Last week, we mentioned to you freaks that the amount of negative yielding debt that is currently mounting behind the scenes recently hit an all time high above $17 TRILLION. At the end of that rag I said, "Bitcoin waits for anyone who recognizes this insanity and wants to opt out." Well, it seems that the market understands this, as the price of bitcoin has been rising in lock-step with the growing amount of negative yielding debt that has flooded the market.
This is exactly the type of environment Bitcoin was created for. When things start to break and future returns on production pulled forward to today turn steeply negative, Bitcoin is here to remind us that there is an alternative to the madness. There is an asset on this planet, a monetary good at that, that will respect your time by enabling you to store the value earned from allocating some of your time to work in a token that cannot be debased. This chart is a solid data point to show that the market may be waking up to this fact and may help explain why the Bitcoin market cap is currently sitting at an all time high.
Is it the only reason the bitcoin price is pumping right now? Certainly not. But I would be very confident in saying that it is most definitely one of many factors that Bitcoin is rallying.
Pacing calls are the best calls. Pro tip: pace in a circle around a piece or set of furniture.