Not A Good Look

I find myself curiously enamored by the current state of affairs regarding Bitcoin™. And, depending on where you read, listen, or watch, you get one of two sides. i.e., Bitcoin is still going to the moon and Elon Musk s#cks. Or, Bitcoin is just taking a breather before it goes to the moon, and Elon Musk still s#cks.

That’s really about it or, in other words, two sides of the same coin, with only a slight difference in the ultimate conclusion, which seems to be: Bitcoin is not only going higher, but much higher than previous -and- by year end. Oh yeah, and Elon still s#cks!

To be clear, that’s only me inferring what I read and hear, not what I think or believe.

However, when it comes to the above, there is one tiny piece of that “same coin” observation that I would like to bring into more light, which is this…

If Bitcoin is supposedly going to be up some 500% on the year at around $220,000 as quoted by crypto-evangelist, Max Keiser just days ago. Then, please explain to me why this conservative estimate isn’t causing such a rush into the space that, at the least, nearing its recent highs of just this year at around $65K?

I truly mean the above, for many of Mr. Keiser’s fellow evangelists are calling for much higher, as in $500K, $1MM and more. (Mr. Keiser in 2020, himself, was at $400K) And yet? To wit:

(Chart Source)

For those in the, “Bitcoin is still going to the moon!” camp? The above is not a good looking picture for surety, is all I’m saying.

Again, all I ask is, “Why?” Because, if you listen to what is being told-and-sold across not only the crypto-space, but the entirety of the mainstream business/financial media, this should be, by all accounts, the greatest no-brainer investment of the year.

And yet? It seems to have more in common with a TV commercial about someone falling, than it does with investment advice and/or prowess.

Here’s another piece of this “coin” story that also needs to be noted…

Not only are HODL’s or “Diamond Hands” still sitting in those doldrums, but they just concluded an event where they all met, sat, listened and proselytized how Bitcoin was still going to the moon, and yes, Elon still s#cks, only now Mr. Keiser has moved it up a notch shouting from said stage “F#ck Elon!” to the crypto-faithful.

Here’s what I said just a few weeks ago that appears to be a bit more prescient than when I first said it…

“Diamond Hands” (aka HODL, hold on for dear life, etc.) only matters for possible narrative control across either social media platforms or, to fill air/print space across the mainstream business/financial media outlets when needed. In other words: it’s no longer about what you think or do – it’s about what businesses that have invested looking for returns will do. Period. When an investment does not perform as expected (aka, go up) there is no such concept as “HODL” or “Diamond Hands.” If it’s not making returns – it gets sold.

“Bitcoins latest dip:Why this dip may not be…”

As always, we shall see.

© 2021 Mark St.Cyr

Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.