Weekly Rundown - February 26, 2023
Only two realistic scenarios
This week, bitcoin’s price reached a confluence of “technical resistance” levels. That’s bearish. I sense a lot of people are getting antsy.
“I’ll buy at $8k” already turned into “I’ll buy at $14k.” How long until it turns into “I’ll buy at $20k?”
There are only two realistic scenarios for the market and if you’re following my plan, you’re doing the same thing no matter which way the market goes. I’ve talked about this for a while, most recently in my market update from February 21, 2023.
I’ll have more on that and some interesting observations in another update this week. Before then, make sure you got the February monthly issue.
Scroll down for a poll, video, articles, meme, and job listings.
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The Bitcoin Chart Nobody is Watching (Except You, Now)
People love data models, fractals, and projections. I do, too! Fun food for thought. You may even like my U2R model.
Alessio Rastani talked to two of his YouTube trader friends about some charting relationships and potential price targets for bitcoin.
If you like that kind of content, watch this video. Note, this is not an endorsement of any product, service, or class.
Why Coinbase Launched an L2
After beating revenue projections by 10%, Coinbase announced its own smart contract platform, Base.
Builders gonna build.
I don’t know what this means for crypto. We have a lot of smart contract platforms already!
Web3 Academy highlighted the rationale and implications in its most recent issue. Read their take!
Generally speaking, I support Coinbase’s vision. We need something like AOL for crypto, and Coinbase wants to deliver a similar experience.
A lot of things have to go right though, as Coinbase already knows. Let’s hope everything works out for all of us!
IMF lays out crypto action plan
The International Monetary Fund, a nongovernmental organization that helps countries run their financial systems and serves as the world’s lender of last resort, published a report, Elements of Effective Policies for Crypto Assets.
IMF acknowledges that it has no standards for how to define, classify, regulate, and assess risks related to cryptocurrencies. Its nine-point framework proposes ways for IMF’s members to, in their words, “effectively mitigate the risks posed by these assets while also harnessing the potential benefits of technological innovation.”
They get it. They acknowledge how quickly crypto technology is evolving, how poorly governments have adapted to its usage, and how significantly it will change modern finance and the way that money moves from one country to another. They worry about what it will mean for their members.
Sounds like responsible, proactive leadership—an urgency that all governments should feel (but too many don’t).
Whether the framework is actionable or workable?
Until somebody actually does the things IMF proposes, we can only guess. I found the report informative, perceptive, and well thought out. IMF directors ain’t no dummies, even if your favorite bitcoiner says they’re evil.
Institutions like the IMF have only their authority and credibility to bank on (pun intended). They’re modern-day versions of the priests I mentioned in the January monthly issue—so stuck in their ways that they can’t see any alternative to what they already know, but aware that they will lose their authority and credibility if crypto can serve people’s needs better than they can.
At least they’re trying to do something constructive.
Though it is interesting to note that nowhere in their report does it say anything about you, your needs, or your welfare . . .
Why we care
IMF directors agree that crypto will grow. They pointed out legitimate risks and put forward a plan to head off those risks. Let’s not read anything more into it. Some of their suggestions might not be so bad.
Bitgo | Director of Design | Link to position
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Relax and enjoy the ride!