Bitcoin Returns to 1 Trillion Market Cap This Week

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Bitcoin crossed the $1 trillion market cap on Wednesday. So how did we get here? We're taking a look the times Bitcoin made headlines in 2021 — as told through Twitter.

And keep scrolling to the end for our Rippers take 🔥

February 19: Bitcoin hits $1T market cap for first time

Price $53.7K

March 14: India proposes cryptocurrency ban... again

Price $59K

April 14: Bitcoin hits all time highs

Price: $64.5K

May 12: Tesla suspends the purchase of their products with Bitcoin

Price: $56K

May 16: Bitcoin keeps going lower, Elon keeps going at BTC

Price: $45K

May 19: Bitcoin falls below 40K

Price: $40K

May 19: Cathie says she think Bitcoin will go to $500K

Price: $40K

May 22: Bitcoin Pizza Day

Price: $37.5K

May 25: China starts banning crypto mining activity

Price: $38K

June 9: El Salvador congress passes Bitcoin $BTC as legal tendar

Price: $37K

Mid June: China kicks Bitcoin miners out

Price: $32K

July 7: First senator on disclosed buying crypto

Price: $34K

July 21: The B Word conference with Jack Dorsey, Elon Musk and Cathie Wood

Price: $30K

July 23: Amazon hiring someone to maybe get more into crypto

Price: $33K

August 9: Senate rejects crypto bill

Price: $46K

August 23: Visa buys NFT

Price: $49.5K

We also covered this story in a past newsletter. Peep it here.

September 7: Bitcoin officially becomes legal tender in El Salvador

Price at Open: $52.6K

Price at Close: $46.9K

September 24: China bans all crypto related transactions

Price: $44K

October 4: Bitcoin Flips Facebook

Price: $49.4K

October 6: Bitcoin back over $1 trillion

Price: $54.5K

Although hitting milestones such as a $1 trillion market cap shouldn’t mean anything, the reality is that it does! The human brain loves passing these nice round numbers even if it has absolutely zero effect on anything.

I hope it’s not the type of milestone we look back on as a top signal. If I put my speculation tinfoil hat on, I do believe we will see all time highs again. But that’s not what’s important… it’s what happens after!

Bitcoin has done the same thing multiple times now. It cycles between the bull and bear market, each one with higher highs and lower lows than the previous cycle. The past doesn’t repeat itself, but it does tend to rhyme. I think it’s only fair that what has happened 100% of the time before is the base case for what we can expect going forward.

Applying that logic, I think we will see another prolonged bear market at some point. Who knows when it will happen or what number Bitcoin will hit first, but I still think it will happen. We will eventually see Bitcoin well below its current $1 trillion market cap, and it could stay there for a little. The best time to buy things is when they’re going down and weak hands stop believing.

Crypto is still a significant portion of my portfolio, and I have no plans to sell any of my Ethereum or Bitcoin. I am a long term investor with a 10+ year time horizon that believes time in the market beats timing the market. The cycle will continue, and I see another bull market that makes new all time highs coming out of that bear market. It could take a while, but I’m willing to wait. And I will be watching to accumulate more in the next bear market.

Bitcoin was the best performing asset class of the last decade. Can it happen again this decade? Who knows. But what do you think? Send me a DM on twitter and let me know your thoughts!