2024-12-20 17:24 |
If you've been watching bitcoin, you probably noticed the pullback yesterday. It dropped from $108,000 to $99,000 after the FOMC meeting, where the Fed cut rates, and Jerome Powell, the Fed Chair, when asked about the Strategic Bitcoin Reserve, said: "We're not allowed to own bitcoin and not looking for a law change.". The market, as usual, overreacted by dumping bitcoin. But let me tell you: This dip? It's nothing to worry about.
First of all, Jerome Powell's comments shouldn't have surprised anyone. The Fed doesn't control Bitcoin policy—Congress does. David Bailey, CEO of BTC Inc., even pointed this out, saying the Strategic Bitcoin Reserve would have "nothing to do with the Fed. It'd be housed at the Treasury." So, Powell's comments are irrelevant when it comes to a Strategic Bitcoin Reserve for the USA. The market just needed an excuse to cool off after its recent explosive run.
And honestly, dips like this are healthy—especially in a bull market. This isn't my first rodeo. I've been through three bitcoin bull markets since I jumped in back in 2016, and trust me, these pullbacks are totally normal, and they're part of the process. They shake out weak hands, consolidate support, and set the stage for even bigger moves. From my experience, we've only just entered this bull market, and the real fireworks aren't coming until 2025.
Think about it: Trump hasn't even taken office yet. His administration is likely to push pro-Bitcoin and crypto regulations, and combined with increasing institutional and global adoption the next year could be huge for the space.
So, don't panic. Don't let the short-term noise shake you out of the long-term game. Instead, use these pullbacks to your advantage. I'd personally be buying the dips, stacking sats, and preparing for what's ahead.
This article is a Take. Opinions expressed are entirely the author's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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