On this momentous $20k day, we also have an FOMC meeting. Which marks the two-year anniversary of a very special FOMC meeting that should be etched in the minds of all #Bitcoin -ers forever.

A quick walk down memory lane, shall we?

First off. As a reminder, two year ago the Fed was attempting to end the largest monetary experiment in human history.

They had slowly started raising interest rates.

And slowly started rolling off the balance sheet, to the tune of $50bn/month.

It was this attempt at “normalization” that had markets starting to get spooked throughout 2018.

By the time we arrived at Q4-18, it was a full-blown dumpster fire.

As a painful reminder, BTC was not immune to this risk off shift. Ouch.

Credit conditions were deteriorating as well. And we know there’s nothing that spooks the Fed more than even marginally dysfunctional credit markets.

Above all else, Trump measures his performance by the stock market. To that end, he was getting increasingly more annoyed by the Fed’s tightening measures. Which led to this true Hall of Famer.

I think I’m going to get it printed on 100 coffee mugs and give them away on Twitter

And yet, despite markets getting crushed and POTUS giving him the truly legendary Twitter advice to “stop with the 50 B’s” and “feel the market”, Jay Powell disappointed at the FOMC meeting two years ago. Delivering this gem-

Markets REALLY hated that. They sold off hard that day and the following few, but bottomed on Christmas 2018 and rallied into YE.

By early January, there was already chatter about the Fed backing off the “autopilot” comment and shifting to a more "neutral" stance...

I’ll save the 2019 Fed story for another time but suffice it to say, the FOMC meeting two years ago was the last time the Fed pretended they had a plan to end the largest monetary experiment in human history.

And if they don’t have a plan, you need an insurance policy. #Bitcoin