There are more reasonable explanations for the price increase, and more than a few flaws with the "safe haven" narrative.
So reassuring to know there is smart, reasonable reporting on this. I do hope the mainstream reporters follow you. Your point about the fanaticism is spot on. No reasonable and reasonably well-informed person would flee to safety by buying crypto.
Brilliant writing. Your work is like high blood pressure medication. Thank you.
I don’t get why he’d use the “when did you stop
beating your wife” example (except that he thinks it sounds clever) — what facts are presupposed by the question? That he owns any Bitcoin at all? Oh whatever why am I even trying to figure it out.
Great stuff as always Molly! As the longtime “anti-crypto” person in my social circle (the Molly White!) when I get asked why Bitcoin is going up I usually answer with some variation of #6: I never know why the Bitcoin price is doing what it’s doing!!! No one does! Or very few people do (the people manipulating it do I guess.)
Interesting and useful, as always. I remain concerned that somehow the FDIC is being used to save account holders that are invested in cryptocurrencies. The "wall" between banking and "investment" seems porous. Am I the only one imagining that we are bailing out cryptocrap?
This has all the feel of a dead cat bounce (sorry, I got my degree in physics, and that is our go to for analogies)
Furthermore, I have long wondered how much influence a few whales has on the valuation. It sure seems like there are some hard floors that someone is spending money to support as BTC dropped from its November 2021 peak.
I am not a finance person but I am fascinated by the psychology of the BTC faithful.
(I do not, and never have, held any crypto currency)
Lucid and logical...please keep up the analysis..