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The Next Bitcoin Breakout? Nancy Pelosi might have the answer

The Next Bitcoin Breakout? Nancy Pelosi might have the answer

Are lawmakers now good news for Bitcoin? Perhaps those who trade stocks. A new disclosure showed that Nancy Pelosi, who was a huge market performer, made big new tech deals totaling about $2.1 million.

The revelation shocked many traders on Monday. The husband of the Speaker of the United States House of Representatives, Nancy Pelosi, financier Paul Pelosi, made a large purchase of Apple call options (between $750,000 and $1.5 million) and Microsoft stock options (between $300,000 and $600,000) on May 24.

The timing of Pelosi’s exchanges (this includes both the lawmaker and her husband) has been called flawless or “too flawless” on several occasions.

On the one hand, Congressional Trading’s high revenues in 2021 have raised suspicions of possible insider trading and many are calling for lawmakers to ban the activity, believing that the disclosures are not enough and that the operations of Congress could have an unfair advantage. because of the information. of politicians could acquire before the general public.

On the other hand, Pelosi’s famous stock market outperformance has prompted traders to Google “Pelosi’s stock market” for some time now. Search hit an all-time high in January, Reuters reported. Naturally, these operations of the Congress have become a kind of indicator of the future of the market.

Just hours after the disclosure, Apple announced the new M2 chip, the debut of “the second generation of M-series chips” that comes to improve the M1 with better features and performance. Shares of Apple Inc. subsequently outperformed peers, rising 0.52% to $146.14.

At the moment, things are looking bleak for the crypto market, but does Pelosi know anything that could mean Big Tech and Bitcoin stocks could soon catch a break?

The reactions

M2’s announcement did not allay general suspicions about Pelosi’s trades. Twitter users had a lot to say. Although the FDA does not report to Congress, some people believe that lawmakers could be informed in advance of major announcements by big tech companies through their applications for FDA certificates and other regulatory approvals.

Look at Nancy Pelosi’s $MSFT and $AAPL order dates. She must be the best trader that ever lived. It’s almost like she can predict the market pic.twitter.com/BYj7y2d7Kq

— Nev (@RookieBowHunts) June 7, 2022

Some Twitter users called this a “flawless moment”:

“The Nancy Pelosi exchange is just weird. She literally nailed the exact bottom of the NASDAQ on May 24 by buying those $AAPL and $MSFT calls. I mean… she’s 82 years old, but she trades options better than a Citadel that also runs on a dedicated $300 million mainframe. Bingo or Bridge, this is not the case.

This same person also believed that “Nancy and the other successful traders in Congress are the last bastions standing to keep the markets alive over time.” She noted that after the Federal Reserve Board’s trade ban, bonds and markets crashed. “Show me the incentives and I’ll show you the bottom line,” she wrote, quoting Charlie Munger.

The stock bill is intended to prevent insider trading by members of Congress. For this reason, lawmakers must disclose all stock transactions (including those of their family members) within 45 days. However, given the continued outperformance of legislators, many seem to think that is not enough.

STOCK law “delays information,” another user tweeted. “If we could see your transactions in real time, we could really level the playing field. I am in favor of maintaining insider trading and creating instant reports.”

For many merchants, it’s not so much about allowing lawmakers to use the information collected to make a trade, but about the unfair advantage it gives them. Some investors would like to have a better chance of getting those funds as well instead of just banning lawmakers from operating.

Related Reading | JP Morgan CEO Says There Will Be More Trouble For Bitcoin, Ethereum, Cardano Investors

What about bitcoin?

This is Pelosi’s sixth deal report to reveal deals in Apple and other big tech stocks in 2022 alone. These deals may not only have been “lucky” with funding, but also hope to see markets perform better. .

If so, the correlation between Bitcoin and Tech Stocks could be a strong point to watch. Many analysts have not given up on their target of $100,000 in Bitcoin, they are just waiting for the bear market to end. Whether or not that goal is met later that year, we could see the digital currency following in the footsteps of Pelosi’s oracle trading.

Related Reading | Bitcoin Will Hit $100,000 When Bear Market Ends, These Analysts Predict

Bitcoin is trading at around $29,000 on the daily chart | BTCUSD on TradingView.com

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