Here, take this box, but don't open it!
No, I said don't open it!
Curiosity killed the cat.
Good thing they have 9 lives.
You know who doesn't have nine lives?
Dinosaurs.
It's really crazy what's going on with El Salvador right now. A dozen nations seem to be talking about legalizing Bitcoin as legal tender. At first I figured El Salvador was just messing around: they wouldn't really make it a law. Then I figured that it didn't really matter if they made it a law because the world would just impose harsh sanctions on them or ignore the situation until they fell back in line.
Now there are a dozen countries talking about following this lead and standardizing Bitcoin as a legitimate currency. There's a big difference between one Podunk nation embracing Bitcoin and a dozen of them all doing it at the same time. This is especially true when considering that many of these Central/South American countries are in very close proximity to each other on a geographical level. The chances that they form a "fuck the USD" coalition is stronger than ever. Turns out being a debt-slave isn't very fun.
Have you heard about Cuba?
I guess they've finally had enough of the bullshit as well. It is so damn weird to see the dollar (Petrodollar even), the currency of my nation, come under "attack" like this and all I can do is what? Laugh about it really. Got what we deserved... and this fireworks show has seemingly just begun. Just wait for the grand finale.
These impoverished nations that have been under our boots for generations are finally waking up to the fact that the tools may exist to finally get out from under the crushing weight of debt and imperialism. Good for them. I wish them well. A win for anyone in the cryptoverse is a win for everyone in the cryptoverse.
At first I was thinking (full tinfoil hat) maybe this "legal currency" thing was just another attempt at baiting the bulls into the market before another crushing blow. Get us off our guard thinking this is all bullish when really the reaction and the impending regulations coming down would be far worse than some random country making a fluffy political move. This does give a lot more incentive for the regulators to crack down hard in every direction.
But at the same time I still believe that we are in the middle of a mega-bubble, and the timelines are still adding up perfectly. Many of these countries are talking about legalizing Bitcoin as a currency within months or near the end of the year. On top of the halving event patterns and the institutional adoption its hard to imagine we are in a bear market.
And even if we are in a bear market, so what? Many are worried about a 3-year frigid crypto winter. Where does that idea even come from? Bitcoin's bear markets are only a year long. And I already know where the bottom is: it's $20k. If we get to $20k we are immediately back in a bull market. I almost wish we would crash to that level so I could trade on margin and long this thing to the moon.
Bitcoin Doubling Curve
| 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|
| $100 | $200 | $400 | $800 | $1600 |
| 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| $3200 | $6400 | $12800 | $25600 | $51200 |
Like clockwork.
The fears of a bear-market are based on 5 weeks of price-action data. That's laughable: trying to predict a multi-year bear market from 5 weeks. Especially true considering we just saw six months of green in a row. We had record breaking upward action for 6 months, we are down for 5 weeks, and now everyone thinks we're in a multi-year game-of-thrones white-walker winter? Gee, what are the odds that people are just extremely emotional, greedy, and over-reacting foolishly? Pretty damn high.
Today Elon Musk said Telsa would accept Bitcoin as long as the network was using 50%+ clean energy. Jesus Christ. Who does this guy think he is? Guy is still trying to play god. There are protestors at his front gate that are sick of his manipulations. June marks the end of Q2, time to find out how much he bought/sold during all those blatant manipulations. Should be fun.
Conclusion
The box has been opened. Ideas can't be killed. Technology can't be killed. More and more people all around the world are being exposed to the concept that cryptocurrency is indeed currency. What a shocker! Who would have guessed that a technology with 'currency' in the name would one day be actually recognized as such?
The funny thing about crypto is that it is so potentially superior to fiat in almost every way (needs more liquidity). Every time crypto breaks ground, that gap will never be again widened. This is all a matter of time. Once crypto flips fiat the central bankers are done. Permanently. Just like the dinosaurs before them.
When's the last time you rode a horse to get to a neighboring city? Soon people will ask 'when's the last time you used fiat' in the exact same tone. Like it's a hilarious joke or an obviously rhetorical/sarcastic question. Except I think that crypto is even more superior to fiat than cars are to horses by an exponential margin. Eh, I know it. We are living in the future.