Eighteen U.S. states are suing the SEC for "unconstitutional overreach and unfair persecution" of the crypto industry under Gary Gensler. At the same time, a Bitcoin reserve might become a reality under Trump’s presidency. It seems we’re not as bullish as we should be, and it shows.
BTC is now closer to $100,000 than it was to $50,000 just a week ago, and yet, there’s no hype. It feels like a given at this point. Do we deserve this? Personally, I’d say yes, but part of me wishes the narratives we were so bullish about in the past two cycles had materialized by now.
We still can’t pay for groceries at most stores using crypto, and there’s no sign of DEXs overtaking CEXs. I guess we’re still early. On the bright side, memes are thriving—this cycle’s version of last cycle’s NFTs.
Many will fall for the trap of buying cult coins at their peak, only to end up holding the remnants of a dying fad when the inevitable bear market arrives. Whether BTC reaches $100,000 or not, the market will puke eventually—it always does.
Nearly every country in the world holds gold as a reserve asset, yet gold has still experienced bear markets. Bitcoin, even if it becomes a reserve asset, will follow a similar pattern. This is actually great for portfolios because, at some point, capital will flow from BTC into altcoins. The uplift for smaller coins could be monumental. Imagine the effect on $50,000,000-$100,000,000 market cap coins during this shift—I’m excited to see that.
So far, we haven’t experienced a proper altcoin season, but don’t buy into the narrative that alts won’t pump this cycle. They will. DOGE’s recent rally is proof of what’s next for the shitcoin market once BTC cools down.
Some coins, like MOODENG, are already showing early signs of growth. These assets are great for making money but don’t get too attached. They’re like the NFTs of the last cycle—some people will inevitably end up holding them through the bear market. Honestly, I feel for those people, but we all need exit liquidity.
We’ve all been there at some point. That’s just how you learn.
And that’s it from me for now. I need a nap. Have a great Friday, and I’ll catch you next time!
Thanks for your attention,
Adrian