In just a few weeks, Bitcoin has added $7,000 back to its value, shaking off the post-ETF blues rather smartly.
Champing at the Bit
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Jesus, Mary, Joseph, and Bitcoin
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.
(more…)Next BTC Buy-point?
As I suspected (but did nothing about!!!) the BTC ETF was a great sell-the-news event. I think crypto is going to sell off for weeks, and maybe even months, to come. When will it be interesting on the long side again? I’d guess somewhere in the low 30,000s.
Samson Mowed Over
I’m not sure what it is about me, but it really, really bothers me when people spew absolute crap just to get attention. I’m weird that way. Take Samson Mow (please!) who apparently is staking his entire future on crypto. When the ETFs were risibly introduced just days ago, he spouted off that BTC would be a million bucks in a matter of “days or weeks“. Well, BTC better flip around fast and go up by 25-fold in a big hurry, or else Samson Mow is going to look like a total asshole.
