Has it been a bad year for Bitcoin?
According to @TheStalwart it has been but as government trust drops to an all-time low and citizens around the globe face increased surveillance measures I disagree.
Below is a thread responding to the points made earlier in the week👇
According to @TheStalwart it has been but as government trust drops to an all-time low and citizens around the globe face increased surveillance measures I disagree.
Below is a thread responding to the points made earlier in the week👇
1/ Bitcoin is not a hedge against your typical recession. Rather Bitcoin is a hedge against monetary inflation and the loss of confidence in fiat currency.
The March selloff was devastating but as @unchainedcap explains it was from UTXOs <6 months.
The March selloff was devastating but as @unchainedcap explains it was from UTXOs <6 months.
2/ Over the past few months BTC is correlated with stocks and the world economy. Stocks crash, BTC crash. Stocks up, BTC up.
This short term action is driven by fear: corona spikes, shutdowns, and one's savings. And thus drives correlation in the near term but paths will divert.
This short term action is driven by fear: corona spikes, shutdowns, and one's savings. And thus drives correlation in the near term but paths will divert.
3/ Market sentiment is often influenced by various factors, such as forecasts or political events. Yet, when looking over a wider timeframe it shows most assets track BTC. It should not come as a surprise for it has controlled +50% of the ecosystem's market cap since July 2018.
4/ When the client executed its programmed action at block 630,000, the inflation fell from 3.65% to 1.8%, in stark contrast to the ann. global inflation in 2019 of 3.56%.
The halving has been a key catalyst in propelling BTC into a new bull market but only after several months.
The halving has been a key catalyst in propelling BTC into a new bull market but only after several months.
5/ Many expect the price to be soaring at the sound of the printing press "BRRR".
Yet, as @PrestonPysh pointed out, most people want to believe the market is up so they price the market in nominal fiat terms rather than in buying power terms.
Yet, as @PrestonPysh pointed out, most people want to believe the market is up so they price the market in nominal fiat terms rather than in buying power terms.
6/ I struggle to see the negative long term impact of Robinhood on Bitcoin.
If someone wants to get tendies going long on zombified-Hertz be my guest. But you would be a fool to think that those fair-weather day traders wouldn't jump ship for Bitcoin if it was to approach ATHs
If someone wants to get tendies going long on zombified-Hertz be my guest. But you would be a fool to think that those fair-weather day traders wouldn't jump ship for Bitcoin if it was to approach ATHs
7/ Everyone looks for a pattern to figure out Bitcoin as they want to label it or write it off. It did not promise you that the price would go up post halving. It never claimed to diversify your portfolio. And it never said it was going to do well during a global pandemic.
8/ But what it does do appeals to the likes of PTJ & WSB crowds — and that sure as hell is interesting. Whether they like Bitcoin or not does not change the fact that it is the fastest horse in the race
For full analysis & more check out the Bit Economy:
robsarrow.substack.com/p/week-of-6141…
For full analysis & more check out the Bit Economy:
robsarrow.substack.com/p/week-of-6141…
9/ News 📰
- Difficulty Adjustment:
- Casa Wallet:
- Difficulty Adjustment:
- Casa Wallet:
10/ Market Watch💸
11/ What I'm Reading 📕
12/ What I'm Listening To 🔊
13/ What I'm Watching 📺
14/ Project Announcements 📢
15/ Project Spotlight 🔦
16/ And finally if you have thoughts, I'd love to hear from you. My goal is to shed a tidbit of info that I believe will get you thinking about the digital world around you. If you know anyone who would be interested in the topic, please do forward this along.
