Bitcoin Breaks $56k, Ether Goes Over $2k, Musk Changes Profile Pic To “Bitcoin Anime Girl”

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin broke through $56k overnight and with the stock markets closed, even a leg up to $60k couldn’t be ruled out according to analysts. Meanwhile the excitement for Ether 2.0 and the interest of Wall Street investors for DeFi makes sure that the price of Ethereum lept over the $2,000 price mark.

Crypto is clearly experiencing a major bull run. Crypto fan Elon Musk even changed his profile pic to a Bitcoin Anime girl meme. Given the ongoing hype among crypto fans to include laser eyes to their profile pics until Bitcoin reaches $100k, Musk also added these to the meme, but assured his followers it was just for a day.

When he changed his profile on Twitter to the Bitcoin hashtag last month, the most famous crypto jumped as well. Meanwhile the market capitalization of Bitcoin broke through a 1 trillion valuation for the first time ever.

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Gold bug

Whilst social media commenters are mostly optimistic, eternal goldbug and second most influential (yes truly) crypto personality on social media, Peter Schiff, is of course taking a lot of heat over his failed forecast that Bitcoin would never touch $50,000. The biggest ever gold fan admitted that at this point even:

A move up to $100,000 can’t be ruled out. However a move down to zero can’t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable. If you don’t want to gamble buy gold.

Schiff thus keeps his old adage that gold is a far safer investment than Bitcoin or any other crypto. On his weekly show, called The Peter Schiff Show Podcast, he blasted the US government for daring to hand everyone a $1,200 stimulus check in December, which they all received in January.

According to him, a great deal of this money was spent on crypto investment as well.

Biggest trade deficit in American history

Although we are not convinced of Mr Schiff’s preferred choice for gold as a deflation hedge, we must admit that in his weekly podcast made an important point with regards to the world’s biggest economy. He stated:

With all of the ships that are queuing up off the coast of California, waiting to unload their goods, all these containers that are being put back on ships empty the minute they land because there is such an enormous demand in Asia to ship stuff to America. It costs ten times as much money to ship goods to America as it does the other way around.

We are about to post the biggest trade deficits by far in American history.

In fact, just as in many Western European countries, Mr Schiff noted that in the US many people left on furlough in fact received more money in furlough and stimulus cheques than they did in salary before. The crazy thing is that Europeans saved theirs, and Americans are spending it.

The size of US spending and it’s dollar inflation was shown again yesterday when it became clear just how big the Fed’s balance sheet had become.

If Joe Biden indeed goes on another round of sending stimulus cheques, that $100k price tag for Bitcoin could come easier than technically foreseen. Not only because of the growing interest for crypto, but because of the weaker dollar.

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