Crypto is an ESG wasteland, and that usually leads to losses
fwiw, as the guy who follows crypto - the pump from Dec 2020 to Feb 2021 was blatant manipulation.
In Feb 2021, our friend and saviour Elon bought bitcoins for Tesla, thus trashing every carbon saving Tesla ever made - that's when naive retail really started buying in. I think the retail suckers had mostly gone home by June.
Now, we have strange things - US-based bitcoin miners are "stockpiling" $1b (notional) of freshly mined bitcoins, a behaviour crypto miners never exhibit. And large bitcoin holders are trying to get US dollar loans using the face value of their bitcoins as collateral - a face value that *cannot* be realised if the loan goes bad, because the market is too thin and the price would crash.
I think the retail sucker actual-dollars went home a few months ago. It's even more Tether-based than it was already.
Frauds expand until they can't. I honestly thought Tether would have been stopped by Dec 2017, so I don't predict "the top" any more. I wonder if they'll try for a cannonball run to $100,000 per BTC (or 100,000 USDT), just so they can say they did it.
Good article except that you conflate bitcoin with every other “cryptocurrency” way to much. It stands apart as something wholly unique from everything else in that space.