No, Bitcoin isn’t pumping because it’s a “safe haven” from banks
newsletter.mollywhite.netI liked this write up. Basically, it's gambling, and pumping, and people misunderstand both scale and motivations to buy or sell because they focus on narrow stories.
I don't have a spare million dollars but even if I did I wouldn't engage in a bet over BTC price because that too simply adds legitimacy to the game.
Eh it’s fine for tail risk alloc. If in a collapse scenario I think BTC will 40x and I put 2.5% into it, I’m covered.
If we have a collapse there could be a civil war of sorts so wouldn't be long before the power grid goes offline, then BTC will be useless almost instantly. Bullets and canned food will have far more value.
Where has this happened? I’m thinking about something akin to Venezuela.
It's happened it a few places in the third world but not on the scale it will be if it happens in the US. People aren't as docile today as they were back in the 30's when the great depression hit. they aren't just going to say "aw shucks" and retire to their shanties and eat hoover stew. people today are pissed off and armed to the teeth.
In this case, are you expecting BTC will 40x nominally, or in real terms? If it goes 40x because the dollar loses all value then you’ll still have lost value in real terms.
Real
It's because stupid money moves fast and in stupid numbers.
Thundering herds of lemmings.
Cryptocurrencies and NFTs are tulip bulbs: they're intrinsically worthless. At least you get flowers from bulbs.
Bitcoin is just a technology. You cannot invest in "technology" itself. You need a company that can utilize that tool. We are still waiting for that company.
When they say the whole screed in the headline, you can usually believe the opposite. Yes, people are fleeing from cash. COMEX is running dry too, will be interesting to see what the copes will be regarding that soon.
:waving_hand: