If you've been watching bitcoin, you probably noticed the pullback yesterday. It fell from $108,000 to $99,000 after the FOMC meeting, where the Federal Reserve cut rates, and Jerome Powell, the chair of the Federal Reserve, when asked about the bitcoin Strategic Reserve, <a target="_blank" href="https://x.com/BitcoinMagazine/status/1869474758083166697″>saying: “We are not allowed to own bitcoins and we are not seeking a change in the law.” The market, as usual, overreacted by dumping bitcoin. But let me tell you: this dip? It's nothing to worry about.
First of all, Jerome Powell's comments should not have surprised anyone. The Federal Reserve does not control bitcoin policy; Congress does. David Bailey, CEO of btc Inc., <a target="_blank" href="https://x.com/DavidFBailey/status/1869492626673811945″>even pointed this outsaying that the bitcoin Strategic Reserve would have “nothing to do with the Federal Reserve. It would be housed in the Treasury.” Therefore, Powell's comments are irrelevant when it comes to a bitcoin Strategic Reserve for the US. The market just needed an excuse to cool down after its recent explosive run.
And honestly, declines like this are healthy, especially in a bull market. This is not my first rodeo. I've been through three bitcoin bull markets since jumping in 2016 and believe me, these pullbacks are totally normal and part of the process. They draw weak hands, consolidate support, and set the stage for even bigger moves. In my experience, we have just entered this bull market and the real fireworks won't arrive until 2025.
Think about it: Trump hasn't even taken office yet. His administration is likely to push regulations in favor of bitcoin and cryptocurrencies, and combined with growing institutional and global adoption, the next year could be huge for the space.
So, don't panic. Don't let short-term noise throw you out of the long-term game. Instead, use these setbacks to your advantage. I would personally buy the dips, stock up on sats and prepare for what is coming.
This article is a Carry. The opinions expressed are entirely those of the author and do not necessarily reflect those of btc Inc or bitcoin Magazine.
