Bitcoin Surpasses $61K 200WMA, Tying to Charlie Munger Principle

Bitcoin's 200-week moving average has surpassed $61,000, prompting Dr. Adam Back to draw an interesting comparison to Charlie Munger's investing principle.

Munger once stated that an investor who only bought high-quality stocks at the 200-week moving average would beat the S&P 500 over time, and few have the discipline to do it.

Back extended this reasoning to Bitcoin, noting that the rising 200WMA serves as a structural floor for the asset's long-term growth.

The analyst pointed out the irony that Munger and Warren Buffett are well-known Bitcoin skeptics who failed to see the early internet, preferring 'brick and mortar things.'