Here’s Why We’re HODLing
It’s time to once again look back at the most memorable Weiss Crypto tweets and community feedback in the past seven days.
The markets have gotten pummeled over the last week by the China-fueled FUD as miners in the country were forced to shut down their operations.
Marija Matic took note of the bearish sentiment in her article, also making sure to mention the resilience of Chinese miners. They decided to hold on to their Bitcoin (BTC, Tech/Adoption Grade “A-”), as if anticipating the price recovery:
China's crackdown on mining and trading has made the price of #Bitcoin bearish. Interestingly, though, Chinese miners seem to have "diamond hands" and are not selling their $BTC: https://t.co/EDtcbkUzdy— Weiss Crypto (@WeissCrypto) June 21, 2021
Then, earlier this week, Bitcoin shook the markets by plunging to test its May 19 lows. Alex Benfield laid out what happened ... and why our team was — and still is — long-term bullish on the King of Crypto and the broad market.
#Bitcoin has fallen 6 out of the last 7 days. This morning, it looked poised to fall further. So, let's take a look at what today's weakness can mean — the good, bad, and ugly of it all: https://t.co/m3TjiSncnt$BTC #BTC— Weiss Crypto (@WeissCrypto) June 22, 2021
And if you look around, diamond hands are everywhere. Last week, Michael Saylor was a target of ridicule by those unable to see the big picture of BTC price action. To them, Juan Villaverde construed a response in a long thread that I strongly suggest you read:
Those FUDing Michael Saylor need to understand: he's playing the long game. His thesis is that fiat's value evaporates faster than an ice cube under the sun. The hedge is to swap that melting ice cube for hard assets, and #BTC is unparalleled in this regard.— Weiss Crypto (@WeissCrypto) June 21, 2021
Luckily, when it comes to you, our subscribers, it seems we were preaching to the choir:
What will Michael Saylor be doing in 10 years:#BTC $BTC #Bitcoin— Weiss Crypto (@WeissCrypto) June 21, 2021
We’re glad that our awesome community is on the same page concerning Bitcoin. We only wish that the U.S. government shared the same sentiment:
The US ought to see the China #Bitcoin #mining ban as an opportunity to gain ground on China in the #crypto frontier and embrace mining. Sadly, we have a feeling the US gov will squander the opportunity and whine about $BTC energy usage instead of listening to the experts...#BTC— Weiss Crypto (@WeissCrypto) June 23, 2021
To everyone else influenced by this and any other FUD throughout Bitcoin’s shaky road to the moon, we offer some timeless contrarian advice:
...when your friend, who's never paid attention to crypto, is calling asking for investment advice. Trade counter to the herd if you want to make money in this or any other market.— Weiss Crypto (@WeissCrypto) June 21, 2021
Maybe Jim Cramer should take our advice as well?
Jim Cramer: "Sold Almost All My #Bitcoin. Don't Need It. Easy come, easy go Jim. See you back at 100k.#JimCramer #BTC $BTC— Weiss Crypto (@WeissCrypto) June 22, 2021
Still, not everyone has paper hands, and a growing number of mainstream financial institutions are taking the hint, including Swiss bank Dukascopy:
Swiss bank Dukascopy launches #Bitcoin, #Ethereum, and #Litecoin #CFD trading. More #crypto derivatives being launched only makes the system more robust.— Weiss Crypto (@WeissCrypto) June 22, 2021
Indeed, the underlying motive here is that crypto resilience beats FUD, which nowadays largely comes from governments and bastions of traditional finance.
Miners are forced into leaving China? The hashrate will simply migrate elsewhere.
The International Monetary Fund (IMF) pressuring countries to stay in a suboptimal, old-school financial environment? Instead of buckling under pressure, countries will find financial independence with crypto.
Indeed, as Sam Blumenfeld so eloquently put it:
Bitcoin still remains a forward-looking hedge against inflation and the current monetary system, and the recent economic landscape inspires even more confidence in crypto moving forward.https://t.co/jP3Kt4S5hf— Weiss Crypto (@WeissCrypto) June 18, 2021
So, in the future, when you hear that the crypto sky is falling down, simply do as we do and HODL.
Don’t forget to follow us on Twitter, Inc. (NYSE: TWTR) and join one of the best crypto communities out there.
We publish new articles, videos and market commentary daily, so be sure to visit often or simply subscribe to receive free crypto news and market commentary delivered to your inbox.
Stay safe and trade well,