The very recent weakness in Bitcoin is a side-effect of the breakout in precious metals.
Remember that in Bitcoin, God-Candles are basically just baseball cap branding. OG’s in Bitcoin have largely already dumped after 10 to 14 years of hodling.
But in precious metals circles people have waited their whole lives for a 10x “melt-up”. Which is about where Gold and Silver are at right now. Think 30 years or more. So expect Old Guys with dreams of Cabo to absolutely eclipse what we think has been OG Bitcoiner selling after 10 years of hodling.
“Retail” in Gold/Silver has been hodling longer than most Bitcoiners have been alive. And they are going to find that selling is very, very difficult at the prices we’re approaching. The spot markets at trading co’s has got to be interesting now, with buying v selling reaching a disconnect.
Watching Gold & Silver run is like watching Susan Lucci finally win an Emmy award.
t’s well-deserved, and everyone over 50 is applauding. But it’s little more than an honorarium at this point.
