This Time Again, It’s No Different, and It’s Worrying for the Future of Bitcoin!
The attempt at marginalization is intensifying. Don't let yourself be trapped by the pseudo Bitcoiners and the powerful people of the current system.
In the investing world, you've probably heard the adage “This Time Is Different”. Some people constantly want to convince themselves that this time will be different, but history over the ages has proven that it never is. The excesses of those who run the current system always end up costing dearly. And in the end, it's always the same people who pay: the less wealthy.
Already during the previous Bull Market, some people wanted to make people believe that this time it would be different for Bitcoin. The concept of the “Bitcoin Supercycle” was born. Some influencers tried to make people believe it made sense, but history repeated itself!
No one can predict the price of Bitcoin. No one can pretend it's any different. With Bitcoin's fourth Halving, some wanted you to believe that the opportunity of a lifetime was here. The narrative around Bitcoin Spot ETFs allowed Bitcoin to reach a new ATH very close to $73K in March 2024.
Some then began to say that the cycle that started with Bitcoin's fourth Halving would be different. Their thesis was that the price of Bitcoin would rise much less than in previous Bull Markets, thanks to the game-changing Bitcoin Spot ETFs.
Once the fourth Bitcoin Halving had been surpassed, the Bitcoin price then moved sideways before plummeting below $60K a few days ago. Some even came to fear the worst (in their eyes) with a possibly even more pronounced correction to come, which could take the Bitcoin price below $50K.
This narrative clearly confirms that speculation continues to trump education in the Bitcoin world. Some are panicking as soon as demand for Bitcoin Spot ETFs wanes. We've seen clickbait articles popping up with headlines like “Bitcoin cannot grow without the ETFs”.
This is totally untrue, but unfortunately, those who publish these articles have a large audience who end up believing them. It's always the same problem in the Bitcoin world:
You publish something related to the speculative side of Bitcoin, a “Shitpost”, and you'll have far more success than an article published on something useful and essential for the future of Bitcoin. The proof is in my own statistics, with an article like the one on Bitcoin Covenants ultimately getting very few reads:
Yet the Bitcoin Covenants are far more important for the future of Bitcoin than the SEC's approval of Bitcoin Spot ETFs. As I reported several months ago in the form of an alert, Bitcoin is slowly but sadly being absorbed by the powerful people at the head of the current system.
BlackRock now holds 273,825 BTC on behalf of its clients. Fidelity holds almost 150K! In total, Bitcoin Spot ETFs hold 4.14% of Bitcoin's outstanding supply at the time of writing. And this trend is likely to accelerate, despite the slight pause observed over the last few days.
You also have Michael J. Saylor, who continues to accumulate more and more BTC. This is a good thing in the sense that he has been doing essential evangelism work for nearly 4 years now. Where I'm puzzled is when I hear him agreeing with the financial giants that “Bitcoin isn't a medium of exchange and it doesn't need to be”.
Michael J. Saylor's aura in the mainstream Bitcoin world means that no one seems to take exception to such comments. And yet, it's quite revolting!
The aim of the Bitcoin revolution is to offer you an alternative system that allows you to be outside the current system, which is flawed and not fixable. Michael J. Saylor, on the other hand, is pushing solely for the integration of Bitcoin into the current system. Within the current system, Bitcoin is nothing more than digital gold. That's not bad, but it's light years away from what Bitcoin should be!
Bitcoin has far greater potential. It would be quite disastrous to reduce it to the digital gold that BlackRock and the other financial giants will offer their clients. For the Bitcoin revolution to reach its full potential, it needs to become a widespread means of payment and exchange. It will then become a unit of account.
If you turn away from this path, you lose the deeper meaning of the Bitcoin revolution. It's as simple as that.
We can also see that the American authorities continue to fight against the privacy that Bitcoin can offer you, provided you take certain precautions that I've already mentioned. The war on privacy declared by the American authorities is clearly aimed at gradually taking control of Bitcoin and integrating it into the current system. Farewell to the revolutionary alternative system!
Roger Ver has also just been prosecuted by the American authorities regarding his sales of BTC and the declaration of his capital gains. It's worth noting that, at the time of the incident, there was no clear law on the subject... That said, it was a detailed analysis of the Bitcoin blockchain that enabled Roger Ver to be cleared. This leaves open the question of the privacy Bitcoin can offer you, while the American authorities are doing everything they can to prevent solutions enabling you to increase your privacy on the Bitcoin network from developing and prospering.
Once again, the current narrative surrounding Bitcoin is cause for concern. It worries me anyway, and that's why I keep reminding you that Monero remains an ideal companion to Bitcoin. Some Bitcoiners seem to hate Monero, but there's no real reason for this hatred if you study Monero carefully:
When you honestly compare the privacy features offered as standard on the Monero and Bitcoin Blockchains, you can see why Monero should not be completely ignored:
Privacy Features - Bitcoin Vs. Monero.
This is why Monero is an ideal companion to Bitcoin. Remember this.
For the months and years to come, my advice remains the same: fight, as I have, to show that Bitcoin is a revolution whose purpose goes beyond the simple financial framework in which BlackRock and Fidelity want to confine us. Don't let Michael J. Saylor impose this narrative of Bitcoin solely as a store of value.
Continue to put the price of Bitcoin aside in favor of healthier Bitcoin growth. Bitcoin has always managed to grow in the past, without these Bitcoin Spot ETFs. These Bitcoin Spot ETFs are a Trojan Horse, as I mentioned earlier:
But not a Trojan Horse in the right direction for the Bitcoin revolution. A Trojan Horse for the powerful people at the head of the current system who are trying to take control of the Bitcoin supply. Their aim is just to limit Bitcoin's usefulness so that the Bitcoin revolution is marginalized and Bitcoin is just integrated into the current system.
Finally, keep an eye on Monero, which will have an essential role to play alongside Bitcoin in the revolution we're still trying to get moving in the right direction.
Stay strong, Stay Bitcoin HODLers.
Great post. Do you know a cheap, non-CEX way to swap between BTC and XMR? I think transaction cost is a major issue here for utility (for now)
All of the big picture elements that affect the bitcoin price are bullish in the medium term and hence. The fact that the (illigitimate) US administration is fighting tooth and nail to make bitcoin quasi illegal through legislation reveals their fear that their system is on the verge of collapse so that the public will opt out as much as possible. This tendency to opt out weakens their power to control the masses.
Now that coinbase has implemented lightning a major obstacle to mass adoption has been addressed albeit incompletely. Competitive pressure will force other bitcoin exchanges to do the same. This is the initial layer of more to come. Others will follow, especially as we slide into an accelerating inflationary spiral. The US has enormous debt to roll over this year and not many takers for the new debt. Most of the world is dumping debt to buy gold with the proceeds, not more debt.
So, the pressure is upward for bitcoin despite attempts to suppress it and likewise for gold. IMHO one should own both as well as decouple from the USD. When the US goes supernova it will be a hot mess. don't expect the government to help you.