What’s wrong with you?
It was overbought, especially in the setting of decline global M2 since January 1.
Lots of confusion out there. Let’s keep it simple.
#Bitcoin is:
- Decentralized
- Secure
- Scarce
- Stateless
- Permissionless
- Energy Money
It’s not a tech company.
It has no cash flows and it never will.
It uses a lot of energy to maintain its unique properties (see above), and it always will. This is a feature, not a bug. Don’t apologize for it.
GM.
Net Liquidity and Global M2 Update:
US Net Liquidity (upper chart) after a local low in late-December 2023, US net liquidity is trying hard to break out of its sideways channel that it has been trapped in since April 2022.
OPINION #1: Positive in the near-term for US small and mid-cap equities, which have recently experienced sizable drawdowns.
Global M2 (approximate; lower chart) tried and failed to break through resistance of its 33-month channel and turned slightly lower. Still in the upper end of its 33-month range.
OPINION #2: I expect worldwide risk-on assets to continue to chop sideways near local highs or drift lower in the near-term, until trends materially change. These may include: #bitcoin, #gold, FAANG+ stocks, and $QQQ, among others.
(Not individual investment advice! For infotainment purposes only!) 
When people get bored they talk about other people.
Be productive, not bored.
Talk about ideas, not people.
If money is, at its core, simply a ledger of value…
Then it makes sense that governments have generally been in charge of the creation and management of money throughout history.
The problem with this, as it turns out, is that centralized governments are quickly incentivized to create “sub-money,” that is, fiat or other debased currency, in order to steal the purchasing power of its citizens over time in a stealthy manner.
This stealthy theft has a name: Inflation.
What if a money could be conceived that has and maintains a truly decentralized ledger?
If this were possible, would a centralized government or other authority be necessary to maintain the monetary ledger and give it validity?
Many fiat brains have a difficult time comprehending this idea… especially if it’s the first time they have thought about it.
Among other attributes, #Bitcoin is the world’s first and only truly decentralized monetary network.
It is decentralized money of the people, by the people, and for the people.
Why do some people hate #Bitcoin so vehemently?
- Central planners hate what is decentralized.
- Militant people hate what is secure.
- Infinite borrowers and money printers hate scarcity.
- Statists hate what is stateless.
- Authoritarians hate what is permissionless.
- Fiat cucks hate sound money.
#Bitcoin is:
- decentralized
- secure
- scarce
- stateless
- permissionless
- sound money
It is truly better money for a better world (except for those described above).
#Bitcoin is the world’s first decentralized, secure, scarce, permissionless, energy money.
Nikola Tesla and Henry Ford imagined it 100+ years ago.
And guess what?
Energy money, by design, uses energy.
Lots of it.
It’s called proof of work. It’s fundamentally different than proof of stake fiat currencies and cryptocurrencies.
And its energy usage is a protective feature… not a bug.
#Bitcoin consumes lots of energy and is better money for a better world.
Electricity is going to fail.
Also, the internet and personal computers.
Also, Bitcoin.
The Luddites, as usual, are right.
Speaking of paradigm shifts...
It is clear (to me) that government fiat/credit-based currencies incentivize two classes of citizens: Owners and Renters.
Over time, as monetary inflation/debasement continues and increases, the Owner class gets increasingly wealthy, while the Renter class continues to lose purchasing power.
#Bitcoin, as a bearer asset, is available to essentially all who want to participate in the decentralized, secure, scarce, and permissionless monetary network.
This bearer asset is the purest form of ownership (it's no one else's liability) and will--organically, from the bottom-up--help transform the long-suffering Renter class into Owners.
In so doing, the majority of humanity will slowly but surely experience new-found prosperity as the purchasing power of humans increases over time, much to the chagrin of governments and their proof of stake fiat currencies.
Truly, #Bitcoin is better money for a better world.
I highly recommend getting into the habit of measuring your net worth on a monthly or quarterly basis... in both dollar (or your government fiat currency) AND #bitcoin terms.
It is quite enlightening, and will absolutely highlight the major differences between the two stores of value.
For example, over the past five years, the price of my house has increased (gotten more expensive) by 37%.
In bitcoin terms, the price of my house has decreased by a whopping 89% over the past five years. Meaning that it is 89% more affordable.
LESSON: Life gets more expensive the longer you save in dollars, while life gets more affordable the longer you save in bitcoin.
Truly, #Bitcoin is better money for a better world.
Life gets cheaper and quality improves on a #Bitcoin standard.
Imagine that!
GM
Most businesses on a bitcoin standard will eventually transition into bitcoin holding companies.
If you believe the growth of your business can outperform the long-term CAGR of #bitcoin… then, frankly, I don’t believe you.
Consider holding bitcoin as a reserve asset or risk getting left behind and becoming obsolete.
75-80 on a good day.
The fiancialization of #Bitcoin by Wall Street has always been inevitable.
I'm not even very bright, but I've been talking about this happening for many years.
So this week will simply mark another milestone in the growth and development of the #Bitcoin monetary and financial network.
What's more interesting (to me) is what will happen over the ensuing years and decades.
As a completely separate monetary and financial network from the US dollar-led fiat/credit based network, I think that #Bitcoin will eventually grow too unwieldy and powerful to be contained by Wall Street, as well as by most corporations and fiat-based governments.
Eventually, possibly as soon as the 2030s, #Bitcoin will actually overpower fiat/credit-based entities, break free from their attempts at control and coercion, sever all remaining ties, and separate government from the production and control of money.
Truly, it will be a brave new world.
And, dare I say, it will be a much better world for the vast majority of humanity.
It's not a speculation, an investment, or a portfolio hedge...
#Bitcoin is better money for a better world.