From yesterday’s update:
It remains a game of patience. The new dawn will come.
Well, didn’t expect the new dawn to arrive within 12 hours.
VG has shot up straight to 8.62. This is a very overheated level, so I’d urge you to exercise some caution. We’ll have to wait and let things settle down before coming to any conclusions. It’s only been half a day since Tesla’s big — albeit rather expected — announcement. Perhaps the most interesting bit in Tesla’s are these two lines:
…may acquire and hold digital assets from time to time or long-term…
…which [bitcoin for product sales] we may or may not liquidate upon receipt…
We have seen this with a new wave of investors who are bringing a new long-term holding behaviour to the market. This is the possible paradigm shift that I keep warning about — and we have to watch closely and see if it materializes. If so, our VG levels may need to be adjusted or entirely stop working.
In another significant landmark, VG ~9 now corresponds to $50,000.