El Salvador is the first country that bought Bitcoin for its treasury, the first time they did it was back in 2021, if memory serves me well and I think BTC was around $40,000 back then, then they bought more at $30k and Nayib claimed to have bought the bottom. Now BTC is hardly staying above $16k and El Salvador is once again buying Bitcoin.
Does that mean we're going lower? Probably, I guess at this point no one knows. The majority is expecting that to happen, but you know how the majority acts and reacts all the time... You wouldn't want to position yourself on the majority's side of history.
We need to start treating exchanges like public bathrooms again.
Get in, do your business, get out.
When you stay in a public bathroom too long bad things start to happen.
Same for exchanges.
source
I don't know who this guy, Ryan Adams is, but the man sure has a point. A crypto exchange is to be used for buying crypto and then withdrawing your bought crypto to a self-custody wallet. And when you've had enough of holding that crypto on your self-custody wallet you can just send it to the exchange and sell the bottom and then you're good to go.
But what most of the people do? Well, "they're hodlers, they're all gonna make it", and till they decide they made it, why not "earn some interest" on their coins... Not a good idea, cuz most of the institutions offering insane APRs are not trustworthy. The likes of FTX, BlockFi, and whatever is filling for bankruptcy right now are worse than any drunk gambler at making money for their investors.
A drunk gambler might be lucky and win something, you can't win with such entities though. Early investors probably have a hedge, but the rest are going to end up as collateral victims. What do collateral victims do in such cases? Cry all over the internet blaming Bitcoin, or even worse becoming Bitcoin maxis.
As much as I appreciate Michael Saylor for his efforts in explaining Bitcoin to the world I don't like that he's become such a maxi. Crypto is not all about Bitcoin and idiots clearly don't deserve Bitcoin. It's true that probably 90% of the projects out there are useless but that doesn't mean we have to put them all in the same basket.
The Treasury Secretary reiterated concerns that trouble in the crypto market could eventually "raise broader financial stability concerns." Another idit-talking shit she clearly doesn't get. First things first, you can't operate in the US unless a regulated institution, second FTX was highly regulated and the second donor of the democrats, but quite a trap even for some who were once considered as smart money.
We've gone so far off the course with crypto and that's thanks to greedy morons entering this space. When I see that, I clearly have no compassion at all for such individuals losing money in crypto. Let BlockFi go bankrupt along with Gemini, Genesis, and whatever, and let us, the builders, trusters, and visionaries move forward. There's too much shit in the toilet right now and too many flooding the market getting trapped in such toilets.
Hence it's probably time we should have a "great flush" and move on with our lives. If that implies BTC going down to $10k or even lower, let it be. Let all these cancerous institutions and shitty NFTs go to hell. That's about it for now, I wish you all a great day and see you next time.
Thanks for your attention,
Adrian