Weekend Rundown - September 19, 2021
Up 20% down 20% it's all sideways to me
Bitcoin’s price has gone sideways for over a month now, ranging from $44,000 to $53,000 since August 7, 2021. Check it out:
I’m sure it might not feel like we’re going sideways because YouTube and Twitter keep talking about a raging bull market or a looming capitulation. And, to be fair, that “sideways” action includes swings of +20% up and down. Extreme for Aunt Sally and Uncle Morton, normal for us.
What do I think?
My opinion hasn’t changed for months. I’m excited about the market, expecting a wide range of outcomes, and not going to worry about anything unless bitcoin’s price drops to $29,000, for reasons I’ve shared for months in my updates for premium subscribers.
For my thoughts at this moment, catch my update from September 17, 2021.
Also, I posted a video with my thoughts about US regulators taking a more publicly harsh approach to crypto, as opposed to quietly stifling the industry as they did in years past.
In a nutshell, I said Congress matters more than the regulators, crypto will be fine without the US, and our opportunities we will still be massive regardless of anything the US government does. This is a global technology and unless US laws change, a lot of money, talent, and innovation will continue moving to other countries—for the benefit of all of us.
Tap this button to watch the video.
Read below for some other content you may enjoy.
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They didn’t pay me to say that.
Quantra has a lot of reasonably-priced training. Use the coupon code MARK20 before September 30, 2021 to get a 20% discount on all of your courses. I get nothing but it’s all good, better you should get some good info that I can’t provide.
Bottom line: a key employee of the biggest NFT platform used secret wallets to buy NFTs just before they were featured on the platform’s homepage, then sold them after a price spike.
My take: no surprise. Is this any worse than when VCs and insiders set aside a chunk of tokens for themselves, then dump their tokens on you as soon as the price pumps? It’s crypto. At least with the transparency of blockchain, the community can quickly flag these shenanigans. In traditional markets, these schemes can take years to expose.
Why we care: because the more of these stories hit the news, the easier it is for people and governments to say crypto is shady. Yes, insider trading happens in the real world too. That doesn’t mean it’s ok or it won’t make people worry they’re getting screwed over in crypto.
Alessio Rastani, one of my favorite YouTubers, posted a video with another bearish coincidence in the data on traditional markets. Add this to a mix of ominous trends in the larger global economy—e.g., slower growth, Chinese financial troubles, a demand shock that’s overwhelmed supply chains almost everywhere, and a debt market that’s locked massive amounts of capital into commitments that will almost certainly be worth less in the future than they are today.
Watch the video for details.
Relax and enjoy the ride!