{"id":2691,"date":"2025-03-28T11:43:50","date_gmt":"2025-03-28T10:43:50","guid":{"rendered":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/"},"modified":"2026-09-10T15:31:49","modified_gmt":"2026-09-10T13:31:49","slug":"digital-gold-rush","status":"publish","type":"letter","link":"https:\/\/www.mereau-finance.com\/en\/letter\/ruee-vers-lor-numerique\/","title":{"rendered":"Letter No. 46: Two scenarios for what follows; The digital gold rush"},"content":{"rendered":"

The objective of this newsletter, \u00abPolitical evolution & End of cycle or continuation of the cycle?\u00bb, is to inform you about the current crypto-asset market situation as well as recent news in this field. This newsletter is not investment advice, but merely a sharing of my personal point of view.<\/p>\n\n\n\n

\n\n\n\n

News<\/h2>\n\n\n\n
\n\n\n\n

<\/p>\n\n\n\n

83 % of institutional investors plan to increase their exposure to cryptocurrencies<\/a>. In 2025, institutional investors fully intend to strengthen their presence in the cryptocurrency market. According to a study conducted by Coinbase and EY-Parthenon, 83 % of them plan to increase their digital asset allocation in the coming months. This trend is driven by the rise of Bitcoin ETFs, stablecoins, and DeFi.<\/p>\n\n\n\n

\u2013<\/p>\n\n\n\n

Elon Musk denounces \u00abmagic money computers\u00bb within the US government<\/a>. Elon Musk, senior advisor to President Donald Trump and head of the Department of Government Efficiency (DOGE), claims to have seen with his own eyes 14 \u00abmagic money computers\u00bb within the U.S. federal government: machines allegedly capable of issuing payments without any real financial backing, prompting him to take control of the country's finances.<\/p>\n\n\n\n

\u2013<\/p>\n\n\n\n

According to Donald Trump, the United States will \u00abdominate crypto\u00bb and become \u00abthe undisputed Bitcoin superpower\u00bb<\/a>. This afternoon, Donald Trump spoke at the Blockworks Digital Assets Summit before a panel of blockchain and cryptocurrency enthusiasts. A brief speech that appears to have been generally disappointing.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u2013<\/p>\n\n\n\n

USDT: Tether is the 7th largest buyer of US Treasury bills, ahead of Canada and Germany. <\/a> With a market capitalization of over $145 billion, USDT dominates the stablecoin market. To guarantee its parity with the dollar, Tether places its reserves in US debt, to the point of ranking among the world's leading buyers of Treasury bills in 2024.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u2013<\/p>\n\n\n\n

The Aave DAO is preparing one of the biggest changes in its history. <\/a> With its latest DAO proposal, Aave is well on its way to becoming the titan of decentralized finance. Modifications to the reward system for stakers, increased security against risks, and even acting as a service provider for other protocols. Aave is ushering in a new era in DeFi.<\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/p>\n\n\n\n

\n\n\n\n

Fundamental Analysis<\/h2>\n\n\n\n
\n\n\n\n
<\/div>\n\n\n\n
\"\"
Bitcoin's price over the last six years in euros and on a logarithmic scale.
Source :\u00a0https:\/\/www.coingecko.com\/fr<\/a><\/em><\/figcaption><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Letter No. 46: Two scenarios for what follows; The digital gold rush<\/h1>\n\n\n\n
<\/div>\n\n\n\n

At the time of writing, the price of Bitcoin is 85,785 $ (on 03\/28\/25).<\/p>\n\n\n\n

<\/div>\n\n\n\n

<\/p>\n\n\n\n

Two scenarios for the sequel <\/strong><\/h3>\n\n\n\n
<\/div>\n\n\n\n

The chart below illustrates the behavior of long-term holders, who largely distributed their Bitcoin tokens (-929,000 BTC, red zone) during the first bull wave triggered by the launch of the ETFs in early 2024. <\/p>\n\n\n\n

Subsequently, the market stabilized before beginning a gradual plateau decline. During this phase, these same investors began reaccumulating some of the previously sold tokens (+817,000 BTC, green zone).<\/p>\n\n\n\n

A similar pattern repeated during the winter of 2024, with a sale of 1.11 million BTC followed by a gradual buyback phase. This dynamic reflects a cycle marked by successive periods of euphoria and consolidation, a healthier model than the older cycles, which were often dominated by excessive euphoria followed by a brutal correction. <\/p>\n\n\n\n

<\/div>\n\n\n\n
\"Digital
Total amount of tokens held by long-term holders (Source: Glassnode).<\/em><\/figcaption><\/figure>\n\n\n\n
<\/div>\n\n\n\n

<\/p>\n\n\n\n

Stepping back and analyzing the past cycles (below), the distribution and accumulation phases of long-term holders are clearly observable. In the current cycle, as illustrated in the previous chart, two major waves of distribution and accumulation have taken place, unlike previous cycles which had only a single wave.<\/p>\n\n\n\n

Generally speaking, these investors gradually accumulate bitcoins when prices fall and intensify their purchases during marked corrections. Currently, long-term holders appear to have begun a new accumulation phase, which historically lasts between six months and a year at the end of a cycle. Subsequently, their accumulation continues, but at a slower pace throughout the inter-cycle period.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\"Digital
Bitcoin price in green on a log scale & 1-year HODL wave (Source: Glassnode).<\/em><\/figcaption><\/figure>\n\n\n\n

This leads us to consider two scenarios for the remainder of this cycle:<\/p>\n\n\n\n

    \n
  1. A consolidation phase that could last a few more months, followed by a third wave of price increases, leading to a new distribution by long-term holders and marking the end of the current cycle before they begin a major accumulation phase.<\/li>\n\n\n\n
  2. A sharper correction, which would signal the end of the cycle and the beginning of a new strong accumulation phase by long-term holders.<\/li>\n<\/ol>\n\n\n\n

    We lean rather toward the second hypothesis because long-term holders seem to be already intensifying their purchases. Conversely, in the middle of 2024, their accumulation was more modest and translated into a \u00abplateau\u00bb trend.<\/p>\n\n\n\n

    In any case, in the short term, caution remains the order of the day.<\/p>\n\n\n\n

    <\/div>\n\n\n\n

    The digital gold rush in the very long term<\/h3>\n\n\n\n
    <\/div>\n\n\n\n

    In the very long term, we are witnessing a true digital gold rush that is Bitcoin. Large companies, whether public or private, are gradually accumulating bitcoins over the years in order to gain exposure to this long-term store of value.<\/p>\n\n\n\n

    Trust in this asset continues to grow, which reinforces the probability of success for the Bitcoin project. The more this probability increases, the more its price appreciates year after year. Once Bitcoin has fully achieved its adoption, it will reach a sort of valuation ceiling measured in gold (because if its value is measured in inflationary currency, which continues to depreciate, its price will never stop rising).<\/p>\n\n\n\n

    Bitcoin will therefore reach an extremely high valuation once the risk associated with investing in it has almost disappeared.<\/p>\n\n\n\n

    <\/div>\n\n\n\n
    \"Digital
    Number of Bitcoins held by all institutional entities. Source: Bitcointreasuries.net<\/figcaption><\/figure>\n\n\n\n
    <\/div>\n\n\n\n

    The majority of institutional holders are made up of ETFs, representing about 45 %, followed by public companies such as MicroStrategy and Coinbase. Governments hold about 15 %, followed by private companies and a few contracts in DeFi. <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    <\/p>\n\n\n\n

    \"Digital
    Number of Bitcoins by entity. Source: Bitcointreasuries.net<\/figcaption><\/figure>\n\n\n\n
    <\/div>\n\n\n\n

    The US Strategic Bitcoin Reserve <\/h3>\n\n\n\n
    <\/div>\n\n\n\n

    The President of the United States officially established, by executive order on March 6, 2025, a strategic bitcoin reserve<\/a>.<\/strong> This reserve does not concern the direct purchase of bitcoins on behalf of the United States, but rather reflects a political will to never sell the bitcoins already held by the country, neither those it has acquired so far, nor those it might acquire in the future through legal seizures.<\/p>\n\n\n\n

    Many market participants expressed some disappointment, hoping for an announcement of direct Bitcoin purchases by the United States. However, it appears that the approach is primarily to preserve existing resources and avoid adding to a budget that is already in the process of recovery.<\/p>\n\n\n\n

    Seven years ago, when I discovered digital assets, the idea of the United States publicly addressing this topic seemed unimaginable, just like the idea of major public companies doing the same. Today, seven years later, we see private companies, public companies, and nation-states, including the United States, discussing and accumulating Bitcoin reserves! The long term moves very fast!<\/p>\n\n\n\n

    <\/div>\n\n\n\n
    \n\n\n\n

    Our service<\/strong><\/h2>\n\n\n\n
    \n\n\n\n
    <\/div>\n\n\n\n

    At Crypto Assets Management, we offer discretionary portfolio management of digital assets, tailored to your profile. Our strategy is based on the analysis and management of Bitcoin cycles (historically 4 years)<\/strong>, favoring investments in long term<\/strong>, monthly arbitrations, and a particular emphasis on tokenomics.<\/strong>
     <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    <\/p>\n\n\n\n

    \n
    Our website<\/a><\/div>\n<\/div>\n\n\n\n

    <\/p>\n\n\n\n

    <\/div>\n\n\n\n
    \n\n\n\n
    <\/div>\n\n\n\n

    Our Rates<\/strong><\/h2>\n\n\n\n
    <\/div>\n\n\n\n
    \"Our<\/figure>\n\n\n\n
    \n
    <\/div>\n\n\n\n
    \"\"<\/figure>\n\n\n\n

    *Learn more about our pricing policy<\/a><\/p>\n\n\n\n

    <\/div>\n\n\n\n
    \n
    Book an Appointment<\/a><\/div>\n<\/div>\n\n\n\n
    <\/div>\n<\/div>\n\n\n\n
    \n\n\n\n

    We are <\/em>saved<\/strong> with the AMF under the registration number for digital asset buy\/sell activities against legal tender and digital asset exchange against other digital assets: E2023-084.<\/a><\/strong><\/em><\/p>\n\n\n\n

    \n\n\n\n

    <\/p>\n\n\n\n

    \u2014 Warning \u2014<\/em><\/p>\n\n\n\n

    This letter is not investment advice.<\/em><\/p>\n\n\n\n

    You are solely responsible for your investment decisions.<\/em> <\/p>\n\n\n\n

    Investing in digital assets carries a risk of capital loss, partial or total.<\/em><\/p>\n\n\n\n

    <\/p>","protected":false},"template":"","categories":[1],"class_list":["post-2691","letter","type-letter","status-publish","has-post-thumbnail","hentry","category-lettres"],"acf":[],"yoast_head":"\nRu\u00e9e vers l'or num\u00e9rique<\/title>\n<meta name=\"description\" content=\"Nous assistons \u00e0 une ru\u00e9e vers l\u2019or num\u00e9rique qu\u2019est Bitcoin, les acteurs souhaites s\u2019exposer \u00e0 cette r\u00e9serve de valeur sur le long terme.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ru\u00e9e vers l'or num\u00e9rique\" \/>\n<meta property=\"og:description\" content=\"Nous assistons \u00e0 une ru\u00e9e vers l\u2019or num\u00e9rique qu\u2019est Bitcoin, les acteurs souhaites s\u2019exposer \u00e0 cette r\u00e9serve de valeur sur le long terme.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mereau-finance.com\/en\/letter\/digital-gold-rush\/\" \/>\n<meta property=\"og:site_name\" content=\"M\u00e9reau Finance\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-10T13:31:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2025\/03\/Capture-decran-2025-03-28-103915.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"811\" \/>\n\t<meta property=\"og:image:height\" content=\"499\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/\",\"url\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/\",\"name\":\"Ru\u00e9e vers l'or num\u00e9rique\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.mereau-finance.com\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/lettre-des-investisseurs.webp\",\"datePublished\":\"2025-03-28T10:43:50+00:00\",\"dateModified\":\"2026-09-10T13:31:49+00:00\",\"description\":\"Nous assistons \u00e0 une ru\u00e9e vers l\u2019or num\u00e9rique qu\u2019est Bitcoin, les acteurs souhaites s\u2019exposer \u00e0 cette r\u00e9serve de valeur sur le long terme.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.mereau-finance.com\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/lettre-des-investisseurs.webp\",\"contentUrl\":\"https:\\\/\\\/www.mereau-finance.com\\\/wp-content\\\/uploads\\\/2026\\\/09\\\/lettre-des-investisseurs.webp\",\"width\":1448,\"height\":1086},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/letter\\\/ruee-vers-lor-numerique\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/www.mereau-finance.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lettre N\u00b046 : Deux sc\u00e9narios pour la suite ; La ru\u00e9e vers l’or num\u00e9rique\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/#website\",\"url\":\"https:\\\/\\\/www.mereau-finance.com\\\/\",\"name\":\"M\u00e9reau Finance\",\"description\":\"Investissez dans les crypto-actifs en toute confiance\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.mereau-finance.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/#organization\",\"name\":\"M\u00e9reau Finance\",\"url\":\"https:\\\/\\\/www.mereau-finance.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.mereau-finance.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Mereau-Finance-logo.svg\",\"contentUrl\":\"https:\\\/\\\/www.mereau-finance.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Mereau-Finance-logo.svg\",\"width\":157,\"height\":38,\"caption\":\"M\u00e9reau Finance\"},\"image\":{\"@id\":\"https:\\\/\\\/www.mereau-finance.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Digital gold rush","description":"We are witnessing a digital gold rush for Bitcoin, as players want exposure to this store of value over the long term.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"Ru\u00e9e vers l'or num\u00e9rique","og_description":"Nous assistons \u00e0 une ru\u00e9e vers l\u2019or num\u00e9rique qu\u2019est Bitcoin, les acteurs souhaites s\u2019exposer \u00e0 cette r\u00e9serve de valeur sur le long terme.","og_url":"https:\/\/www.mereau-finance.com\/en\/letter\/digital-gold-rush\/","og_site_name":"M\u00e9reau Finance","article_modified_time":"2026-09-10T13:31:49+00:00","og_image":[{"width":811,"height":499,"url":"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2025\/03\/Capture-decran-2025-03-28-103915.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/","url":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/","name":"Digital gold rush","isPartOf":{"@id":"https:\/\/www.mereau-finance.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/#primaryimage"},"image":{"@id":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/#primaryimage"},"thumbnailUrl":"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2026\/09\/lettre-des-investisseurs.webp","datePublished":"2025-03-28T10:43:50+00:00","dateModified":"2026-09-10T13:31:49+00:00","description":"We are witnessing a digital gold rush for Bitcoin, as players want exposure to this store of value over the long term.","breadcrumb":{"@id":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/#primaryimage","url":"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2026\/09\/lettre-des-investisseurs.webp","contentUrl":"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2026\/09\/lettre-des-investisseurs.webp","width":1448,"height":1086},{"@type":"BreadcrumbList","@id":"https:\/\/www.mereau-finance.com\/letter\/ruee-vers-lor-numerique\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.mereau-finance.com\/"},{"@type":"ListItem","position":2,"name":"Lettre N\u00b046 : Deux sc\u00e9narios pour la suite ; La ru\u00e9e vers l’or num\u00e9rique"}]},{"@type":"WebSite","@id":"https:\/\/www.mereau-finance.com\/#website","url":"https:\/\/www.mereau-finance.com\/","name":"M\u00e9reau Finance","description":"Invest in crypto-assets with confidence","publisher":{"@id":"https:\/\/www.mereau-finance.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mereau-finance.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.mereau-finance.com\/#organization","name":"M\u00e9reau Finance","url":"https:\/\/www.mereau-finance.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mereau-finance.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2023\/01\/Mereau-Finance-logo.svg","contentUrl":"https:\/\/www.mereau-finance.com\/wp-content\/uploads\/2023\/01\/Mereau-Finance-logo.svg","width":157,"height":38,"caption":"M\u00e9reau Finance"},"image":{"@id":"https:\/\/www.mereau-finance.com\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/www.mereau-finance.com\/en\/wp-json\/wp\/v2\/letter\/2691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mereau-finance.com\/en\/wp-json\/wp\/v2\/letter"}],"about":[{"href":"https:\/\/www.mereau-finance.com\/en\/wp-json\/wp\/v2\/types\/letter"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mereau-finance.com\/en\/wp-json\/wp\/v2\/media\/3424"}],"wp:attachment":[{"href":"https:\/\/www.mereau-finance.com\/en\/wp-json\/wp\/v2\/media?parent=2691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mereau-finance.com\/en\/wp-json\/wp\/v2\/categories?post=2691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}