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Now that we’ve got another ridiculous, pointless holiday out of the way (I consider only 5 out of the 10 NYSE holidays to be worth keeping), we can focus back on trading with our 20%-already-hacked-off week. The screen is solid red, although we have another chance to see if Monday’s Don’t Matter or not.
Good heavens, can you imagine what’s going through SBF’s mind these days? His firm was absolutely destroyed, as was his life, and the lives of his parents, all because of a temporary downturn in crypto. And yet, here we are, with Bitcoin absolutely rocking the free world. Knowing that fact is probably worse than prison itself.
In just a few weeks, Bitcoin has added $7,000 back to its value, shaking off the post-ETF blues rather smartly.
I’ve mentioned in recent months that, after years of struggling to figure out what on earth crypto was good for, I finally hit upon the truth: it’s a gambling token. Pure and simple, it’s a new way for people to get their gambling ya-ya’s out of their system, and by all measures it has been tremendously successful, since the combination of the Internet and the blockchain has created the world’s most vibrant casino.
Indeed, the animal spirits take all kinds of forms. Most recently, the notion that ETFs would push Bitcoin to a million dollars (by 2030, according to Cathie D. Wood, and in “weeks or days“, according to Samson Mow) cranked the price of BTC much higher as the big day approached.
Of course, in one of the great “sell the news” events of financial history, BTC has become blown to pieces, starting with the moment those ETFs were rolled out. The level of surprise about this should be precisely zero.
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