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11 tweets,
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1/ This screams bearish.
Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed.
That is an absolute disaster for the price in the medium-term in my opinion.
Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed.
That is an absolute disaster for the price in the medium-term in my opinion.
2/ All the people, particularly in the Western world, obsessed with Bitcoin (your @pierre_rochard's and @MrHodl's) have already been in Bitcoin for a while.
Bull markets bring fewer new obsessed & there are fewer of them overall than I thought.
Bull markets bring fewer new obsessed & there are fewer of them overall than I thought.
3/ There are far fewer people who care about decentralized sovereign uninflatable currency for its own sake than you'd like to think.
Cryptocurrency's biggest use case is speculation. That is a fact.
For better or worse, Speculation and human greed are your biggest hope.
Cryptocurrency's biggest use case is speculation. That is a fact.
For better or worse, Speculation and human greed are your biggest hope.
4/ 99%+ of people, be they poor or rich, don't care about decentralization, don't care about self-sovereignty, don't care about privacy, don't care about sound money, don't care about Austrian Econ, don't care about uncensorable payments or libertarian/ancap/cypherpunk ideals.
5/ The vast majority of people don't care about any of that. People care about making money & getting rich in a short amount of time.
6/ You need a complete price exhaustion and attention exhaustion from anyone except the absolute true believers. More people will sell when they realize that this winter will last for even longer than they thought, or that they can potentially buy back in later & lower.
7/ I would even go as far as arguing that it would be healthy for the prices across the digital currency complex to collapse here. Transfer the coins from the weak hands to the strong hands who don't sell no matter what.
8/ At some lower level the space becomes once again attractive for speculative "value investors" but I think that level is lower than here.
9/ Add to all this the overall weakness in the global macroeconomy & bitcoin still being perceived as a risk asset.
This bear market will last for much longer. Those that are building, learning, studying right now of course will be handsomely rewarded in 2023/24.
This bear market will last for much longer. Those that are building, learning, studying right now of course will be handsomely rewarded in 2023/24.
10/ Of course I'll still be here every day till I die.
But understand that it will take a hot minute.
Strap yourselves in.
Patience is virtue.
But understand that it will take a hot minute.
Strap yourselves in.
Patience is virtue.
11/ Inb4 "the bottom is in".
It's not.
It's not.
