Today was the first day I talked crypto with one of my new gym mates and so far I hadn't had the opportunity to get to discuss Hive, but at least we tackled some Bitcoin and NFT topics. The guy is an accountant and although he might do good with money, he's clearly out of track when it comes to Bitcoin, blockchain technology, and cryptocurrency.
He heard about crypto, heard about NFTs, and Bitcoin but sees no value in these... The man was even trying to explain to me how crypto is valued and what this value is actually based on. For a moment I felt like talking with Peter Schiff during our short discussion on the topic... I tried my best but it's hard to "clean the wounds" that cohorts of celebrities endorsing shady projects and crypto scams have managed to make for this industry.
The problem with the general public and Bitcoin is that "these plebs" usually take their first pieces of information regarding Bitcoin and the technology behind it from traditional media(social media included) which is not really the most reliable source... No wonder they don't see much value in such tech, since they don't dig the right holes to extract that info...
Celebrities have a lot of followers and when such characters start promoting shitty projects just for the sake of personal financial purposes, willingly or not, they end up educating the masses in such a wrong way. Thus you have a guy who's supposed to have graduated from a school in economics, but doesn't understand Bitcoin and doesn't even bother to learn about it.
He probably doesn't even understand the money system, which is fine to me... He will at some point.
Everyone enters crypto at the time they deserve to do that. But... What happened with Bitcoin today, amirite? Well, it kinda revisited the 2017 ATH($19,666), as I mentioned to @khaleelkazi in a tweet earlier today, and is now looking to crawl back and probably enter an "up-only season"...
Now, I don't know if there's any correlation to what I'm about to point out, or not, but it seems that as soon as traditional markets on Wall Street closed, BTC managed to take a breath of fresh air after the drowning phase it's gone through. Is the big money trying to drown Bitcoin, right near the shore from where it started its swim, after getting out of a one-year-long bear market? Probably... Here's why...
White House announces plan to add a 30% tax to energy used to mine $BTC or any other digital asset.
NYAG sues KuCoin and dubs $ETH a security.
Elizabeth Warren celebrates the Silvergate $SI bank run and liquidation.
Gensler pens op-ed and tweet claiming nearly all of crypto is out of compliance.
All happened in the past 24 hours... It sure looks like a coordinated move to "once again kill Bitcoin" to me, but the maximum these fuckers managed to do through their organized FUD is to "push more Bitcoin into the whales" mouths". Accumulation trend score suggests whales have started to accumulate Bitcoin, first time since November.
Oh, and... You can't have a capitulation moment without a tweet from Peter Schiff, can you?...
If #crypto really is the future, why is #Silvergate, the premier crypto bank already a thing of the past? A wave of #blockchain related bankruptcies will soon crash down on #CryptoCurrencies, turning the crypto winter into a deep freeze. Hurry, sell your #Bitcoin and buy #gold.
The guy is always on time when it comes to "indirectly calling for a bottom".
Bitcoin is not dead, it's actually still an infant learning how to swim and "fight with the sharks". One that's surrounded by all sorts of bullshit. It will prevail, though, it has to prevail. And if you're feeling low about BTC's current price action, watch this latest Bitcoin commercial. Have a nice day and see you next time.
Thanks for your attention,