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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

How Bitcoin Will Become A “Report Card” On The Government

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin report card government crypto

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Bitcoin price has pulled back slightly from highs, but the trend has been up for over a year now, and is likely to continue as the nascent technology becomes widely adopted by institutions and traditional market investors.

In the future, the cryptocurrency, according to a top industry figure, will become a “report card” of sorts, scoring the government and its management of monetary policy. Here’s what that means for Bitcoin and why the asset will eventually take on such a role.

Bitcoin To Become Report Card On The Government

The narratives driving Bitcoin these days are nearly endless. There’s the devaluing of precious metals through the digital gold narrative; the currency as the future of collateral; “the stimulus asset”; and much more.

Related Reading | Bitcoin Price Could Close March With First Ever Quarterly Bear Signal

The next narrative and role that the cryptocurrency is will play, according to Galaxy Digital CEO Mike Novogratz, is “report card for how citizens think the government is doing managing their finances.”

“We’re in uncharted territory with how much money we’re printing and #Bitcoin is a report card on that.” – @novogratz pic.twitter.com/SHavy76xSh

— Swan Bitcoin Client Services (@SwanBitcoin) March 15, 2021

These sentiments echo Bitcoin expert Preston Pysh, who recently called the cryptocurrency a “manipulation gauge.” Both comments are in reference to the asset growing rapidly in response to ongoing money supply expansion, driven by government-led stimulus packages.

The United States, for example, has just approved and begun issuing stimulus checks to taxpayers in the amount of $1,400 a piece.

bitcoin black thursday report card

Bitcoin is already working as a report card, giving the government a failing grade | Source: BTCUSD on TradingView.com

Cryptocurrency Will Complete “Secular Shift” Before Making The Grade

Currently, the cryptocurrency is pulling back after a rejection from new highs, but this latest abuse of taxpayer money and a multi-trillion dollar bill that the country’s citizens will foot for years, says that Bitcoin will grow significantly if the report card theory is sound.

When stimulus efforts first began rolling out in 2020, Bitcoin price was still reeling from the Black Thursday panic selloff when the pandemic first struck. The first stimulus checks sent out at $1,200 invested in BTC, would now be worth over $11,000 today.

Related Reading | Expert Take: BTC Has Become A Monetary “Manipulation Gauge”

Those who voted against the government with their dollars that day, now have substantial profits to show for it. The more the government mismanages monetary policy, the larger the cryptocurrency’s market cap will grow, enabling the “report card” effect that Novogratz speaks of.

But before then, he says Bitcoin still has to complete the ongoing “secular shift” in which the asset class has become validated in the eyes of finance, and now every insurance fund, endowment, and more must begin adding it to their portfolio, or risk missing out on capital growth in a disruptive sector.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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