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What do you say to someone using PayPal and having removed the ability to close his own account?... That he does not actually own that account and that "his money" is not really his... What people didn't get about banks and fintech is that these should have been used as services such as toilets the whole time.
You don't keep your wealth in toilets and you don't stay for too long in there. You just "make the deposit" and leave. Retail is so tied to the banking system, it is that tied and in debt that it can't clearly see the flaws and the dangers of being highly in debt right now.
Maxis say that Bitcoin is the only money humanity currently has and I would highly disagree with this one. We've yet reached a point where we could say we have some sort of cash, whether digital or not, that's out of the control of central bankers(governments). Do you know anyone buying potatoes with Bitcoin, cuz I sure have no such acquaintance?
Bitcoin is for the most part nothing more but a speculative asset. It usually follows the trends of traditional assets and so far it hasn't decoupled from them. Some claim that "the great decoupling" will come but I don't see any sign of it yet. Price is still "toileting"(bottoming) the way I see it.
I don't use charts that much because frankly, I don't know how to use them. I look at charts every day, and I try and find patterns that most often have to feed my bias, but I'm not a charts guy. I rely mostly on the sentiment and psychology of the plebs in trying to get the direction of the crypto market.
I personally know quite a few people who own crypto, and some who just trade it, I have individuals around me who know I'm in crypto and used to ask me about it once in a while, I have some coins sitting in a wallet that I bought for my father probably two years ago, but almost none of these individuals are asking about crypto anymore.
The frenzy is no longer there. The attention has been directed toward other shit. There's a war in Ukraine, the gas is insanely expensive, inflation is biting our asses in a quite painful way and there's pretty much no directional bias for the masses. We're just waiting for confirmation from the world leaders.
The same goes for the sentiment of the plebs in crypto. These are also waiting for direction and if you check on some of the "greatest accounts" in the crypto industry, these don't have much direction to offer. The way I see it, smaller accounts are more active than the so-called influencers.
This peace and quiet that the crypto market is going through right now is a bottoming signal for me. It was the same back in 2018, and look what a good year 2019 was. Whoever bought in late 2018 was sitting on decent profits less than a year after that. What if history repeats? What if the next few months are the last ones offering great discounts(80%-90% sales) on crypto assets?
I don't know about you but I like such quietness cuz it always precedes storms and my personal belief and bias are that the next storm will take us higher, rather than lower. What do you think?
Thanks for your attention,
