“Bitcoin is property.”
~ Michael Saylor, Executive Chairman at Microstrategy
Written by Bryan Lutz, Editor at Dollarcollapse.com:
Bitcoin is backsliding.
CNBC reports:
Bitcoin slips to about $63,000 as the cryptocurrency tracks for third straight losing day
“Bitcoin has declined 12% in the past week, after hitting an all-time high of $73,797.68 last Thursday…
…The ETF-induced rally has – at least temporarily – come to a halt as net inflows start to slow,” Citi analyst Alex Saunders said in a note Wednesday. “Total inflows have netted $12 billion since inception, but the slowing pace has likely contributed to the weaker price action after bitcoin recently made new all-time highs.”
For many, devote Bitcoiners this is a temporary moment of “backsliding” before salvation cometh – simply, a waiting game.
As Bitcoins market cap has grown, those that buy and hold the token have dealt with price fluctuations between 20-30%, even 80% drops…
A twelve percent movement in such a short time would have been market shattering gold.
Yet, to their testament, not so for Bitcoiners so far…
It looks as though the downward movement is due to traders selling off their BTC after the new all-time-high.
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For those who like something to hold in their hands, Bitcoin is still somewhat of a fantasy. It’s like make believe money kids use to trade while playing online video games.
Just as though there’s nothing backing the gamer coins, there’s nothing to back Bitcoin.
So where does the value come from?
Bitcoiners would say scarcity, the immutable system, and the secure ledger of the blockchain, but…
If Bitcoin continues its losing days, what then?
Will money continue to flow into ETFs(the flow is already slowing down) even while prices decrease?
After all, ETFs were supposed to be the reason for Bitcoins latest run…
All while money continues to flow out of Gold ETFs, while the price of gold slowly increases. In an inflationary environment where its value has been measured against the USD for more than 50 years we can be fairly certain gold will rise.
Bitcoin is something to pay attention to though.
Will it be the next USDT?
Will it go the way of 99% of crypto?
Or has Bitcoin really only backslid on its way to salvation?
One thought on "Of Backsliders and Bitcoiners: Is Bitcoin Backsliding on its Way to Salvation?"
Being an BTC investor for just over a year, I believe there are two camps investing in BTC. The latest, ETFs and their ilk, are simply looking for increased returns. I acknowledge that a portion of ETF money is from investors trapped within the US regulatory system (401(k), IRA, other pension funds). The primary and ever enduring camp, HODLrs, invests on principle and conviction.
Conviction can only be developed through study and effort. Understanding the asset bitcoin; understanding the rate and magnitude the USG debases its currency; understanding the beyond the point-of-return debt in the USA and Western world; understanding the current countless global perils, there is but one expectation. As Michael Saylor stated, bitcoin is the exit plan.