Emotionally, January-October 2017 was as exhausting as January-October 2018 – which makes little sense, given that Bitcoin rose from $950 to $7,500 during the former, and plunged from $20,000 to $6,000 during the latter. Even more so, considering the endless list of “bad news” a year ago – like Chinese exchange bans and the terrifying scaling debate - compared to this year, when essentially all Bitcoin-related news has been positive…as it will continue to be, ad infinitum.
That said, last year’s trials and tribulations were the growth pains necessary to graduate from financial curiosity to global asset class. Thus, whilst the “wall of worry” was high, Bitcoin’s valuation reflected the risks. Thus, when SegWit was implemented and the BCash fork failed to split the Bitcoin network – a dramatic revaluation…and subsequently, the altcoin bubble…followed. This year, the “trials” have been far less onerous, now that Bitcoin – and many altcoins – have achieved critical mass. However, the deflation of the (temporary) bubble caused prices to decline whilst fundamentals improved - bringing us to today, when the froth has been eliminated, and the fundamentals starting to re-assert themselves.
Last year, the final “trial” before Bitcoin’s historic five week run was one of the worst of the many BCash raids. When, utilizing the full force of their propaganda and market manipulation machine (i.e., Bitmain and Roger Ver selling their Bitcoin for BCash), they were able to knock Bitcoin from a then all-time high of $7,800 to $5,500 between November 7th and 10th, whilst BCash was pumped from $600 to $3,000. The madness quickly reversed, and by December 17th, Bitcoin had surged nearly fourfold, to an all-time high of $20,000.
This year, not a shred of Bitcoin “bad news” can be found, nor will it be - though this week, we saw a massive BCash pump, from $430 to $630, due to the comically inconsequential “news” that it will hard fork into two, and potentially three hostilely competing coins next week.
https://twitter.com/Andy_Hoffman_CG/status/1058685395657928704
- Andy_Hoffman_CG
Bitcoin initially dropped modestly this weekend, when the BCash pump commenced – but has since risen back above $6,500 (the key “battle level” of the past six months), whilst dramatically underperforming altcoins as a whole…particularly, BCash. Hardly anything like last year’s raid, but uncannily similar to last years’ experience.
https://twitter.com/Andy_Hoffman_CG/status/1059949933229297664
- Andy_Hoffman_CG
Last year, the SegWit implementation provided the catalyst for the aforementioned, violently powerful upward valuation that propelled prices higher in November and December. This year, the list of positives is equally powerful – as today alone, Morgan Stanley issued a report discussing strong institutional Bitcoin demand; whilst Bitfury, one of the largest Bitcoin miners and chipmakers, received an $80 million investment from a who’s who list of mainstream VC investors.
https://twitter.com/Andy_Hoffman_CG/status/1060143529547063296
- Andy_Hoffman_CG
https://twitter.com/Andy_Hoffman_CG/status/1059944197732495360
- Andy_Hoffman_CG
The new year is just six weeks away – and with it, a whole new crop of Crypto Hedge Funds, MUCH larger than last year’s. This, with the SEC scheduled to rule on the SolidX/Van Eck Bitcoin ETF by December 29th – which in my view, is NOT a coincidence.
https://twitter.com/Andy_Hoffman_CG/status/1058331475144142848
- Andy_Hoffman_CG
Amidst this environment, I pointed out last week that alts started to pump hard – led by BCash, as crypto volume started to pick up…and thus, a new crypto bull run could be imminent.
https://twitter.com/Andy_Hoffman_CG/status/1058396658449362946
- Andy_Hoffman_CG
https://twitter.com/iamjosephyoung/status/1059252687835926528
- iamjosephyoung
Which brings us to this week’s anniversary of the historic bull run that put first Bitcoin – and then, altcoins – on global investors’ radar.
https://twitter.com/Andy_Hoffman_CG/status/1059974740176068608
- Andy_Hoffman_CG
In my view, selling in 2018 will prove to be one of the worst decisions in financial history…
https://twitter.com/Andy_Hoffman_CG/status/1007114988245225472
- Andy_Hoffman_CG
…as given the fundamentals – that 99% of the world have yet to grasp – it truly feels like buying Bitcoin today, is like exploding “inside information!”
https://twitter.com/Andy_Hoffman_CG/status/1059401387438559232
- Andy_Hoffman_CG