Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Freedom Bunker
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

The Complete Graphic History Of “Bitcoin Is A Bubble”

% of readers think this story is Fact. Add your two cents.


The Complete Graphic History Of “Bitcoin Is A Bubble”

Authored by Mark Jeftovic via BombThrower.com,

Courtesy of Establishment Shills, Central Banksters… and goldbugs

It’s that time again, when Bitcoin is about to embark on a string of fresh all-time highs, triggering the mainstream pundit class into public displays of denial and angst.

Just in case you may think “It’s a bubble” and “Tulips, backed by nothing” is a next-level, unique argument that no Bitcoiners have ever heard before, we humbly present, the history of “Bitcoin is a Bubble” in graphic terms, going back over a decade.

2013 Cycle

We start in 2013 when The Economist magazine declared Bitcoin to be a bubble in November as BTC cracked the $1,000 handle for the first time – they also declared “Bitcoin is expensive” and looking like a bubble earlier that year, in March 19, 2013 – when the Bitcoin spot price was… $59.

2017 Cycle

The next cycle peaked out in 2017 and by January, 2018 had plummeted all the way down to the $10,000 / BTC area, it prompted the New York Times to eulogize those foolish investors who tried to glom onto the phenom… “Remember Bitcoin? Some Investors Might Want to Forget” on December 28, 2018 – when the Bitcoin price was $3,653.13/BTC.

Even by this very next cycle, 2013 looked like a rounding error.

You’ll never guess what happened next…

2021 cycle

One of the staunchest sound-money advocates in the world became one of the most vociferous critics of Bitcoin ever seen on social media.

None other than Peter Schiff went all-in on being a no-coiner, which, as a long-time gold investor myself, I found puzzling.

It may be understandable that one may prefer precious metals to Bitcoin, or even eschew the latter if it was outside of their wheelhouse. But for a professional investor and capital allocator to be so opposed to Bitcoin, while incessantly employing the most uninformed objections to it (“backed by nothing”) belies a willful ignorance that would be extremely distressing to find in one’s financial advisor.

I’ve said it before: nobody who actually rolls up their sleeves and does the work on “why Bitcoin” ever comes out the other end saying “tulips, backed by nothing”. They may still say it’s not for them, but they won’t say that. 

Honourable Mention

We could never run out of fodder for establishment shills of the Cantillionaire class who either loathe Bitcoin because of what it represents (a threat to their position and power), or lower order sycophants who don’t understand it, because in true Upton Sinclair fashion, their livelihoods depend on them not understanding it.

And of course, Jim Cramer’s legendary call in late January… “Bitcoin’s new theme is number go down”.

Where are we today?

So with Bitcoin on the cusp of racking up another all-time high, the first of this cycle – call it The 2025 Cycle – are we at the top?

Google trends seems to indicate we are nowhere close to a manic peak…

Which means all the inflows into ETFs right now are probably mostly institutional.

What is most surprising to me on this cycle (my fourth Bitcoin cycle since becoming orange-pilled in 2013) is how fast it is unfolding this time.

The milestones this year:

A new all-time high before the Bitcoin halving event in April seems baked-in (hell, it may happen before I get this post published) – and the next major milestone after that will be the $100K USD per BTC mark. Seems hard to think that won’t happen this year either.

Is it too late?

As a glimmering awareness that Bitcoin didn’t die on the last cycle begins to elbow its way into public consciousness – people may think they’ve missed the boat on this, but what I still look at is the relative size of the global bond market – about $150 trillion of “return free risk” vs Bitcoin, still only at just over a $1 trillion.

From The Crypto Capitalist Manifesto

My base case is that the destruction of the current, fiat-based global monetary system will result in a bond exodus – and that “conventional wisdom” now includes small allocation to Bitcoin – at least 1% – possibly 3% to 5%. When you consider that 70% of all Bitcoin hasn’t moved in over a year – even in the face of this latest run, we’re going to have anywhere between $1.5 and $7.5 trillion coming into Bitcoin over the next few years, and competing for about 30% to, call it 50% of the total supply.

What will that do to the spot price? Here’s Tuur Demester on Marty Bent’s TFTC making a cogent case for $1 million Bitcoin. We’ll just have to wait and see…

*  *  *

Get on the Bombthrower mailing list here and receive a free copy of The Crypto Capitalist Manifesto, which outlined all this. However, by the time you read this it may already be too late to sign up for The Bitcoin Capitalist Letternew subscriptions will be closed once Bitcoin hits a new all-time high.

Tyler Durden Mon, 03/04/2024 – 19:00

Read More…


Source: https://freedombunker.com/2024/03/04/the-complete-graphic-history-of-bitcoin-is-a-bubble/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Lion’s Mane Mushroom

Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes:

Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.

Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.

Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.

Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.

Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.

Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules. Today Be 100% Satisfied Or Receive A Full Money Back Guarantee Order Yours Today By Following This Link.

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.