A Day That Bitcoin Finally Made Me Smile!

The world of cryptocurrency really has been rather depressing this year so far. To say we are in a crypto winter and bear market is a foregone conclusion. There are many predicting Bitcoin to crash down into the $30,000 range and that we have so far just seen the tip of the iceberg. Is that possible? I guess anything is possible, but I am hoping that with BTC being used so heavily in ETF's and held by major corporations will prevent such a massive decline.

Today I a finally got a nice surprise when I looked in my crypto wallet. I had become so accustomed to seeing BTC ride along sideways in the $60,000 range that it was almost a shock to see it above $70,000! Last check as of the time of writing we were at $73,699, not too bad a day for sure and it did put a big smile on my face!

Bitcoin over the last seven day from coingecko.com

Of course I still remember last year feeling like a cheerleader as BTC was pushing past $125,000 and eagerly awaiting the push past $130,000. Sadly, it never came. BTC is still down almost fifty percent since then, but days like this still make me happy!

Bitcoin over the last year from coingecko.com

Will this rally last or will the other shoe drop and BTC crash down below $50,000? I'm always hoping for the best, however, I always plan for the worst. I'm not making any big move on BTC right now, I'm not buying or selling. Hopefully, this will be the start of a long needed turnaround. Time will tell, I have my fingers crossed!

HIVE

Now onto Hive, not such a big smile on my face now... It continues to languish in the six cents range and doesn't recover in value when we see a surge in Bitcoin. This is concerning. Not long ago the overall debt on Hive surpassed twenty percent automatically triggering the discontinuation of HBD rewards as posting rewards. This is a mechanism to slow the production of HBD and prevent the debt from climbing ever higher. If it hits thirty percent debt then the next haircut is the depeg of HBD altogether. That would be a very scary day...

Right now Hive is at $0.06483, it really makes me miss the good old days a year back at sixty cents? Remember the good old days?

Now for the one year chart on Hive which isn't pretty, and the trend is concerning. If we don't see some bigger steps to reduce the debt it will be continue down the same path. I think we really need to see a cut in the interest rates paid out on HBD to slow down debt accumulation. I hope the top witnesses will take action on this soon before it's too late. The DHF is another huge problem, and fortunately there have been fewer proposals asking for funds, which is a good start.

One thing you can personally do is make sure to vote for the return proposal as it raises the threshold needed for a proposal to achieve funding. If you haven't voted for it make sure you do! If we don't control inflation the price of Hive could dive below a nickel or even lower. Not something any of us want to see.

Silver

I've always had the silver bug since I was very young and have been collecting/stacking silver for many years. So I also follow those prices carefully. After the Iran conflict began, silver took a big hit but is recovering nicely. COMEX has been doing their best to keep prices down, but they are running short on silver meaning their leverage is slowly evaporating. Demand is very high in Asia and electronics producers can't buy enough silver. It's the best electrical conductor on the planet making it critical in all our devices we use daily. The metal is in short supply and can't be mined and refined fast enough to meet demand, so prices can only go up.

silver over the last five days from kitco.com

I expect silver to go up slowly into the $100 plus range this year. Where will it end up? I'm not sure but it should be a fun ride along the way!

If you don't have your own silver stack no time like the present to start. It is one of the oldest forms of money that has been used since before recorded history and will always have value. Everyone should have at least some physical silver in their portfolio!

That will do it for me today, I do hope I have more days of smiling at Bitcoin prices. I do hope the same for Hive but I am a lot more worried. If you have any ideas on how to help improve Hive prices please feel free to share. With silver prices down I have been buying some silver again, I think it's a good time to buy into that market.

Have a great day everyone, and thanks for all of your support. Feel Free to leave any comments or questions below!

References:

https://www.coingecko.com/en/coins/bitcoin

https://www.coingecko.com/en/coins/hive

https://www.kitco.com/charts/silver

Disclaimer

I am not a financial planner and this isn't financial advice. Please always do your own research before investing your money. You worked hard enough to earn it!

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