Bitcoin is never going to get to the status of a bellwether safe haven. It's backed by nobody and nothing and eventually that reality is always going to show. As you said, fear is the single biggest motivator in tough times.
It's backed by the US Government. The US Government is backed by the voters who keep reliably electing governments to govern. The day that the voters elect a non-functional government that can't do anything or that intentionally does things to bring down the government is the day that US currency will become worth less. If that state of affairs continues eventually US currency will become worthless. In that day BTW Bitcoin will likely be valueless also because it's only the structures around it that give it value now.
Supposedly that guy went from $10+ billion to less than a billion in 24 hours. If the whole point of cryptocurrency is to get away from the stranglehold of conventional money, then why did the guy apply for conventional bankruptcy? Uh, lol . . . ?
FTX had to apply for bankruptcy protection because whatever the meme was about Crypto they had real obligations they weren't going to be able to meet. The thing that new economy people don't understand is that none of the new economy is viable except as a function of all the old economy around it. If everything collapsed tomorrow and all the exchanges went to 20% of their current value so would all the Crypto. In fact the Crypto would fall further because it's backed by nothing at all when the rest of the economy is going to ruin. What would have value at that point? Actual commodities that were both necessary and limited by scarcity. Some luxury commodities that were not necessary but were tangible and limited by scarcity.
Bitcoin ETF appears imminent. Bitcoin up 120%+ on the year currently. Ethereum ETF also appears likely next year. BlackRock has a 575-1 record for ETF proposals. Have applied for both BTC and ETH ETF's.
It's made that jump in the past 2-4 weeks alone. Well, almost half of it. Solana is up over 5x since it dropped below ten bucks. I bought about 50 coins at that time.
Same I made a killing off Solana and Chainlink the past month. I sold my sol way to early though but my position was to big not to.
Giving this thread a bump since Bitcoin broke all time highs this past week and traded north of $73,000 Wall Street is buying the shit out of the ETF and acting like kids on Christmas morning.
Solana is giving me some nice rewards investing when it tanked to 9 bucks a coin. Holding a little longer I don't think the run is over.
