Neighbor Dan messaged me this morning, asking wtf is up with BTC and asking me for advice. I basically said that I was still buying, and that it wasn’t just BTC in general but an overall collapse of economic assets. Inflation, price gouging, and tapering — by which I mean a combination of COVID stimulus programs ending and the Fed raising interest rates — have all contributed to a drawdown in what some are calling The Everything Bubble. It seems the tail end of the debt bubble is finally catching up with us. There’s evidence that the automobile market rapidly cooled off last month, and that real estate may be doing the same. BTC was just dumping along with the S&P and broader markets in general.
There has been a bit of technical shenanigans going on. A stablecoin is failing, falling off its peg, and has been selling off BTC reserves. That seems to be the general consensus with this dump down to below $32k, and there are likely other factors at play as well, but I’m still buying.
I actually finished buying a large tranche of BTC, SOL and ETH a couple of weeks ago and found myself wishing I had spread out my DCA implementation a bit more. I still have a smaller amount that I’m doing, but it’s about a tenth of what I just went through. I told Dan this, but that you do you, man. I pointed out that we’re only down to the price we were at eighteen months ago, while reminding him of the adage that in the long-run, we’re all dead.
I had another message today from a kid I met playing Tarkov over the weekend. Saw my name was BlockchainMan and asked me to shill my project. I don’t shill. Told him to read the whitepaper. Turns out they just wanted someone to guide them, so I sent him a Robert Breedlove podcast and told him to get back to me after he had listened to it.