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Is $100K Bitcoin Really Inevitable?
A.Z.9 min read·Just now--
And why are altcoins waking up now?
What Happened
Bitcoin went from $75,000 to $82,000 this week — its highest price since January — and most of the crypto media responded by doing what crypto media always does: telling you the $100K target is inevitable and that everything is fine. So let me save you the optimism and just tell you what actually happened.
The Fed held interest rates steady at 3.5–3.75% on May 6–7, its third consecutive hold, which surprised nobody. But the meeting had a detail that got less attention than it deserved: four officials dissented on the decision, the highest internal disagreement since 1992. That’s the Fed signaling that it isn’t nearly as unified as the headline “hold” makes it sound. Jerome Powell also confirmed this was essentially his last act as chair. His term expires May 15, and the Senate is expected to confirm Kevin Warsh as his replacement this week.
Warsh is the interesting part. His financial disclosures showed investments in Bitwise, Compound, and Solana. The next Fed Chair holds crypto. Make of that what you will.
The Iran situation continued to dominate macro without getting nearly enough attention from crypto Twitter. The US-Iran war — now in its third…
