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MessariThesis1 While it’s difficult to predict in the short-term where bitcoin will trade, its attractiveness over longer time scales is almost indisputable at this point. We don’t know whether the Fed will raise rates further or slam the brakes, reverse course, and begin quantitative easing in earnest. We don’t know whether we will face a recession fueled by commercial real estate or if we will successfully manage a “soft landing” for the economy after the surreal, post-COVID period of monetary and fiscal whiplash. We don’t know whether stocks will drop or chop, or if bitcoin will prove to be correlated to tech stocks or gold. On the other hand, the long-term thesis for bitcoin is straightforward. Everything is going digital. Governments are overly indebted and profligate, and they will continue to print money until they fail outright. There are only 21 million bitcoins that will ever become available to investors. And the strongest meme in the markets has its quadrennial marketing event coming up, via the 2024 bitcoin halving.

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Caldera Rollups are easy to set up and come with essential tooling for your ecosystem, such as a block explorer, bridge interface, testnet faucet, and status page!

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GreatBatcherUndiluted

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Greenfielder

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UnanimousFarmer

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RandomSelection

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FileSystem

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Storage

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Sometimes you have to just keep things simple! To stay consistent year-over-year, let’s revisit the sell-a-kidney MVRV graph I wrote about last year. Recall that this compares the current market value (MV) of bitcoin (price * total supply = MV) to the realized market value (RV) (the sumproduct of price * unit supply at the time each unit last moved onchain = RV). A ratio under 1 is golden. A ratio over 3 has always marked a cycle top. Is bitcoin still a good “buy” after a 150% rally this year? Kinda.