Lark Davis- Amazon Buying Bitcoin [WTF IS HAPPENING] (09.12.2024 Summary)

Lark Davis highlights a shareholder proposal urging Amazon to assess Bitcoin as a reserve asset, suggesting this could ignite a wave of corporate crypto adoption. If Amazon or Microsoft proceeds, it would force other tech giants like Apple, Facebook, and Nvidia to follow. Davis compares this to MicroStrategy's Bitcoin purchases but notes the vastly greater impact of moves by corporations with tens of billions in cash reserves. Even a modest allocation of Amazon's $88 billion cash pile could create a significant market shift.

Davis emphasizes that such adoption would be a turning point for Bitcoin, propelling its price toward $250K this cycle. He notes Microsoft's imminent decision and speculates that if it adopts Bitcoin, Amazon might quickly follow to stay competitive. He also stresses that holding excess cash is fiscally inefficient for companies in inflationary environments, making Bitcoin an increasingly attractive asset.

On the market, Davis discusses Bitcoin’s recent correction and highlights key levels, including $92K support and $97K resistance. Momentum indicators suggest room for growth, mirroring patterns from previous bull runs. He warns against irrational exuberance, advising profit-taking as Bitcoin approaches predicted peaks between $220K and $350K this cycle.

Ethereum’s potential is also explored, with Davis predicting a major breakout by early 2025. He critiques the current small market dip as insufficiently significant for accumulation and stresses the importance of waiting for deeper corrections to buy.

Davis concludes by discussing macroeconomic factors like anticipated rate cuts in China and global monetary easing, which he believes will support further crypto growth. He underscores the importance of strategic thinking, avoiding recency bias, and recognizing this as the first real adoption cycle since 2017.