Posts about Bitcoin
We always tend to talk about how destructive bear markets are and how every investor just fears them and usually even paper-hands before the real bear market even started. The situation was not much different exactly one year ago from today, back then we all probably were full of fear as BTC had plummeted from a high of $48k to under $20k in just weeks thanks to the LUNA scam.
Many also paper-handed back then which caused this crash in the first place and many more thought, just as in the prior bear markets people did, that Crypto is officially dead.
Well, thankfully not everyone did that, in fact the people with commitment, dedication and sheer fucking will, like us, did not do that at all. They instead held onto their coins until now.
Those heros, made up for nearly 69% of the whole supply. That's 13.3M BTC out of the current 19.6M BTC circulating supply. That way we see that by far the majority of holders actually have the conviction to just hold through all of the pain because they know what is awaiting them on the other side of it. Just the smaller portion that sells is way more vocal.
And of course we are all a part of that 69% number, so we must finally step back a bit and look at all the pain we endured, but still prevailed. We truly deserve it to be celebrated by ourselves.
I have to admit that for decades, I believed that Michael Saylor is a nutcase. He has a very peculiar history.
He lost it all before. During the dot-com bubble, Saylor "saw a staggering $13.53 billion vanish". He was afraid that he would forever be called "the guy who flushed $15 billion down the toilet".
https://i.redd.it/2dox9q1ujl8b1.pngWhy? Well Microstrategy, his company, did this:
https://i.redd.it/7p4xmw2tjl8b1.pngYes that is a near -100% (99.9%). This chart looks worse than almost all the shitcoins out there. From over $3300 to $4.
Microstrategy even did a -62% in a single day because of accounting mistakes, which is why he was accused of Fraud by the SEC. After the dot-com bubble burst, Jim Cramer pointed to the collapse of MicroStrategy as a catalyst.
Since 2020, Saylor has been betting big on Bitcoin. He started accumulating in 2020 due to the fear of inflation. In total, microstrategy has 138955 Bitcoin. The company's average buy price is $29817, so they are now in profit. The biggest wallet looks like this:
https://i.redd.it/6yue315pll8b1.pngAdmittedly, I always thought buying this much Bitcoin was insane, no matter how much I love Bitcoin. It's like going all-in and I would never do that.
But what made me view him as crazy even more is his behavior. He sets crazy moon prices and shares daily inspirational Bitcoin posts, almost like a crazy cult leader.
https://i.redd.it/1cmh2kzjml8b1.pnghttps://i.redd.it/p2nk39kpml8b1.pngBut, while last crypto cycle we said that institutions would come for Bitcoin yet only a few did, now major institutions are arriving:
https://i.redd.it/rykb7py8nl8b1.jpgIf all the ETfs get approved, Michael Saylor's bet on Bitcoin will likely pay off massively and he will become one of the wealthiest people on the planet. Let's hope for all of us that Saylor is right because that is also really good for our bags.
Bitcoin Dominance has been at the highs, approaching 50%. We just broke out of a range that we have been in since April 2021.
https://i.redd.it/gat49afec45b1.pngThis is because alts are getting absolutely massacred. In the last 24 hours:
BNB -9%
ADA -25%
Matic -27%
DOT -14%
Sol -25%
Link -15%
Atom -18%
Algo -19%
A lot of these alts are hitting multi year lows. Algorand has even hit an all time low.
This absolutely insane. Meanwhile:
Bitcoin -2%
Ethereum -2%
There's a TON of liquidations:
What on earth is going on? This is an absolute massacre of my portfolio.
Take a break from the screen if you need, please.