The Bulls Are Back
Bitcoin Influencers Are Bullish Again, After a Tough 2022
I subscribe to other Bitcoin and crypto newsletters. A lot of them.
I like keeping up on what the other Bitcoiners are writing about, what they think is important. I gain new insights into the economy, the study of money, and the crypto industry itself.
There’s a trend developing this month.
People are again bullish on Bitcoin. It’s like the old days. You know, 2021.
Good Riddance to 2022
The year 2022 was a tough one for Bitcoiners. I mean, how much bad news, even totally unrelated bad news, could the orange pill endure without totally collapsing?
Quick recap of the highlights of Crypto Contagion - 2022: Terra/Luna, Voyager Digital, Celsius, FTX, Alameda Research, Genesis Capital, Gemini Earn, BlockFi, Three Arrows Capital. There were more, but that’s enough. That was tough to write.
Through it all, the Bitcoin network kept humming along. Bitcoin, purely decentralized, had no worthless tokens, used no leverage, had no mismanagement, no fraud. Bitcoin didn’t file bankruptcy or get indicted.
The crypto contagion casualties had nothing to do with Bitcoin.
And people are starting to get it.
Bitcoin Price is Pumping This Month
As I wrote about last week, Bitcoin started 2023 at a price of around $16,500 and has climbed, so far in January, to over $23,000 as of this writing. That’s about a 40% rip in a few weeks.
Like the Bitcoin bull runs of old.
In spite of all the continuing bad news in the “crypto” space.
In spite of governments trying to regulate Bitcoin with a heavy hand.
In spite of raging inflation, a weakening economy, and soaring national debt.
Even a confirmed Bitcoin bear, someone like, say, Peter Schiff, may have to admit that this month Bitcoin has put on a helluva show.
Here Come the Bulls!
“Going to be a big year!” - Mark Helfman, author of the “Crypto Is Easy” Substack newsletter.
“Bitcoin can’t be stopped!” - Bam, author of “WTF Happened in Bitcoin This Week?”
“Big picture, Bitcoin is really bullish” - Bloomberg Intelligence newsletter.
“Is this market too hot?” - Scott Melker, the “Wolf of All Streets podcast and newsletter.
“Bitcoin has the bears in disbelief” - Bam, author of “WTF Happened in Bitcoin This Week?”
The bullish sentiment for Bitcoin is everywhere, especially in the Bitcoin Twitter crowd. Dr. Jeff Ross, CEO of Vailshire Capital Management, tweeted last week:
And Bitcoin Magazine tweeted, the same day, about the bullish phase of this four-year cycle that Bitcoin is enetering:
Bitcoin has gone on incredible runs before. 2013, 2017, and 2021. See the pattern? Following the four-year halving cycles pretty perfectly. But 2019 was also a nice year. It’s the even-numbered years that have proven tough.
After a shakeout of many of the worthless crypto “projects” and scams, Btcoin is emerging as the top dog. And for good reason, you know, being decentralized with a fixed supply and all.
And unlike 2021, I don’t see many Bitcoin influencers making bold price predictions. Bitcoin speaks for itself. I think that’s bullish, too.
Thanks for reading, and please share this newsletter.
Stack, and Hodl.
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Issue No. 93, January 27, 2023
Rick Mulvey is a CPA, crypto consultant, and frequent contributor to Bitcoin Magazine. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.