The Bitcoin for Corporations Event Concluded yesterday and its impacts on the markets are plain as day.
While the price of bitcoin isn't soaring, yet, when you look at the underlying activity, you can see very clearly what his impact has been.
Taking a look at the flows to and from Exchanges for example, show a very interesting picture.
Check this out:
(Source:
)https://twitter.com/BTC_Archive/status/1357684899709337607/photo/1
- BTC_Archive
As you can see there was a huge surge in the amount of bitcoin leaving exchanges shortly after the Bitcoin for Corporations Event concluded.
Coincidence?
I think not!
While one might say that is just a coincidence if the numbers only showed a slight surge after the event, instead they show (roughly) the largest surge of the year.
This is very likely the Michael Saylor effect.
Corporations went out and started buying on exchanges and moving them to cold storage immediately after the presentation, likely with the Saylor playbook in hand.
It's funny how quickly this guy has become the face of bitcoin to the traditional finance world.
Another interesting thing in all this to me is how strong bitcoin has been and how weak gold has been.
My good friend Tom Lee didn't miss this either...
(Source:
)https://twitter.com/fundstrat/status/1357788610456616969
- fundstrat
He also pointed out how weak gold has been in the face of incredible strength from bitcoin.
This is likely all part of the rotation out of gold and into bitcoin by large institutions to meet their store of value investment needs.
Gold may end up benefiting if inflation does take root, but bitcoin stands to lap it tremendously in that environment.
2021 is looking like it's going to be a very fun year for bitcoin and crypto investors!
Stay informed my friends.
-Doc
