If you’ve been watching bitcoin, you may have noticed the pullback yesterday. It dropped from $108,000 to $99,000 after the FOMC meeting, when the Fed cut rates, and Jerome Powell, Fed Chairman, when asked about the Strategic Bitcoin Reserve, said: “We are not allowed to own bitcoin and we do not want a law . change,”. The market, as usual, overreacted by dumping bitcoin. But let me tell you: Is this a dip? It’s nothing to worry about.
First of all, Jerome Powell’s comments should not have surprised anyone. The Fed doesn’t control Bitcoin policy—Congress does. David Bailey, CEO of BTC Inc., even pointed this out, saying that the Strategic Bitcoin Reserve will be “nothing about the Fed. It will be kept in the Treasury Department.” Therefore, Powell’s comments are irrelevant when it comes to the USA’s Strategic Bitcoin Reserve. The market just needed an excuse to cool down after its recent explosion.
And frankly, dips like this are healthy—especially in a bull market. This is not my first rodeo. I’ve been through three bitcoin bull markets since I entered back in 2016, and trust me, these pullbacks are completely normal, and part of the process. They shake hands with the weak, strengthen support, and set the stage for even bigger steps. In my experience, we have just entered this bull market, and the real fireworks are not coming until 2025.
Consider this: Trump hasn’t even taken office yet. His administration is likely to push pro-Bitcoin and crypto laws, and combined with increased institutional and global acquisitions next year could be huge in the space.
So, don’t panic. Don’t let short-term noise shake you out of the long-term game. Instead, use these tricks to your advantage. I will be buying dips, stacking sats, and preparing for the next one.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.
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