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Home Bitcoin

Fund Manager: This is the best time to consider Bitcoin

by Chiwuike Owunwa
Nov 23, 2022 - 12:00 am
in Bitcoin
Fund Manager: This is the best time to consider Bitcoin

On the 22nd of November 2022, the co-founder of Capriole Investment, Charles Edwards, went on Twitter to share his thoughts. He believes that this is the optimal time to buy into Bitcoin.

https://twitter.com/caprioleio/status/1594961520307441666

Referencing historical data and prior bitcoin cycles, he believes that now was the time to buy into the project as there were less than 99 Days before the cycle.

This seems counter-intuitive, seeing as the Bitcoin blockchain is going under, stemming from speculations, the rise of the cost of mining, and the designed increased difficulty to mine new bitcoins. Added to all that naturally occurring crisis, the feds have tightened the noose around the crypto industry, and there have been major crashes from crypto Giants like FTX, with more to join the fray. With all these overwhelming problems it is difficult to see how the crypto industry can rebound from this.

Yet, a slim silver lining exists in the Russia – Ukraine conflict.

Bitcoin was built with a utility as an answer to one of humanity’s biggest modern problems. Centralized power and the potential bullying that comes with having so much power. Bitcoin allows users to bypass their central banks and third-party financial institutions. And coincidentally, the same theory works between a Central Bank and foreign reserves.

With the conflict and resulting sanctions on Russia’s foreign reserves, intellectuals began calling for a mass buyout of Bitcoin as a treasury reserve asset or sanction hedge.

For central banks to be buying cryptocurrencies built to circumvent them, would also sound counterintuitive, but it could work making it difficult for any centralized international power to hold a country’s finances hostage.

With the Russia-Ukraine war, there has been an increased use of cryptocurrencies to send aid and donations to affected members of the country.

If there is a major rally by central banks of countries not on good terms with the West, it will result in the rally bitcoin needs to get back on its feet.

Yet, this is all speculation and there is currently no record of any country considering this as a viable policy to implement.

Tags: BitcoinBTC
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

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