As history’s only “bear market with no bad news” grinds on, I continually rack my brain - trying to consider something I’m “missing.” Which isn’t really necessary – as what’s going on is a typical Bitcoin boom and bust cycle. Only this time, not a shred of “bad news” is present – and to the contrary, all appears clear, as far as the eye can see. Frankly, I no longer fear Bitcoin news flow - as the way I see it, it’s past the “point of no return”; and thus, cannot be stopped. All that’s left is the pace of adoption; which no “analyst” - fundamental or technical - can predict.
From my vantage point, as someone who spends more time following Bitcoin than nearly anyone, this is the best fundamentals I have ever seen…other than the price, of course. Record hash rate and network speed; no drop-off in daily transactions from January, despite the price (and volume) crash; dramatic technological advancements; “competitors” (altcoins) being exposed by plunging hash rates and declining “dominance”; the U.S. SEC showing no inclination to regulate crypto; crashing emerging market currencies, and continued NIRP and QE in Europe and Japan; and oh yeah, the price is STILL $500 above the February lows.
Conversely, we have Bitcoin’s “cons” – which include…sound of crickets. Yes, the price is down, and sentiment is terrible. But as for “threats” or “worries” about Bitcoin’s near- or long-term future, I honestly see NOTHING.
We are on a unique fundamental trajectory to built the most censorship resistant tech platform in the world. The bear market comes at a time of market correction, but it seems it's completely irrelevant to true value. Price action is only an economic reaction to BTC being 0.001% of all the money in the world.
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Nice one Andy.
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