They say it was a scam, but the scam has just surpassed 1 billion transactions... I'm talking about Bitcoin here, in case you didn't know that already. Of course, you knew, right?! However, all these large investment funds that were talking trash about Bitcoin until a few years ago now have exposure to Bitcoin.
That's right, BlackRock talked trash about Bitcoin through its CEO, Larry Fink, Jamie Dimon, who is an ardent Bitcoin trash-talker, has recently gained exposure to Bitcoin through Bitcoin's IBIT, and such folks remind me of those dudes back in the day talking bad about some chick just to hook up with her a couple of days later.
Bitcoin has failed its purpose in my opinion. As an asset class of its own, it is doing well, it is actually doing phenomenally, but as digital money, it is not doing what it was designed for. HBD of Hive is making way more significant progress in that regard.
I am following the official @3speak account on Twitter, and the guys behind the account have recently posted a map of merchants in Sucre where HBD is accepted as a currency. There are probably over 10 locations on that map where HBD is used as a currency of exchange.
I doubt we have ten locations across the whole country (Romania) where any crypto, especially Bitcoin, is accepted as a currency of exchange. Hive is making progress, and I like that. You know what else I like?
“With BitPay integration, gold seller APMEX offers its customers the option to pay using Bitcoin, Bitcoin Cash, Ethereum, and Dogecoin for orders up to $250,000 and complete their order in seconds.”
source
Here is your flight to safety and back 😄. On a serious note though, I wouldn't be sitting on too much cash right now. As a matter of fact, I'm almost all in crypto for a good amount of time, and I don't regret that at all.
The Fed has paused... It is not pushing higher or cutting interest rates, and the markets have reacted positively to that. Bitcoin is doing pretty well, SPX is holding above $5,000 and looking to be forming a blow-off top soon, and now is not the time to be sitting on cash.
Despite all the fear in the crypto markets... I would understand if a newbie were fearful about the market entering a bear market less than one month after the halving, but experienced investors having such an attitude is laughable to me. Never ever has Bitcoin entered a bear market two weeks after the halving.
What we are currently seeing is the typical chop after the halving, and it might probably last a few more weeks. It is irrelevant at the end of the day for whoever has the broader picture in mind and knows what he/she is in. I know where we are...
Despite being a famous analyst or having a strong track record of winning in investing in crypto, I believe the fun part is about to commence for altcoins. Bitcoin has probably burned half of its fuel for the bull market, and it will still show strength for a while, but altcoins have not shown their teeth yet.
They always party hard once BTC claims its previous ATH and stays above it. We're not there yet, but the show is about to continue as miners will be less incentivized to sell at these levels, and Grayscale drains out its flows... If the outflow will continue, because a couple of days ago we've seen the first inflow of about $40 million for the company.
I guess some old boomer felt fine paying the insane fee Grayscale is charging for its Bitcoin spot ETF... Long story short, this is probably the worst, or at least the second worst time to be bearish on crypto since November 2022. Just my two cents...
Thanks for your attention,
Adrian