Bitcoin is all set for another red month. That would make 3 red months in a row. How low will we go in June?...We discuss.

Today we discuss Bitcoin in June

TradingShot Chart via Trading View

Chart by Glassnode

• May Market Sell Off… On 19 May 2021, Bitcoin market experienced one of the most significant liquidity events and price draw-downs since Black Thursday in March 2020. The worst of the sell-off on 19 May printed the largest daily candle in Bitcoin history with an intra-day price range of $11,506.

Inflation Is a Dangerous Way to Get Rid of Debt Burdens… Joe Biden’s fiscal plan calls for increasing those taxes on “the rich” and on corporate America to the tune of $3.6 trillion over the coming years. But as an article in The Washington Post (May 28, 2021) pointed out, even if all of Biden’s tax increase proposals were to successfully pass through Congress, their effect in raising federal government revenues would not be fully felt for years ahead.

So, the Biden budget proposal assumes a deficit of $1.8 trillion in fiscal year 2022, based on $6 trillion of government spending (or almost one-third of total planned federal expenditures); and there will be budget deficits for many years after that of at least $1.3 trillion per year. Given the current national debt of over $28.3 trillion, if this were to be the pattern of government spending and borrowing over, say, the next ten years, then, in 2031, the accumulated national debt would reach more than $42 trillion.

Keep in mind…

• Rumors of Apple entering Bitcoin & Crypto…more industry news that is circulating around a new position. “The Apple Wallets, Payments, and Commerce (WPC) team is seeking an experienced Business Development Manager to lead Alternative Payments Partnerships.”
• We have 2021 Bitcoin Conference this month…more bullish news in the Bitcoin space and exciting new companies making their debut. Layer 2 is finally here and its growing at a faster speed.