Normally, I shy away from talking about crypto for the same reason I shy away from talking about any member of the current administration: because its supporters are zealots, bordering on religious mania, and nothing I say is ever going to change them. Plus, they’re goddamned nuts. Thus, I tend to keep my mouth shut.
I’d at least like to point out, however, that the price is Bitcion is the same it was eleven months ago.
Three milliseconds after uttering such a phrase, I am bound to hear the crypto weirdos shriek about how Bitcoin is up a gazillion percent since 2009 and how it’s going to liberate us all and how I’m full of copium and better enjoy staying poor. M’kay, you rubber-roomed freak. Whatever. The simple fact is that only an utterly corrupt federal administration gave your useless crypto a sugar high through legislation and purchases, and that ship has sailed. It’s just sputtering around barely above the six-figure mark, which it is likely to breach soon.
Of course, one way to “play” this delusion is to buy Strategy (MSTR), Michael Saylor’s failed Internet sensation (known back in the day as MicroStrategy) which he has pivoted into a BTC holding company. If you think a 0% change over the past eleven months is pathetic, just try MSTR for size: a 50% drop from its peak. Yet, for some reason, Saylor is heralded and celebrated as some kind of genius.
We live in an age of financial masochism, however, so what’s all the rage these days is leveraged ETFs. Of course, Strategy is no exception, so MSTU was created as a mega-bullish approach to Saylor’s outfit. The results? A drop of over 90% since last November. Congratulations.
Maybe I’m dead wrong. Perhaps Bitcoin is going to $21 million per coin as Saylor has said. Maybe he’ll be the richest man in the world. Maybe Strategy is the best place to put your money.
Nah. Crypto is idiotic. Just like the era we’re living through right now. Wait and see.
