btc500k

Today, he sold almost all his $BTC at $103K. He claims to have been holding since around $25K and says he'll only buy back below $40K. He also has certain expectations about the market's future, but there are several reasons to question the validity of his actions and predictions.

### His Crypto Journey and Current Decision

He describes his experience in the crypto space as eventful, filled with numerous mistakes in trading since the FTX bankruptcy. Currently, he has sold all his BTC and has no intention of repurchasing until the price is between $40K and $30K. He bases this decision on what he considers to be his market research.

### The Flaws in His Reasoning

#### 1. Narrow View on Risk-Reward
He believes that many people wrongly hold onto their BTC, while he prefers to trade based on cycles and his risk-reward (r/r) plan. He states that the current r/r for BTC is around 15 - 20%, which he finds unappealing as he questions the wisdom of risking a potential 300% profit for an additional 15%. However, the cryptocurrency market is highly unpredictable and influenced by a multitude of factors beyond just the r/r ratio. For instance, the acceptance of BTC as a legitimate form of payment by major corporations could significantly increase its value, regardless of the current r/r.

#### 2. Overreliance on Past Bull Run Patterns
He notes that $BTC had its second price run from $31K to $73K, reaching a new ATH before the halving, unlike previous cycles where the ATH was reached after. He concludes that many retail investors were mistaken in thinking the bull run would start after the halving and that we are already in it. But the market is constantly evolving, and a single deviation from the past pattern doesn't guarantee a new, permanent trend. New technological advancements or regulatory changes could cause the market to revert to previous behaviors or follow an entirely new trajectory.

#### 3. Excessive Dependence on Historical Cycles
He heavily leans on historical market cycles to predict that BTC will hit its peak in November - December 2024 and that the bull run will end in September 2025. He cites similarities in past bull and bear markets, such as the timing of peaks before halvings and the durations and percentage drops in bear markets. However, the cryptocurrency market has grown and changed substantially. The entrance of new institutional investors, the development of new blockchain technologies, or changes in global economic policies could disrupt these historical patterns and render his predictions inaccurate.

#### 4. Speculative Altseason and Narrative Predictions
He anticipates that alts will experience a significant price increase soon and that once BTC moves sideways, its dominance will decline, leading to a major altseason. He also believes that the AI narrative, which he thinks hasn't fully materialized in this bull run, will drive up related altcoins, along with DePin, RWA, etc. These predictions are highly speculative. The success of altcoins depends on a variety of factors, including technological innovation, competition, and adoption rates. Just because a narrative is popular doesn't ensure that the associated altcoins will perform as expected.

### Evidence Suggesting Bitcoin Could Reach $1 Million

Despite the uncertainties in short-term market movements, there are some factors that could potentially drive Bitcoin's price to $1 million in the long term. One of the most significant is its limited supply. With a maximum of 21 million Bitcoins that will ever be created, as adoption and demand continue to expand over time, the scarcity factor could have a powerful impact on its price. For example, if Bitcoin were to become a widely adopted global store of value, similar to gold, its price could increase exponentially. Consider that the total value of all gold in the world is estimated to be in the trillions of dollars. If Bitcoin were to capture even a fraction of that value as a store of value, given its limited supply, its price could easily reach $1 million. Additionally, as more countries and institutions recognize and invest in Bitcoin, its liquidity and stability could increase, further fueling its price growth. The growing interest from institutional investors, such as hedge funds and asset management firms, is also a positive sign. Their entry into the market brings in significant capital and could contribute to a long-term price increase.

In conclusion, while he has made certain decisions and predictions based on his understanding of the market, there are many factors that could prove him wrong. And when considering the long-term potential of Bitcoin, there are valid reasons to believe that it could reach the $1 million mark, despite the current market uncertainties.
#BTC500K #BTC☀

$BTC

It pulls liquidity onto itself, forming an ascending flag. Targets for it are $140-150k
#BTC☀ #BTC500K #BinanceSquareFamily #BinanceLaunchpoolVANA #BTCReclaims101K

Satoshi Nakamoto owns the most bitcoin with an estimated 1.1 million BTC. Satoshi not only invented but also kickstarted Bitcoin, by being the first miner to create blocks of transactions. It is estimated that Satoshi mined more than 22,000 blocks starting from January 3rd, 2009, and received more than one million bitcoin in cumulative block rewards for the work.
How Many Bitcoin Does Satoshi Have?
As a result, Satoshi is estimated to have more than 1.1 million BTC, valued at approximately $113 billion in December 2024. This bitcoin is not stored in one address but spread across roughly 22,000 addresses. None of it was ever spent besides a few test transactions. Satoshi left the project in 2010 and hasn’t been heard from since.
Individual Bitcoin Whales
Tyler and Cameron Winklevoss: Following their 2008 settlement with Mark Zuckerberg for $65 million worth of Facebook shares and cash, the pair started an angel investment company. A few years later they would announce they had bought approximately $11 million worth of bitcoin at an average cost basis of $10 per coin. It’s estimated that the Winklevoss twins own ~70,000 BTC.
Tim Draper: The VC titan has been interested in Bitcoin for a while; so much so that he made one initial purchase of 40,000 BTC at the Mt Gox exchange.
Unfortunately, all 40,000 coins were lost in the hack and subsequent bankruptcy. However, in 2014, Mr. Draper purchased 29,656 BTC for $18.7 million at a cost basis of approximately $632 per coin.
Michael Saylor: The founder and chairman of Microstrategy revealed in an October 2020 tweet that he personally held 17,732 BTC. It is reasonable to assume that he has since acquired more—being such a public Bitcoin Bull
Microstrategy 386,700
Blackrock 610,430
Grayscale 215,941
Now let's discuss something interesting about:
GMT and GMT DAO: The Journey of Innovation and Community Empowerment
GMT, a previous Binance Launchpad project, stands as the heartbeat of its expansive ecosystem. It has evolved into a pivotal token within platforms such as STEPN, STEPN GO, MOOAR, and DOOAR, enhancing user experiences across diverse blockchain applications. This article dives deep into GMT's recent developments, including the groundbreaking 600M GMT Buyback and BURNGMT Initiative, and explores the impact this move could have on the token's ecosystem.
GMT DAO and Ecosystem Overview
GMT DAO serves as the backbone of the GMT ecosystem, managing an ecosystem fund that fuels the development of various innovative products, including:
STEPN: A fitness app boasting over 6 million active users.
STEPN GO: A gamified fitness extension.
MOOAR: A leading NFT trading platform.
DOOAR: A cross-chain DEX for seamless asset trading.
Partnerships with global brands like Casio, ASICS, and Adidas further solidify GMT's position as a market leader. These collaborations reflect GMT's vision of merging blockchain with real-world applications, offering unique experiences for users globally.
The 600M GMT Buyback and BURNGMT Initiative
One of the most significant moves in GMT’s history is the recent buyback of 600 million unlocked GMT tokens. Valued at $100 million, these tokens include early allocations for advisors, teams, and investors that had not been unlocked. Here’s why this initiative is monumental:
1. Demonstration of Confidence: The buyback underscores the GMT team’s unwavering faith in their ecosystem's growth and sustainability.
2. Strengthened Tokenomics: Burning these tokens would reduce the total supply significantly, enhancing scarcity and potentially boosting value.
3. Community Empowerment: The decision to burn these tokens lies with the community through the BURNGMT voting initiative.
BURNGMT Voting Initiative: How It Works
The BURNGMT initiative allows GMT holders to participate in a 60-day locked voting event from November 21, 2024, to January 20, 2025. Here’s a breakdown of the mechanism:
Voting Process: Participants lock their GMT tokens to cast votes on whether the 600 million repurchased tokens should be burned.
Reward Pool: To incentivize participation, a 100M GMT reward pool is distributed among voters based on their locked GMT amount.
Community Impact: By participating, you not only influence GMT's future but also share in the benefits of a more robust tokenomics model.
Why Participate in the BURNGMT Initiative?
1. Empower the Ecosystem: Burning 600 million tokens removes a significant portion of supply, reducing inflationary pressures.
2. Be Part of History: This initiative showcases blockchain's unique ability to engage communities in meaningful decision-making.
3. Earn Rewards: Sharing in the 100M GMT reward pool ensures tangible benefits for your participation.
GMT Tokenomics and Burn Impact
The potential burning of 600M GMT tokens would significantly reshape the token's distribution:
Reduced Supply: Eliminating these tokens from circulation enhances scarcity, benefiting long-term holders.
Strengthened Value: Lower supply with sustained or increasing demand could drive up the token's market value.
Ecosystem Growth: Reallocating these tokens to the DAO ensures continued funding for product development and partnerships.
How to Participate in the BURNGMT Initiative
Here’s a step-by-step guide to joining this transformative event:
1. Prepare Your GMT: Acquire and hold GMT tokens in your wallet.
2. Lock Tokens for Voting: Participate through the official GMT voting platform during the voting period (Nov 21, 2024 – Jan 20, 2025).
3. Cast Your Vote: Decide whether the tokens should be burned or retained.
4. Claim Rewards: After the event concludes, claim your share of the 100M GMT reward pool based on your voting participation.
GMT Ecosystem Products and Partnered Brands
GMT isn’t just a token; it’s an enabler of cutting-edge blockchain innovations:
STEPN and STEPN GO: Revolutionizing fitness through gamification and rewards.
MOOAR: Driving NFT adoption with seamless trading experiences.
DOOAR: Simplifying cross-chain transactions for Web3 users.
Collaborations with Casio, ASICS, and Adidas amplify GMT’s visibility and utility, bridging blockchain with mainstream industries.
The 600M GMT Buyback and BURNGMT Initiative exemplifies the GMT team’s commitment to innovation, community involvement, and sustainable growth. By burning these tokens, the ecosystem could witness enhanced tokenomics, strengthened market confidence, and accelerated product development.
Don’t miss your chance to participate in this historic event. Join the BURNGMT initiative, shape the future of GMT, and share in the rewards.
What are your thoughts on the BURNGMT initiative? Let’s discuss in the comments below
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#BTC500K #Binancepen_spark #DIN