Bitcoin's identity crisis

Hanno Labuschagne

Hanno Labuschagne

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Bitcoin's identity crisis

It wouldn’t have seemed possible a year ago. But Bitcoin has gotten caught in one of its deepest struggles yet, with no obvious way out.

The world’s largest cryptocurrency has plunged more than 40% from its peak, and the usual playbook isn’t working — dip buyers have vanished, and the forces that would normally fuel a rebound are now working against it.

[Bloomberg]
 
Prediction markets are more exciting.

Crypto is dead, bro.
 
In what is a munipulated market without any doubt in my mind. I don't mind these dips. A lot is being pumped into AI, and it is not limited to stocks. Once the cryptomarket goes through napalm runs, and crypto gains more real use, then it will be more spread out. Bitcoin's reign as king is not set in stone, neither is ETH the smartest there is, and SOL is down more than I sleep.

Even the schit ones have become rulers.
 
Not saying this time isn't different, but this bear market seems to be following the same pattern as before.

Multiple narratives about why Bitcoin is dead e.g. quantum computing, lack of a use case, etc, etc (last time it was Chinese crypto bans, tax regulations, Tether FUD and hacked or defrauded exchanges) on top of numerous distractions like AI, prediction markets, etc.

What has happened in the past is that Bitcoin slowly falls off the radar to the point where people stop talking about it, meanwhile the threat narratives slowly wear out and the distractions fade or lose their novelty and then there's suddenly a violent resurgence (a year of bear market later).

But whether this cycle repeats or not is anyone's guess. 🤷‍♂️
 
MrGray said:
Not saying this time isn't different, but this bear market seems to be following the same pattern as before.

Multiple narratives about why Bitcoin is dead e.g. quantum computing, lack of a use case, etc, etc (last time it was Chinese crypto bans, tax regulations, Tether FUD and hacked or defrauded exchanges) on top of numerous distractions like AI, prediction markets, etc.

What has happened in the past is that Bitcoin slowly falls off the radar to the point where people stop talking about it, meanwhile the threat narratives slowly wear out and the distractions fade or lose their novelty and then there's suddenly a violent resurgence (a year of bear market later).

But whether this cycle repeats or not is anyone's guess. 🤷‍♂️
Click to expand...
Also crypto has become so regulated in so many countries that people just CBA to play around with it anymore with the taxman wanting their cut.
 
saor said:
Also crypto has become so regulated in so many countries that people just CBA to play around with it anymore with the taxman wanting their cut.
Click to expand...
That was a large part of the last bear cycle and turned off retail investors - the turnaround was when ETF's and institutional investors who were accustomed to those kind of regulations started to pile in. But yes, this is an ongoing impediment for retail investors.

Last time around, Wall Street came to the rescue and started a bull run with all the action around institutional investment and companies building private Bitcoin treasuries. Not sure there is anything in the pipeline this time around to trigger a boom - maybe if national treasuries start building sovereign funds in a much more serious way and/or something happens with the bond markets to displace investor interest.
 
Hanno acting like he knows what's what. Jirre. It's been a while since I saw one of his kak posts, I wonder why.
 
Anyone know when this R40,000 -> R50,000 CGT limit change kicks in?
 
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