Welcome back to the Trader Top 9. From DeFi hacks to CFTC crackdowns to debased debates, it seems like it might be bitcoin’s time yet again.
9. Let’s start with what has to be a first: a hack of a protocol that wasn’t even technically released yet.
8. The EMN shenanigan was a good reminder of perhaps how overheated things got, with far too much rallying around an individual and far too little consideration of fundamentals.
Plus, damn did it happen fast.
7. If DeFi is having a small narrative reckoning, so too are traditional markets floundering. To many, there are simply two many unknowns between COVID resurgence, election volatility, and the lack of another stimulus package.
6. What’s clear is that it feels like a moment of monetary transition. The competitors to be at the center of whatever system comes next are lining up.
5. For some, the need isn’t about a fear of runaway inflation, it’s about allowing natural technology-wrought deflation to run its course with a currency - like bitcoin - that can actually handle it.
4. Bitcoin seems poised for a narrative resurgence. One part of it is the specter of more “money printer go brr.”
3. Another has to do with its impressive all time streak above $10,000 - demonstrating its durability
2. For many in the next few years, ignoring bitcoin will be a “popular investing belief” that proved very, very costly.
1. Because from one cycle to the next - one election, even, to the next - this thing just keeps growing
Late addition: Charges brought against BitMEX after years of flaunting CFTC regulations with respect to US customers. And just for fun, Crypto Bitlord responds with Arthur Hayes' inside voice.