TD₿: Things People Say in Bear Markets (a thread) by Dan McArdle
TL;DR In all Bitcoin bear markets, you have fire sale prices and Bitcoin critics taking victory laps who are inevitably proven wrong.
Hey Bitcoiners,
I’m not going to lie…it’s looking pretty bloody out there. There is no shortage of fear as Bitcoin continues to fall with other risk-on assets in this uncertain macroeconomic environment.
Over the last month, we have had a lot of developments that have added fuel to the fire.
These developments include large Ponzi schemes blowing up, prominent hedge funds imploding, major company layoffs, and some popular bull market influencers capitulating and selling.
All of these are anecdotal signs that Bitcoin is somewhere near a price bottom, and times like these have historically been a great time to get into Bitcoin.
Once you’ve lived through a Bitcoin bear market, you begin to see similarities between each of the different cycles. Although Bitcoin and the general market structure of the industry have changed significantly over the years, human behavior has not.
Bitcoin OG Dan McArdle has survived multiple Bitcoin bear markets and shared some of his takeaways in this fantastic Twitter thread (05/23/21).
Bear markets have a way of separating the cream from the crop. It’s a time to stack sats and build conviction. It’s a time where excess, leverage, and speculation are wiped out, and real companies get built.
Some of the best companies and Bitcoiners currently in the space grew out of the last bear market. I wonder what amazing companies are being built by Bitcoiners right now? 🤔
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Accumulating bitcoin in a bear market is hard: "what if it keeps going down??" Accumulating bitcoin in a bull market is hard: "what if this is the top??" Ignore the market cycle, focus on the fundamentals: freedom to earn, save, and spend.” - BitcoinIsSaving, Bitcoiner
Meme of the Day
(h/t @CHAIRFORCE_BTC)