Michael Saylor Reacts To Current Crypto Crash – BIG WIPEOUT
I think that the crypto industry is going through growing pains and uh over the long term. Itll be a good thing, but in the near term its a painful thing. There are 19 8′ cryptos on coin market cap right now, theres one bitcoin, and that means theres 19, 838 other things that are all thrown into the same bucket. So everyone in the marketplace and every one of the mainstream media is trying to figure out whats. The difference between bitcoin and ethereum and whats, additionally bitcoin and celsius and terra and luna, and what will happen to these things – and i i see the industry is going – is going to a very critical transitional period. And then, if we overlay on that, the macroeconomic environment which is just brutally painful today, the nasdaq is down 362 basis points right now, which is uh, extreme red right, theres, extreme red across all asset classes, a big risk off day, thats, a lot of stress, thats, Being placed on the entire financial economic system, in the midst of all that stress, a couple of breakdowns, one, the famous one being tara, but but the secondary one being the celsius breakdown that took place in the last few hours. Those are causing a lot of skittishness and a lot of panickiness amongst people. Theyre short term traders or they dont, have conviction if youre a bitcoin hodler. Then all of this is just volatility if you have a long time horizon, but if you have a short time horizon or youre trying to divine things week by week day by day, then coil a lot of anxiety in the air and all of those things are A perfect cocktail for volatility.
Well, one would argue if you are educated in bitcoin youre, not selling, so who are the sellers right now? Traders, all the all. The people in the market is five categories: youve got the deniers, the skeptics, the traders, the technocrats and the maximalists, the deniers and the skeptics dont put money into the market. They just hate on it. Uh, the traders are the ones that are attracted by the volatility of the market, clearly theyre having a field day today. If i look at binance, the spot volume and finance is six billion dollars, which is triple quadruple any normal day. In fact, this is probably one of the biggest days of the year, if its not the biggest day of the year, the markets being driven by the traders right now, its its the most exciting market in the world. Its the only thing you can talk about on saturday afternoon, its the only thing you can trade on saturday afternoon, yeah in times of risk off everybodys kind of bearish right now because of fed policy and inflation and fears about the future. When theyre, when theyre bearish theyll act bearishly on the weekend and theyll amplify that but uh when that sentiment, changes, then itll work for us in the opposite direction, even if it doesnt, i think, its just a matter of time before more of the fundamental investors come Into the space the the life cycle is going to be, the deniers will become skeptics, the skeptics will become traitors, the traitors will become technocrats, so the technocrats will migrate to maximalist.
The only real question is over: what time frame is it? Is it 10 years, 5 years or 20 years, the traders kind of want to get it right if youre a maximalist and your time frame is, is 20 years, then it doesnt matter to you right. You already know the answer.