“Let it cook” has been the expression all the young whippersnappers are using lately to describe someone or something that shouldn't be interrupted, because they're on a roll.
I know this article will be annoying to some, especially since I've only been bullish on bitcoin with some enthusiasm for the past few months (although first stocks-im-watching-for-2023-part-639″>I pointed this out to my readers. in December 2022), but as a new member of the Church of bitcoin community, I would be remiss if I didn't test my voice a little.
I apologize in advance for commenting on things that many members of the bitcoin planet have talked about and debated ad nauseum over the last decade. But, one way or another, I have to catch up, and I do it best cathartically through writing. As a result, you, the reader, must suffer here. So, you know, don't forget to renew your paid subscriptions to Marginal finances.
Enough prelude: we all know it's been an impressive week for bitcoin, which is up more than 20% in just a few days.
The moves have done well to generate even more interest in the cryptocurrency than there was over the last month with the launch of the ETFs. Hell, even Morgan Stanley came out this week and said they were thinking about throwing their hat in the ring and launching their own bitcoin fund.
I have received several phone calls and text messages about bitcoin, and I am not even a prominent member of the community, nor am I a known bull. So I can't even imagine the scope that maximalists and lifelong advocates have seen this week.
It's certainly exciting, and I can't even imagine how long people have been waiting to savor this moment, after years of abuse from family members and uninformed morons like me, as well as general doubts about the class of assets. But, if there is one small lesson that I have learned over decades in the capital markets and that I believe carries over to all asset classes, it is Celebrate modestly and prepare for the worst.
This may seem like the furthest thing from people's minds this week, but for me, it's always been the best way to taste success. Many people who heard the bitcoin-on-the-what-bitcoin“>podcast I did a couple of weeks ago With Peter McCormack I know that it was arrogance and arrogance that turned me away from bitcoin to begin with. Maybe it's my fault for not being open-minded enough and not doing enough in my own work; It's a mistake that made me lose big profits. But today I speak as one of the people who can envision bitcoin as a long-term success and are really excited about its incorporation into the rest of the world.
My Twitter feed over the past week has been filled with people triumphantly celebrating, boasting, and attacking those who doubted the price would rise again. Here's an example from my brother James Lavish, who I know well enough to know that he won't mind me using him as an example because he knows I respect him so much. Here's Exhibit A: James talking shit to Vanguard.
Is James right? Yes he does. Could it be that in 50 years we will also end up being right? Yes, it could. But is it karmically healthy to mock the $7.7 trillion bear? For me, not really. I prefer to just quietly savor the satisfaction of time dubbing.
Everyone is within their rights to celebrate this short-term action however they want, but what I am suggesting today is that karmically and psychologically, The less you force the issue and the more humility you demonstrate, the more evenly and consistently bitcoin will spread throughout the rest of the world.
Think about this: celebrating winning an exorbitant amount of money or tweeting angrily about your success will have two effects: (1) it will discourage people like me, who think that such behavior is generally synonymous with fraud, and (2) it will excite investors. with below average sophistication who will seek quick riches and will not have the steady hands that bitcoin needs to become a perpetual success.
Rather, what I'm suggesting is to allow the media to do what it does (generally be useless and chase stories long after they've happened) and allow people to become aware of bitcoin the same way I did. : in mine, ohOnce I felt like the idea wasn't suffocating me. by external sources.
my interest in bitcoin“>looking at bitcoin in this round in early 2024 it was completely organic: the news coverage had calmed down and I had blocked or unfollowed enough people promoting it that I could have some clarity and peace of mind about it when I sat down to consider how it worked. Seriously, for the first time. It was that calm, relaxed blank slate that allowed me to understand the relatively complex concepts of how it worked and believe in it as I do now.
I think given the astronomical week we just had, it would be best to “act like we've been here before” and remember that sometimes, the more you push an idea, the more people are prone to resist it than to bark like it's an idea. hyenas and making fun of people. If bitcoin had a market cap of $50 trillion, that would be a different story. But we are still in the early stages of this courtship with the rest of the world and, like any good relationship or friendship in life, there has to be a genuine organic interest in “buying into” the idea of this happening. Anyone who has been smothered by a partner or friend in the past knows that all it does is create distortions and unhealthy dynamics. Such delicate things cannot be forced, but accepted voluntarily, like a slow, deep and purposeful breath outdoors on a winter's day.
This is not to say that I don't believe this week is the start of much greater adoption that would likely drive the price of bitcoin higher. As I said in “What bitcoin Did” bitcoin-on-the-what-bitcoin“>podcastI believe that there are at least one, if not several, nation-states that are considering including bitcoin on their sovereign balance sheets, and that this will begin a period of game theory for the digital asset revolution like the one we have had. Have not seen it yet. Just a few days after I said that, yesterday Edward Snowden came out and postulated the same thing.
Try to keep up with me, Eddie.
But seriously, we know what will happen if the price continues to rise. The buzz will continue to increase, as will interest and adoption. People will realize the same thing that took me a decade to realize: this is simply not going anywhere anytime soon. But if you ask me, especially considering the fact that we all know how quickly price movements can turn downwards in the short term, I think the community would do well to focus less on improving football here and more on how we will be able to clearly explain and convey the transformation that is unfolding before our eyes in a calm, measured and complete manner.
After all, who would want to address the questions in the next 20% overnight drop?: unsophisticated maniacs or measured investors who already know and expect the volatility that is a certainty.
And the more time we spend setting reasonable expectations that bitcoin can easily exceed, rather than over-promising and under-delivering, the less time we will have to brag about being right. The journey is the reward. Or as the Bible says:
“When pride comes, then comes dishonor, but with humility comes wisdom.”
— Proverbs 11:2
But I think if Jesus were around today, he would simply tell us to “let bitcoin cook.”
QTR Disclaimer: I'm an idiot and I often do things wrong and lose money. I may own or deal in any name mentioned in this article at any time without notice. I didn't verify any numbers or figures in this article and I'm generally a bit lazy with my research. Contributor posts and added posts have not been verified and are the opinions of their authors. Contributor posts and selected content are published with the author's permission or under a Creative Commons license. This is not a recommendation or request to buy or sell stocks or securities, just my opinions. I often lose money on positions I trade/invest in. Sometimes I just lose money by misplacing it. I am generally irresponsible. I may add any name mentioned in this article and sell any name mentioned in this article at any time, without notice. These positions may change immediately as soon as I post this, with or without notice. You are on your own. Don't make decisions based on my blog. Investigate elsewhere. I exist on the margins. The publisher does not guarantee the accuracy or completeness of the information provided on this page. These are not opinions of any of my employers, partners or associates. I tried my best to be honest about my revelations, but I can't guarantee that I'm right; Sometimes I write these posts after a couple of beers. Also, I make mistakes many times. I mention it numerous times because it is very important that you.
This article was originally published on Quoth the Raven's Substack. bitcoin-cook?r=qtpff&utm_campaign=post&utm_medium=web&triedRedirect=true”>here.
This is a guest post by Said the Raven. The opinions expressed are entirely their own and do not necessarily reflect those of btc Inc or bitcoin Magazine.
