Bitcoin Is The Kenny Of Crypto (Twitter Gets Crypto)

Posted 32 seconds ago | by Catoshi Nakamoto

They say those who don’t learn from history are doomed to repeat it. And it seems Bitcoin is no exception. Yep, September has typically been month to forget for the crypto markets. And so far it seems the trend has continued in tact: it’s all looking like a pretty typical end to Q3. Flash crashes. Fear and Panic. China banning Bitcoin for the millionth time. But the market is holding its nerve. Why? Because if history is set to rhyme, as many believe it will, then these could be the last moments of quiet before a pretty insane storm. The launch pad for a Q4 of truly epic proportions.

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So buckle up, and let’s get it.

Welcome to BitBoy Crypto, home of the Bitsquad, the largest and greatest crypto community in all the interwebs. My name is Ben. Every day on this channel I show you how to make money in Crypto. If you like money and crypto, be sure to hit that subscribe button. In this video we look at why Bitcoin is still going strong.

Bitcoin is the Kenny of Crypto. Poor Kenny. He’s been chopped in half. Crushed by a falling satellite. Even eaten alive by Ozzy Osborne. But like Bitcoin, the kid’s guy made of steely stuff. He bounces back every time. And guess what, that’s not even my analogy: this is coming from none other than Head of Asset Management firm, Counterpoint – a subsidiary at Morgan Stanley – who clearly spends too much time watching cartoons and not looking after his clients — But anyway. Bitcoin’s taken a beating this month, crashing down from above 50k to find some solid support in the low forties. Support that suggests both retail investors and institutions have been buying the dip with every chance they get. But don’t just take my word for it. The on chain metrics say it all. Smart money is moving Bitcoin off the exchanges and into cold storage. Something they tend not to do unless they’re confident of a Kenny-like revival. It’s why they call it smart money. They’re smart. Like this guy – the lead on-chain analyst at glassnode – who points out that long term hodlers now are at an all time high. While exchange reserves are bottoming out.

Hodlers have withstood a ton of FUD for months and this is what they’re saying: (00:07’) Ugh. I hate maxis. So let me rephrase that – they’re not selling yet. They’re buying. Just check out this data from Coinshares which shows Bitcoin is leading the charge with investors piling in, despite the China doom and gloom. Why? Because they don’t see it as a threat, they see it as a great opportunity. That’s now one, two, three, four, five, SIX straight weeks of positive inflows of cash into digital AUMs. Assets under management. Illiquid supply is at an all time high. They’re not selling because they’re hodling out for something bigger. The kind of parabolic run we’ve not yet seen this cycle.

There is more talk of China “cracking down” on Crypto. And if you are new here, just understand that China banning crypto happens every 6 months. Some us old timers are kind of fed up hearing about it but let me break down what’s happening and why you shouldn’t be worried.

The crackdown began back in 2009, when they implemented a ban on Digital Currencies. Now this wasn’t about Bitcoin at all, it was super early days for crypto, this was actually more to do virtual currencies circulating in video games. But even then they saw it as a potential threat to the Yuan. Fast forward to December 2013, the CCP explicitly called out BTC by calling it ‘a currency without real value’ and banning their banks from handling transactions. We saw some fake news go round in 2014 about a full on ban that briefly rocked the market. And a few years later they forced their exchanges to shut down, which is when Binance made the move over to Malta. 2019 saw the mining ban, which ultimately took full effect earlier his year, beginning the so called great Mining Migration. Something Anthony Pompliano described as a major geopolitical error. Well, now they’ve doubled down with an all out ban. The real deal. And for those of who don’t speak fluent Mandarin, allow me to translate: Crypto is finito. Illegal. Done. And we’re seeing exchanges like Huobi scrambling to cut ties with customers on the mainland. Most of whom are getting those coins into cold storage as fast as is humanly possible. But of course, not before smashing that like and hitting that subscribe button in the name of freedom.

Is this likely to have a negative impact on price action? Well, so far it’s barely registered. Sure, we had a small dump. A dump for ants. Meanwhile we actually saw a rally in Defi coins, largely attributed to Chinese retail seeking out the decentralized alternatives not even the CCP can ban. This is what crypto is all about folks. Economic freedom, financial sovereignty, and self custody of our assets. China can ban the centralized exchanges. They can ban transactions. But the difference between banning and actually stopping something is huge. The War on Crypto is just another war you don’t win. It is by definition unstoppable by overbearing governments so long as there’s internet, and it’s the very reason Satoshi invented it in the first place. Bitcoin has moved up and right ever since 2009 in spite of many so-called bans from China, and it certainly isn’t about to stop now.

Meanwhile, we’ve also had some hugely bullish news for Bitcoin this week. While one of the most powerful countries on earth is trying to stomp it out, one of the most powerful companies in the world is going all in. Yes, I’m talking about the integration of the Bitcoin tipping service on Twitter. And in its own low-key way it’s a big deal. You’ve got to hand it to Jack Dorsey, the dude’s not playing around. Just look at him. He used to look like this. Now he looks like this. And say’s he doesn’t think there’s anything more important in his lifetime to work on. True to his word, Twitter will now allow users to tip content creators in Bitcoin thanks to the Strike Network, brainchild of the other Jack, Jack Mallers. A man so bullish on Bitcoin he literally sold everything in his house to buy the dip. So in terms of adoption and on-boarding content creators to crypto, the significance of this move can’t be understated. And plans for other Features like wallet integration and NFT authentication are set to be coming soon. Best yet, in line with his hippy credentials, Jack and Twitter won’t be taking a dime in commission, and we’ve already seen major names like Diplo leading the way. But you want to know something really cool? Because I’ve got some huge news about an actually major celebrity preparing to accept Bitcoin tips, and this one could be a real game changer.

Anyway, Jack’s influence isn’t solely limited to Twitter. In fact, it’s his payment company Square who are likely to have the biggest impact on Crypto. We already know they’re building a DeFi platform along with big hitters dedicated to Bitcoin. With a current working name of…TBD. He’s invested with Jay Z to build an endowment fund promoting Bitcoin in Africa and Indi, and he’s made moves into mining. And look, like him or loathe him, we need people like Jack in the space. People who’s commitment go beyond making a quick buck. He’s an idealist. He’s a billionaire. He’s not in it for the gains. And it’s not just about the tech. He genuinely believes in Bitcoin (and unfortunately for now, exclusively Bitcoin) as a transformative technology capable of bringing about world peace. People like Max Kaiser say the same thing, but he just shouts at people and posts mean tweets. And wears shorts. Michael Saylor says it while accumulating even more Bitcoin and posting inspirational quotes. Meanwhile, Jack’s building affordable hardware wallets; investing millions into renewable mining. Something we need powerful people like him to focus on. Why? Because the ESG narrative is fundamental to Bitcoin’s success, and as much as the mainstream media like to misrepresent the facts on it, there’s no denying it’s in all our interests: from miners to retail investors, for cheap and available renewables to secure the network. Miners flock to the cheapest energy, which tends to be sustainable. There’s just isn’t enough to go round. Plus there’s intermittency issues. The storage problem. A whole set of cost/benefit trade offs and incentives. The ESG market is a 2 billion dollar industry, and mining wants to be on the cheaper side of the curve. Besides it’s the number one criticism from morons like Elizabeth Warren. It just makes sense to go green from every angle. And the good news is, something the critics don’t tell you, we already are.

Mining fluctuates between being 40-70% sustainable. By comparison, the US grid is about 12-18% green. So it’s already ahead of the game. It’s just an easy target. There’s already some super cool innovation happening using landfill waste, and harnessing natural methane gas rather than flaring it, and now, the coolest yet: Atomic Bitcoin. Yep, we’ve had volcanoes, now crypto’s going Nuclear. This recent article suggests that in light of the ESG FUD, mining companies are now partnering up with Nuclear Power Plants in a symbiotically beneficial move. Like the joint venture between Talen Energy Corp and mining company TeraWulf, who’ve started development on a facility the size of four football fields next to a Pennsylvania nuclear plant. And of course The World’s Most Handsome Mayor, Mayor Suarez, is now trying to woo miners to Nuclear facilities in Texas. It’s a clear win for everyone. Clean, stable energy for the miners, and a viable business model for ailing nuclear facilities that can deliver serious hash power. Plus, it’s awesome.

I’ve said it before and I’ll say it again. Don’t get swept up in the FUD. Look at what’s actually happening, zoom out: think we’re on the way down? Kenny doesn’t look ready to capitulate yet. He’ll bounce back, he always does. But he also does die again, probably in time for Christmas, so don’t forget to start planning an exit strategy or you’ll be crying into your empty stockings. Q4’s all yours Kenny, it’s gonna be a hell of a ride.

That’s all I got. Be blessed. Bitboy Out.

Source: https://thebittimes.com/bitcoin-is-the-kenny-of-crypto-twitter-gets-crypto-tbt3632.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com