They Rang The Bell Loudly

There’s nothing easier than hindsight. Yet hindsight – even that which gazes upon only a few weeks past – can be instructive. Let us examine the wipeout which has taken place in the entire crypto space over the past month by simply examining some of the breathless coverage that was going on near the top.

We need not look far. Examine this headline from no less a source than Nasdaq, which proclaims, on the heels of Bitcoin’s ascendency to $64,000, that the top may be “nowhere near”. It will come as absolutely no surprise to you that this was published roughly to the millisecond that the top itself was hammered out.

Of course, back in those days, a long, long four weeks ago, it seemed every company on the planet was trying to get on the crypto bandwagon and mimicking Elon Musk’s behavior by buying billions of dollars of crypto for their own corporate treasury. One doesn’t see many press releases lately about how much crypto this-or-that megacap corporation has been purchasing because they have, in short order, already looked like complete buffoons.

This plays out in the public markets too, of course. Here we see a Bloomberg headline in anticipation of the widely-heralded Coinbase IPO that was forthcoming.

In one of those ironies that is so pervasive in the capital markets, Coinbase did indeed go public, and it did so on the precise same day as the Bitcoin top. It has provided its own “investors” with the same hearty negative fifty percent returns that Bitcoin itself has proffered.

But I must offer you an anecdote from a coin which is not BTC, and it is one I had never heard of until I start punching this post together. The coin is called, cleverly, “Internet Computer”, and as this headline declares, it “has people buzzing” since it just showed up out of the blue and was instantly worth $35 billion – a figure which, in more rational times, would be the market cap of a very profitable, rapidly-growing producer of goods or services. But this was, of course, just a digital contrivance dreamed up by God-knows-who.

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