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There's literally mountains of capital still in the process of figuring out how to allocate to bitcoin. Many of the wealthiest HNWIs, hedge funds, institutions etc. are still doing their Bitcoin 101 with their advisors as we speak. Slowly. But this baby is nowhere near finished.
I'm not going to give names. If you know me you know I'm not a moonboy. But I work in the space, we speak with the big lenders, OTC desks, exchanges, brokers, financial advisors to institutional capital allocators in the U.S. and in Europe.
The sentiment is the same everywhere.
The sentiment is the same everywhere.
I know there's thousands like me on Twitter that are seeing, hearing, experiencing the same thing. We work in the same industry. Is there anyone that even disagrees with this?
Some of you here have delusional expectations of only up. Doesn't work like that. But it is happening.
Some of you here have delusional expectations of only up. Doesn't work like that. But it is happening.
Getting tired of myself for always repeating this, it's not a brag. I shorted BTC at ~16.2k in 2017 (documented). Exuberance was total, institutional capital was a myth and retail had no clue what they were doing. This is not the case now. This is real. I'm 100% long.
This is indeed really what has been happening during this $40k-$30k dip. People selling for nonsensical reasons. Tether FUD. A double-spend that didn't happen. Remarks from Janet Yellen taken out of context. https://twitter.com/ercwl/status/1348366610646642689?s=19
There's a bunch of old tradfi guys in the market now who are out to make a name for themselves in bitcoin by throwing price calls here and there. This is noise. Not worth attention. https://twitter.com/ScottMinerd/status/1348493010338803713?s=19
It's noise. Ignore. https://twitter.com/RaoulGMI/status/1334819565302394881?s=19
*This* is signal. https://twitter.com/PLK5280/status/1334307995858182147?s=19
*This* is signal. https://files.constantcontact.com/4e269f68301/49e4cc09-f9ef-48a2-a5e5-944ed5c7da95.pdf
*This* is signal. https://www.microstrategy.com/en/bitcoin/documents/stone-ridge-2020-shareholder-letter
How. Much. F**king. Signal. Do. You. Need. https://bitcointreasuries.org/
Signal. More signal. https://twitter.com/ercwl/status/1355256288540823557?s=19
S. I. G. N. A. L.
If you can't see the signal, I think you need to end the relationship with your brain. If you're going to listen to some doofus going "hurrdurr I painted a line here in this chart and it says bitcoin adoption isn't going to happen anymore". I just can't. https://twitter.com/robustus/status/1357143604079173634?s=19
If you cannot see the signal by now. And you think it's all going to go away because you saw a -30% dip one week. Do you think that's going to unwind this whole avalanche of investors who are updating their views on bitcoin? Yes, it's volatile. It's the price of performance.
No, we are not f**cking done yet. You still don't know what's going on. This isn't a pump and dump, a tulip bulb. There are no whales waiting to "dump on you" because they "know BTC is worthless". This is bitcoin entering the worldstage for real as an accepted scarce asset class.
Stop waiting for the "little dip" to get in and miss the 1000% gain. No, you're not a pro trader. Otherwise you wouldn't be asking your friends if you should sell everytime you see a dip. The asset is *volatile*. Make an allocation. Sit on it. Be prepared to lose it. That's life.
This is the investment future you're betting on (if you need help with the math). There's multiple ways this could play out. No one knows for sure. Most people's target for the coming 5 years is ~$500k. Yes it comes with risk. Stop asking silly questions. https://twitter.com/ercwl/status/1342945148431458306?s=19
If that thread wasn't clear and this is still confusing (how bitcoin can reach such valuations), I laid it out in detail here. It explains more. It's a quick read. Good luck. https://research.arcane.no/blog/erics-december-thoughts
