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Bitcoin surges above $50000 AUD - The Meteoric Rise:

Bitcoin surges above $50000 AUD for the first time since May 2022 due to several catalysts unfolding.

Bitcoin surges above $50000 AUD

Bitcoin surges above $50000 AUD this week and here are the 5 main catalysts that can be viewed as the main stories as to why adequate money poured into Bitcoin.

1. The conflict in Israel has shaken global confidence in growth assets, triggering a shift to 'risk-off' mode. But what is 'risk-off'? Think of it as a two-part strategy.

'Risk-on' occurs when the world is comfortable with taking risks, investing in riskier assets in pursuit of higher capital gains.

Conversely, 'risk-off' indicates a reduced appetite for investing in growth assets, with funds finding safer havens like Gold, Silver, and in more recent times, Bitcoin.

2. The Blackrock Bitcoin ETF has been a major catalyst that could contribute into the $trillions according to a Forbes post.

3. The Chinese stock market (SSE Composite Index 000001) has declined to COVID-era levels, potentially indicating a shift toward a 'risk-off' environment, with a significant drop of -18.81% from its December 2021 peak.

SSE Composite Index

4. The Argentine presidential election has set up a surprising November 19th runoff between Javier Milei, a staunch Pro Bitcoiner/ Anti Central Banker, and incumbent President Sergio Massa, tied to the nation's 130% inflation crisis. Patricia Bullrich, the former conservative security minister who finished third, has endorsed Milei, potentially swaying her supporters in his favor.


Pro Bitcoiner Javier Milei


5. The Bitcoin halving is approaching in April 2024. The Bitcoin halving occurs every four years, which reduced the NEW bitcoin entering the market by 50%. This shock of supply has historically pushed Bitcoin price above all time high due to the demand increasing, while supply reducing.

Santoshi
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