I just don't think it's all thaf helpful to view the price in a vacuum. 5 years ago it was widely viewed as speculative, and the price peaked around 70k. This was in a financial environment of literally historical liquidity injection. There was someone much money rolling around that it gave the market a premium, letting it go to heights that were fully unsustainable.

The entire world is different now. So few dollars are available in the system, billions are being loaned from the Fed's emergency fund regularly. People are also in record debt. This isn't just America, either. Bhutan sold 6000 BTC this year to stabilize their own finances (which saved them from the IMF but would have impacted the price).

The fact that we hit a floor around $80k in this environment is very encouraging to me. Even in a literal global financial emergency where everybody needs money, we are only down about 40% from the all-time high.

What I'm saying is that when we put everything into perspective, I think it paints a bullish picture. As soon as the liquidity flows, Bitcoin will take off.

(For completeness, the AI bubble and then gold's amazing rally soaked up what liquidity was available... these will modulate eventually and some of that will also flow into BTC).

All that said, you're not wrong for feeling disappointed, but I can't find my way to a bearish sentiment :)

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5 years ago Bitcoin hit $69,000 without the following major catalysts.

- Changes to the FASB fair accounting rules. This was a major development for institutional Bitcoin investors.

- The announcement of a Bitcoin strategic reserve in the USA.

- The announcement of the Pakistani strategic reserve.

- Saudi Arabia and the UAE accumulating Bitcoin en masse.

- China mining and accumulating Bitcoin en masse.

- The ability to allocate towards Bitcoin in Superannuation type retire funds across the globe in multiple countries.

- Blackrock offering the IBIT BTC ETF and subsequently mopping up ~770,000 Bitcoin as of today

- Strategy accumulating a record amount of Bitcoin to the tune of 671,000

- XX1 announcing its ability to be publicly traded with an initial balance of 43,500 Bitcoin.

- Record amounts of Bitcoin being drained from exchanges over the past year.

- Fidelity, Grayscale, ARK, Bitwise and all the other smaller ETF players accumulating ~530,000 Bitcoin.

- Matathon mining accumulating 50,000 Bitcoin.

- Metaplanet accumulating 30,000 Bitcoin.

- Record amounts of Bitcoin podcasts and Bitcoin only content online.

- The proliferation of NOSTR.

- The strengthening and expanding of Bitcoin credit providers like LEDN and Block Earner.

- Record amounts of favourable legislation towards Bitcoin in the US 🇺🇸

- An exponential Exohash mining increase of 170 in late 2021 to 1,100 in 2025. An almost 6x in computing power within the Bitcoin mining sector.

- An accelerated under performance of altcoins with record outflows of capital from shit coins to Bitcoin over the last 5 years.

- Stocks, property, gold, silver and every other asset pumping and reaching new ATHs daily. There is plenty of money out in the ether.

And after all of that, Bitcoin has barely managed a 25% return since its 2021 peak over 4 years ago???

$69,000 to $80,000-$90,000 with all the above factored is a woeful underperformance. It’s actually indefensible…Absolute trash!

2021 was built on retail only. If Bitcoin can barely move 25% since then with all these tail winds it’s in trouble.

If Bitcoin needs the traditional financial system to collapse for it to move up, it’s in trouble.

Will it go up again one day - hopefully soon?? Probably!

Does it achieve a 50-60% CAGR like the talking heads suggest?

Absolutely not!

Stay humble and stack sats for DECADES :)

Almost all kyc things.