Bitcoin Hits a New All-Time High

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2 years later…

Bitcoin has officially made a new all-time high 🥳

It’s been a monumental week. As I’m writing this, Bitcoin has hit a record high of $73,500.

Record-breaking amounts of money have been flowing in too. Recently, the crypto space saw $2.7B in inflows with 99% of it going to Bitcoin. Sheesh.

It’s gonna keep getting crazier from here.

Bitcoin is going through a demand shock. There’s not enough Bitcoin to go around and there’ll be even less in the coming months.

On average, ETFs have been buying up 4,500 bitcoins every day—some days, this shopping spree is more than 10,000 bitcoins.

This demand has been massively outweighing the current supply as only ~900 new bitcoins are produced daily. And this supply will be cut in half with the halving coming up on April 20.

The trillion-dollar asset managers (like Fidelity) don’t seem to be slowing down either.

A few weeks ago, Fidelity added a 1% allocation of Bitcoin to only one of its funds. Now, they’re increasing their allocation to 1-3% across multiple offerings.

I expect this trend to continue with other asset managers as Bitcoin becomes more normalized.

It’s wild to finally see all of this play out. Congrats to everyone who stuck through the bear market and has been stacking throughout the last 2 years.

If this is your first cycle, strap in cause we’ve ain’t seen nothin’ yet.

Peace,

Fifty Sat

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