One of the most bullish signals ever for bitcoin

Bitcoin Talk and Cryptocurrencies
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One of the most bullish signals ever for bitcoin that many investors may have missed

The excitement has pushed Bitcoin BTCUSD to within a few percentage points of a record last hit in April at $64,889. Our call of the day, from James Bianco of Bianco Research, flagged what he termed “one of the most bullish things that has ever happened to crypto,” on his LinkedIn page on Sunday.

“Nearly 50% of the computing power (called hash rate) of the bitcoin blockchain, pulled the plug, packed up, and relocated to another country in a few months. And no one noticed! It signals an incredibly resilient system. I believe this realization is contributing to BTC above $60k again?” he said.

What do you think about it?

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The China ban and the global mining industry’s resilience to pick up and move, sometimes to new jurisdictions, definitely helped minimize the FUD. But sentiment and eventual rulings coming out of the SEC “we’re not going to ban cryptocurrrencies outright” had a bigger impact I think. More financial institutions and governments are supporting crytpocurrencies and the hype around a US based Bitcoin ETF, although futures, all help to keep bulls doing what bulls do.

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