Great article. I agree that bitcoin is a bubble for the following reasons:
Michael Saylor's buying operation (debt funded purchasing highly dependent on price)
Tether and stables doing printing and price manipulation.
Bitcoin's false perception as private amongst their aloof consumer base (many buyers don't even know much about bitcoin honestly)
Its positioning as an asset not as a currency. It doesn't really have product-market fit in my opinion. Almost nobody needs a transparent ledger money. Money is opaque or private for good reason.
Bitcoin has never endured a serious prolonged macro crash like an 08 or even a 00s. When there is a secular multi-asset headwind I think a lot of "holders" will be selling out of necessity.
It's easy to play musical chairs when the music has never stopped.
The only question for me is will it even survive a macro crash?
Great article. I agree that bitcoin is a bubble for the following reasons:
Michael Saylor's buying operation (debt funded purchasing highly dependent on price)
Tether and stables doing printing and price manipulation.
Bitcoin's false perception as private amongst their aloof consumer base (many buyers don't even know much about bitcoin honestly)
Its positioning as an asset not as a currency. It doesn't really have product-market fit in my opinion. Almost nobody needs a transparent ledger money. Money is opaque or private for good reason.
Bitcoin has never endured a serious prolonged macro crash like an 08 or even a 00s. When there is a secular multi-asset headwind I think a lot of "holders" will be selling out of necessity.
It's easy to play musical chairs when the music has never stopped.
The only question for me is will it even survive a macro crash?