As we exit the Christmas period, we compare the growth dynamics of belief systems and bitcoin. There are striking similarities, but also important differences, the most notable of which is that bitcoin is not a faith, it’s a computer programme. However, the growth of religion as a template for the adoption of bitcoin has important consequences.
Markets were subdued towards the end of the year. Should we be worried or is this a natural pause in a bull market? On-chain activity suggests larger holders are holding while smaller holders are more inclined to trade. This might help corroborate our structural thesis that we are in the institutional cycle.
China’s economic struggle and dollar strength remain key concerns as we head into 2025. How will this resolve? Has the Trump administration thrown out an olive branch that will form the basis for some sort of détente? The outcome could be supremely bullish for sound money – gold and bitcoin.
- Ethos Similarities between the growth of bitcoin and religion
- Technical Peak to peak update, new trading range, ETF flows as a contrary indicator
- On-Chain Weak activity, small holders trade but large holders hold
- Macro Hangover period, currency devaluation vs gold as a China solution?
