(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)
Contrarian view here from someone that did not enjoy this piece (I hope you are not going to remove my comment just because I disagree with you - I still enjoyed it and I am subscribing to your newsletter).
First of all, a good half of this article is about showing off that you know how bonds work because you worked in TradFi. Kudos to you for your knowledge, but this is completely pointless to your final point that "Bitcoin discounting a future, very inflationary global world war situation".
More importantly, this last statement is ludicrous. Bitcoin today is still in the hands of relatively few people, if compared to TradFi. The entire market cap of BTC is less than Apple's. Institutional money is not in BTC yet, and I am sure I do not need to tell you that since you have an idea of the magnitude of how large the bond market is, for example. Thinking that Bitcoin is behaving like a safe haven asset based on a week of data is wishful thinking at best.
I would also be wary of a world where we lose access to monetary policies. As much as the FED has been politicized in the last 10-15 years, the world before the FED and before monetary policy was - economically speaking - not a world you want to live in. It was a world of financial chaos, constant bank runs and wrecking economic cycles. An hyper-bitcoinized world where the prime reserve asset and currency is a deflationary one does not look pretty for 99% of the population. This is how our world looked like for most of the history of humankind, with gold as the ultimate resrve currency - and in that world, wars and inequality where at levels that are WAY higher than today.
So, if monetary policy and the FED suck (they do), they are still the best solution we have today to a big problem ("controlling" economic cycles) - a problem that Bitcoin does not solve. Which incidentally is also my view on your dire take on "Pax Americana" and your view of war: I am not a US citizen, nor I live in the US. I live in Europe, where the public opinion about the US is definitely more negative than positive (despite than what message your media might want to pass, the average citizen of the EU is definitely pro-palestine).
That said, I personally will always prefer and support a US-led world than anything else. As much as you can criticize the stance of the US on human rights and the thousands of contradictions in their foreign policy, I take a US-led world anytime vs. a Russia or China led world. There is simply no better alternative today than a US-led world. And if what it takes to sustain that (imperfect) world is a few wars against bullies, then let it be.
But, I am a very pragmatic person by nature so I understand people might disagree with this.
If you are pro-Palestine, then you are pro-US empire because there is no damn way that lawnmower powered hang gliders penetrated the heavy surveillance of the Iron Dome without stand down orders from the top. Ditto no way that military planes that hit the twin towers were not intercepted by F-15s without a stand down order from the top. These were both false-flag events.
As for Bitcoin as the 1988 Economist Magazine cover story Phoenix which rises from the ashes of WWIII to serve as the world monetary reserve asset in a scorched earth multi-polar world with the EuroDollar inertia finally, painfully obliterated, indeed this will be a new Dark Age of sorts. Usury can’t exist when the money supply can not be expanded at the rate of the compound interest. So thus depressions and recessions every decade. But that is the world we will have. Bitcoin was not sent here to save us, but to put austerity on the planet.
Even assuming that all of your conspiracies are correct, I would still choose a US-led world over anything else. The problem with idealistic people like you is that they are very good at complaining, but very bad at proposing solutions. In Russia dissidents are thrown out of windows. China literally just did an actual genocide on a Muslim minority. Is anyone in Beijing or Moscow complaining? No. At the very least the US hides behind international law and allows protests, freedom of speech and free elections to happen. Far from being a perfect model, it is still the best model we have today.
Totally agree on the second part of your comment - a hyper bitcoinized world would indeed mean depressions and recessions every decade. And that's why an hyper bitcoinized world will never happen outside of the minds of extremists like yourself. Bitcoin *MIGHT* become a reserve currency / reserve asset, akin to gold. But exactly how gold is co-living with currencies and other asset classes, Bitcoin will.
(Buying Bitcoin Now Will Not Make Your Descendants Rich | Heresy Financial)
Unfortunately pessimistically, this video’s optimism is wrong on two levels. First, Bitcoin will never be the currency (as in for payments), because the 2017 scaling softfork broke the Nash equilibrium and will be destroyed. Bitcoin will only be the global reserve currency used by the very wealthy because of the very high transaction fees given the immutable 1 MiB block size limitation in the legacy protocol. Any attempt to change the protocol will fail due to the economic asymmetry of airdrops (even softforks that become hard fcks when the Nash equilibrium is restored). Bitcoin is moving us to a two-tier monetary system, where the plebs will be forced onto to dystopian, cashless 666 central bank digital currencies and the central banks will hold Bitcoin on their balance shits.
Secondly, the economic mobility of meritocracy does not obviate the power-law distribution of wealth and fungible resources. Unfortunately Bitcoin replacing the dollar will result in dystopia because unlike gold, the dominant empire will not be able to debase the unit-of-account that the entire world relies on. Thus massive deflation and widespread pestilence because most people are incapable of self-reliance, self-discipline, long time preference, etc.. This means that the 1% will become the 0.1%, then the 0.01% and ultimately all the wealth of the world concentrated on the proverbial, metaphorical Biblical Seven Hills. Armageddon follows in Biblical prophesy. The reason for the power-law distribution of wealth and fungible resources is not just regulatory capture. It runs the gamut of ways that economies-of-scale and selection-of-the-fittest-most-ruthless can capture power vacuums because we do not exist in your naive, idealistic implicit assumption of a milieu of perfect disorder.
> “While I agree with almost every point you make here, I cannot agree that families that have extreme amounts of bitcoin(or it could be as little as 1 whole coin in the future) won’t be the wealthiest of us. Sure, some families will bleed their stash for one reason or another, and yes, those who create value will always be the ones to accumulate lots of wealth. However, in a fixed supply monetary system, those rich entrepreneurs will perhaps be wealthy at .2 or even .5 btc, but to reach the insane high lvls of 1, 10, or 50 btc will be a fever dream for those who don’t already hold some through inheritance or luck. It’s nearly like that already. Great video though, I love thinking of what a bitcoin standard will look like!”
1 Bitcoin will be just enough for someone to saw your leg off in front of your daughter (https://www.ccn.com/dutch-bitcoin-trader-suffers-brutal-torture-with-a-heavy-drill-in-violent-robbery/) (true story) to get you to fess up your private keys, but not enough economies-of-scale to hire enough security to protect yourself. Yet another example of why Bitcoin will not create meritocracy that obviates the concentration of wealth.
Thanks for taking the time to reply. It’s good to know there’s still sentient beings willing to discuss. Idealism is probably not the most accurate categorization of my perspective. Do you have a free time moment to read my comments as @shelby3:
I am somewhere between black and red pilled. Your point essentially is that we need to choose the least worst option for society. My stance is that civilization moves in periodic cycles. Thus while the West may seem less horrific than the East, I argue it’s transitioning right now to become more draconian and dystopian than the East, while the East is improving, albeit the entire planet is devolving into a prison planet overall, per my YT comment copied below.
The difference between a Bitcoin reserve currency world and the gold one is as famed mathematician John Nash explained in a follow-up on his Princeton page to his Ideal Money proposal at JSTOR. The gold standard was always one of the dominant empire debasing it as needed. With Bitcoin that will not be possible. Thus the future of the world is going to be crushing austerity and dystopia. The 2010 Rockefeller Foundation predictions in their Scenarios of the Future, makes it clear to me they knew what was coming including the C19 plandemic.
Coincidentally Nash was assassinated on the very EZ Pass that he wrote about in the abstract of his Ideal Money paper. And as for the conspiracies, I have done all the detailed assimilation which can be found digging down into my links you will eventually arrive at a Gist I had written on Github (which is archived) and my 2016 Steemit blogs.
So instead of assuaging yourself that Bitcoin can’t enslave the planet, perhaps you should be freaking out like I am and trying to figure how we can avert what appears to be unstoppable now. How foolish we were to clamor for it!
> “@SMoore-vj7bt I'm not Mexican nor am I diminishing regular Americans. It's just obvious that America doesn't have a long term plan for dealing with most of the world becoming industrialized. American politicians are senile and out of touch.”
@jay1jayf the holistic picture is actually enslavement of the entire world. The political elite of the US Empire are just pawns of the real power behind the curtain. Industrialization does not mean freedom. It means trading freedom for trinkets. Just as the indigenous were lured into trading their land for mirror or bottle of liquor. The deck of cards is being shuffled but the House remains in control of the odds of winning. Mexico is a new frontier to some extent, because of low regulations. But the tax man cometh. Within a few decades or less the enslavement in the West will be universal all over the world. That is what the rise of multipolarism (and the deflationary, dystopian Bitcoin to displace the USD) is really about. When you ponder who created Bitcoin just ask yourself who benefits from enslaving the world in a unit of account that is a fixed supply and can be monopolized by the 1%.
First finding you in a YouTube interview, this is my first read of your posts, Arthur. I am impressed and waaaay out of my depth and domain here. I have a lot to learn, and it is never ending. But your paragraph above was refreshing in its sentiments and assumptions. I am glad to read someone besides myself who sees the Corporate Nation-State as an illusion, a fiction serving those possessed by the values of Mammon and Moloch.
I've been doing a lot of reading about those spineless charlatans lately ... dark triads, cluster b personality types, pathological narcissists and psychopaths. A good read, though not without its weaknesses, is A. Lobaczewski's "Political Ponerology: The Science of Evil, Psychopathy, and the Origins of the Totalitarian State". Much more illuminating than Desmet's focus on the bamboozled with his "Mass Formation Psychosis".
The big mystery for me is will we get a black swan prior to the next big bull wave in cryptoland. spiking yields usually break something and cause a flight to safety, dump in risk assets. what are some of the invalidation signals to look out for if BTC tops out at resistance here? What if the war takes longer to escalate and Gold/BTC take a tumble along with other risk assets as higher rates finally start setting in and tank the economy?
Another fantastic exposition. We mustn't forget the unlimited check written to underwrite semi and clean tech manufacturing in the US. If you're going to be crowded out by defense spending then pivot to subsidized political causes to see you through the Fourth Turning.
Arthur, while you have good economic takes, your political takes are horrendous.
Just say you are too pampered to understand in these topics.
Iran is anything but a boogieman -- they have been the principal funder of global terrorism for the last few decades. They finance Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen and more and more. Normal people can't live normal lives because of them. They will soon have nuclear weapon (unless someone acts to stop them which currently doesn't seem likely) and once they do -- they'll make North Korea look as peaceful as Switzerland and the Iranian people will lose any chance at democracy. You obviously never lived *yet* in a region rife with Islamic fundamentalist terrorism trying to convert everything and everyone to Islam by violence/rape/terror (I'm saying *yet* because it's coming to the US and Europe soon in the next decades due to demographics so let's talk again in a decade or two and then tell me the US has nothing to do with it).
I love the way you write. It is the perfect balance of wit, charm, insightfulness, and punch-you-in-the-face. Toss in: George Orwell, Michel Houellebecq, Chuck Palahniuk, Thomas Sowell, some pre-Twitter Nassim Taleb, a block of cocaine, and ‘The Big Short’ DVD into a blender and ... BAM. That’s you.
What if full on anti crypto populism is here short term?
Sanctions, social ostracization of anyone crypto affiliated, millions of ex-crypto users -most of whom are naive Gen Z and millenials (94%) to cheer on Feds starting to arrest devs and promoters using the coming economic sentiment to their benefit, more banks to unbank the banked for using crypto like Chase UK just did, barely a day goes by without another indictment/lawsuit/hack now, new FinCen requirements on mixers Friday, UK FCA threatening prison time to unregistered advertising, list goes on and on.
It's unfortunate but crypto bros really thought due to a decade of ZIRP the world ran on shitcoins and DeFi. Turns out when shit hits the fan it still runs on state backed violence.
Did crypto bros really think they could release and market half baked, often flawed, open access financial tech to the masses as replacements for the banking system, inadvertently lead to terrorist financing and billions to be hacked, and nothing would happen in retaliation from users and the Feds? Lol.
Sorry but I believe a level of hell the crypto industry cannot imagine is still to come, and economic crimes to be paid for before any future bull market to happen longer term. We shall see.
Contrarian view here from someone that did not enjoy this piece (I hope you are not going to remove my comment just because I disagree with you - I still enjoyed it and I am subscribing to your newsletter).
First of all, a good half of this article is about showing off that you know how bonds work because you worked in TradFi. Kudos to you for your knowledge, but this is completely pointless to your final point that "Bitcoin discounting a future, very inflationary global world war situation".
More importantly, this last statement is ludicrous. Bitcoin today is still in the hands of relatively few people, if compared to TradFi. The entire market cap of BTC is less than Apple's. Institutional money is not in BTC yet, and I am sure I do not need to tell you that since you have an idea of the magnitude of how large the bond market is, for example. Thinking that Bitcoin is behaving like a safe haven asset based on a week of data is wishful thinking at best.
I would also be wary of a world where we lose access to monetary policies. As much as the FED has been politicized in the last 10-15 years, the world before the FED and before monetary policy was - economically speaking - not a world you want to live in. It was a world of financial chaos, constant bank runs and wrecking economic cycles. An hyper-bitcoinized world where the prime reserve asset and currency is a deflationary one does not look pretty for 99% of the population. This is how our world looked like for most of the history of humankind, with gold as the ultimate resrve currency - and in that world, wars and inequality where at levels that are WAY higher than today.
So, if monetary policy and the FED suck (they do), they are still the best solution we have today to a big problem ("controlling" economic cycles) - a problem that Bitcoin does not solve. Which incidentally is also my view on your dire take on "Pax Americana" and your view of war: I am not a US citizen, nor I live in the US. I live in Europe, where the public opinion about the US is definitely more negative than positive (despite than what message your media might want to pass, the average citizen of the EU is definitely pro-palestine).
That said, I personally will always prefer and support a US-led world than anything else. As much as you can criticize the stance of the US on human rights and the thousands of contradictions in their foreign policy, I take a US-led world anytime vs. a Russia or China led world. There is simply no better alternative today than a US-led world. And if what it takes to sustain that (imperfect) world is a few wars against bullies, then let it be.
But, I am a very pragmatic person by nature so I understand people might disagree with this.
If you are pro-Palestine, then you are pro-US empire because there is no damn way that lawnmower powered hang gliders penetrated the heavy surveillance of the Iron Dome without stand down orders from the top. Ditto no way that military planes that hit the twin towers were not intercepted by F-15s without a stand down order from the top. These were both false-flag events.
As for Bitcoin as the 1988 Economist Magazine cover story Phoenix which rises from the ashes of WWIII to serve as the world monetary reserve asset in a scorched earth multi-polar world with the EuroDollar inertia finally, painfully obliterated, indeed this will be a new Dark Age of sorts. Usury can’t exist when the money supply can not be expanded at the rate of the compound interest. So thus depressions and recessions every decade. But that is the world we will have. Bitcoin was not sent here to save us, but to put austerity on the planet.
Even assuming that all of your conspiracies are correct, I would still choose a US-led world over anything else. The problem with idealistic people like you is that they are very good at complaining, but very bad at proposing solutions. In Russia dissidents are thrown out of windows. China literally just did an actual genocide on a Muslim minority. Is anyone in Beijing or Moscow complaining? No. At the very least the US hides behind international law and allows protests, freedom of speech and free elections to happen. Far from being a perfect model, it is still the best model we have today.
Totally agree on the second part of your comment - a hyper bitcoinized world would indeed mean depressions and recessions every decade. And that's why an hyper bitcoinized world will never happen outside of the minds of extremists like yourself. Bitcoin *MIGHT* become a reserve currency / reserve asset, akin to gold. But exactly how gold is co-living with currencies and other asset classes, Bitcoin will.
Another follow-up. I commented on YT.
https://youtu.be/0Fg30bxX9BA
(Buying Bitcoin Now Will Not Make Your Descendants Rich | Heresy Financial)
Unfortunately pessimistically, this video’s optimism is wrong on two levels. First, Bitcoin will never be the currency (as in for payments), because the 2017 scaling softfork broke the Nash equilibrium and will be destroyed. Bitcoin will only be the global reserve currency used by the very wealthy because of the very high transaction fees given the immutable 1 MiB block size limitation in the legacy protocol. Any attempt to change the protocol will fail due to the economic asymmetry of airdrops (even softforks that become hard fcks when the Nash equilibrium is restored). Bitcoin is moving us to a two-tier monetary system, where the plebs will be forced onto to dystopian, cashless 666 central bank digital currencies and the central banks will hold Bitcoin on their balance shits.
Secondly, the economic mobility of meritocracy does not obviate the power-law distribution of wealth and fungible resources. Unfortunately Bitcoin replacing the dollar will result in dystopia because unlike gold, the dominant empire will not be able to debase the unit-of-account that the entire world relies on. Thus massive deflation and widespread pestilence because most people are incapable of self-reliance, self-discipline, long time preference, etc.. This means that the 1% will become the 0.1%, then the 0.01% and ultimately all the wealth of the world concentrated on the proverbial, metaphorical Biblical Seven Hills. Armageddon follows in Biblical prophesy. The reason for the power-law distribution of wealth and fungible resources is not just regulatory capture. It runs the gamut of ways that economies-of-scale and selection-of-the-fittest-most-ruthless can capture power vacuums because we do not exist in your naive, idealistic implicit assumption of a milieu of perfect disorder.
> “While I agree with almost every point you make here, I cannot agree that families that have extreme amounts of bitcoin(or it could be as little as 1 whole coin in the future) won’t be the wealthiest of us. Sure, some families will bleed their stash for one reason or another, and yes, those who create value will always be the ones to accumulate lots of wealth. However, in a fixed supply monetary system, those rich entrepreneurs will perhaps be wealthy at .2 or even .5 btc, but to reach the insane high lvls of 1, 10, or 50 btc will be a fever dream for those who don’t already hold some through inheritance or luck. It’s nearly like that already. Great video though, I love thinking of what a bitcoin standard will look like!”
1 Bitcoin will be just enough for someone to saw your leg off in front of your daughter (https://www.ccn.com/dutch-bitcoin-trader-suffers-brutal-torture-with-a-heavy-drill-in-violent-robbery/) (true story) to get you to fess up your private keys, but not enough economies-of-scale to hire enough security to protect yourself. Yet another example of why Bitcoin will not create meritocracy that obviates the concentration of wealth.
Thanks for taking the time to reply. It’s good to know there’s still sentient beings willing to discuss. Idealism is probably not the most accurate categorization of my perspective. Do you have a free time moment to read my comments as @shelby3:
https://www.tradingview.com/chart/BTCUSD/KJRy7Auf-Bitcoin-is-ending-no-new-high-coming-in-2025/#tc10770403
I am somewhere between black and red pilled. Your point essentially is that we need to choose the least worst option for society. My stance is that civilization moves in periodic cycles. Thus while the West may seem less horrific than the East, I argue it’s transitioning right now to become more draconian and dystopian than the East, while the East is improving, albeit the entire planet is devolving into a prison planet overall, per my YT comment copied below.
The difference between a Bitcoin reserve currency world and the gold one is as famed mathematician John Nash explained in a follow-up on his Princeton page to his Ideal Money proposal at JSTOR. The gold standard was always one of the dominant empire debasing it as needed. With Bitcoin that will not be possible. Thus the future of the world is going to be crushing austerity and dystopia. The 2010 Rockefeller Foundation predictions in their Scenarios of the Future, makes it clear to me they knew what was coming including the C19 plandemic.
https://wikispooks.com/wiki/Lock_Step
Coincidentally Nash was assassinated on the very EZ Pass that he wrote about in the abstract of his Ideal Money paper. And as for the conspiracies, I have done all the detailed assimilation which can be found digging down into my links you will eventually arrive at a Gist I had written on Github (which is archived) and my 2016 Steemit blogs.
So instead of assuaging yourself that Bitcoin can’t enslave the planet, perhaps you should be freaking out like I am and trying to figure how we can avert what appears to be unstoppable now. How foolish we were to clamor for it!
P.S. I upvoted (liked) both of your comments.
====
https://www.youtube.com/watch?v=rIpPwfMLE-Q&%3Blc=UgwMVsfgwr5fOe9tvi14AaABAg.9vELcD8pOUh9xIxJXvYc_I
(Comments on "How Mexico Will Save The West")
> “@SMoore-vj7bt I'm not Mexican nor am I diminishing regular Americans. It's just obvious that America doesn't have a long term plan for dealing with most of the world becoming industrialized. American politicians are senile and out of touch.”
@jay1jayf the holistic picture is actually enslavement of the entire world. The political elite of the US Empire are just pawns of the real power behind the curtain. Industrialization does not mean freedom. It means trading freedom for trinkets. Just as the indigenous were lured into trading their land for mirror or bottle of liquor. The deck of cards is being shuffled but the House remains in control of the odds of winning. Mexico is a new frontier to some extent, because of low regulations. But the tax man cometh. Within a few decades or less the enslavement in the West will be universal all over the world. That is what the rise of multipolarism (and the deflationary, dystopian Bitcoin to displace the USD) is really about. When you ponder who created Bitcoin just ask yourself who benefits from enslaving the world in a unit of account that is a fixed supply and can be monopolized by the 1%.
First finding you in a YouTube interview, this is my first read of your posts, Arthur. I am impressed and waaaay out of my depth and domain here. I have a lot to learn, and it is never ending. But your paragraph above was refreshing in its sentiments and assumptions. I am glad to read someone besides myself who sees the Corporate Nation-State as an illusion, a fiction serving those possessed by the values of Mammon and Moloch.
I've been doing a lot of reading about those spineless charlatans lately ... dark triads, cluster b personality types, pathological narcissists and psychopaths. A good read, though not without its weaknesses, is A. Lobaczewski's "Political Ponerology: The Science of Evil, Psychopathy, and the Origins of the Totalitarian State". Much more illuminating than Desmet's focus on the bamboozled with his "Mass Formation Psychosis".
Cheers from Kawasaki
The big mystery for me is will we get a black swan prior to the next big bull wave in cryptoland. spiking yields usually break something and cause a flight to safety, dump in risk assets. what are some of the invalidation signals to look out for if BTC tops out at resistance here? What if the war takes longer to escalate and Gold/BTC take a tumble along with other risk assets as higher rates finally start setting in and tank the economy?
buy now, if black swan, buy more. if black swan, probability of printing money = 100%. jus keep buying. simple
Coincidentally I have been answering that question lately.
https://www.tradingview.com/chart/BTCUSD/KJRy7Auf-Bitcoin-is-ending-no-new-high-coming-in-2025/
https://www.tradingview.com/chart/ETHUSD/ZiNWlLwD-Another-March-2020-epic-crash-coming-in-H1-2024/
Bitcoin isn’t reacting to the ETF news.....it’s reacting as a Flight to Safety! Arthur and Larry on the same page!
Another fantastic exposition. We mustn't forget the unlimited check written to underwrite semi and clean tech manufacturing in the US. If you're going to be crowded out by defense spending then pivot to subsidized political causes to see you through the Fourth Turning.
Printer goes…
great article!
Arthur, while you have good economic takes, your political takes are horrendous.
Just say you are too pampered to understand in these topics.
Iran is anything but a boogieman -- they have been the principal funder of global terrorism for the last few decades. They finance Hezbollah in Lebanon, Hamas in Gaza, Houthis in Yemen and more and more. Normal people can't live normal lives because of them. They will soon have nuclear weapon (unless someone acts to stop them which currently doesn't seem likely) and once they do -- they'll make North Korea look as peaceful as Switzerland and the Iranian people will lose any chance at democracy. You obviously never lived *yet* in a region rife with Islamic fundamentalist terrorism trying to convert everything and everyone to Islam by violence/rape/terror (I'm saying *yet* because it's coming to the US and Europe soon in the next decades due to demographics so let's talk again in a decade or two and then tell me the US has nothing to do with it).
Very informative, thank you.
Arthur you’re a madlad!
I love the way you write. It is the perfect balance of wit, charm, insightfulness, and punch-you-in-the-face. Toss in: George Orwell, Michel Houellebecq, Chuck Palahniuk, Thomas Sowell, some pre-Twitter Nassim Taleb, a block of cocaine, and ‘The Big Short’ DVD into a blender and ... BAM. That’s you.
Always informative, always fun. 🫶
Excellent article. Greetings from Venezuela.
Lol really? Weirdest hopium ever.
What if full on anti crypto populism is here short term?
Sanctions, social ostracization of anyone crypto affiliated, millions of ex-crypto users -most of whom are naive Gen Z and millenials (94%) to cheer on Feds starting to arrest devs and promoters using the coming economic sentiment to their benefit, more banks to unbank the banked for using crypto like Chase UK just did, barely a day goes by without another indictment/lawsuit/hack now, new FinCen requirements on mixers Friday, UK FCA threatening prison time to unregistered advertising, list goes on and on.
It's unfortunate but crypto bros really thought due to a decade of ZIRP the world ran on shitcoins and DeFi. Turns out when shit hits the fan it still runs on state backed violence.
Did crypto bros really think they could release and market half baked, often flawed, open access financial tech to the masses as replacements for the banking system, inadvertently lead to terrorist financing and billions to be hacked, and nothing would happen in retaliation from users and the Feds? Lol.
Sorry but I believe a level of hell the crypto industry cannot imagine is still to come, and economic crimes to be paid for before any future bull market to happen longer term. We shall see.
And the charts are foretelling of this chaos ahead if you know how to read charts:
https://www.tradingview.com/chart/BTCUSD/KJRy7Auf-Bitcoin-is-ending-no-new-high-coming-in-2025/
https://www.tradingview.com/chart/ETHUSD/ZiNWlLwD-Another-March-2020-epic-crash-coming-in-H1-2024/