call it a scam, which is “backed by nothing,” and which is a crazy, rank speculation, akin to a roll of the dice at a casino. And this, after the most magnificent run-up in the history of investments! There is a confluence of 3-4 large and very positive events occurring at this time for Bitcoin. Let’s take a look at why Bitcoin still can give you an opportunity for superior growth, and possibly help you survive any inflation that may come along.

1. The next “halving event” will occur on 4/25/24. This means that the number of Bitcoins awarded to the people who “mine” Bitcoin will fall in half, from 6.25 BTC per block reward, to 3.125.

2. On 9/6/23 the Financial Accounting Standards Board (FASB) approved its cryptocurrency asset standards in terms of accounting and disclosure requirements for corporations. This will make it easier and more likely that corporations holding large amounts of cash will convert some of that cash to Bitcoin, or other cryptos.

3. On 1/10/24, the SEC approved 11 new cash BITCOIN ETFs (Exchange Traded Funds). As we might expect, after only 7-8 weeks, there is a torrent of money flowing into these new ETF’s every day. In fact, by some estimates, there is 10 times the money rushing into the Bitcoin ETF’s 

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as there is in the value of new Bitcoins being moved end day! 

4. Finally, the 4th catalyst on the near-term horizon that could cause the price of Bitcoin to skyrocket by maybe a factor of 10-20 times from here, is the possibility of one or two or more countries deciding to adopt Bitcoin as an alternative currency and a strategic national asset. There have been persistent rumors that 2-3 nations in South America and 2-3 nations in the Middle East (Qatar? UAE? Saudi Arabia?) are considering very substantial purchases of Bitcoin.

In summary, it appears that there is a confluence of very positive events occurring right now in the Bitcoin world that should lead all open-minded people to consider adding some BTC to their overall portfolios while it is still available at these price levels. As the governments continue to print more worthless paper, or as geopolitical conditions worsen, there will be more people seeking refuge in Bitcoin.

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