The Case Against the Bears ... in Tweets

Welcome to yet another edition of CryptoBuzz, where we look back on weeks’ worth of breaking news, trending topics in our Twitter community and more. So, let’s dig right in!

PlanB, also known as @100trillionUSD, is a Dutch institutional investor. He created the Bitcoin stock-to-flow (S2F) model, where he uses scarcity to quantify Bitcoin (BTC, Tech/Adoption Grade “A-”)’s value. His S2F model is not only applicable to Bitcoin but also to gold, silver and other assets.

Recently, however, his stock-to-flow model has run into its biggest challenge yet:

Your comments on this tweet ranged from “The model will break” to “The model will be invalidated the next month” and “BTC will hit $16k.”

Seeing this bearish vibe echo throughout community wasn’t really surprising as there’s an overwhelming fatigue among the traders as Bitcoin continues to trade sideways. However, we appeal yet again to the community:

While the Bitcoin fear, uncertainty and doubt (FUD) seeps in, clouding the minds and weakening hands of the strongest of the bulls, something quite different — and quite bullish — is on the horizon for the second-largest crypto by market cap ... and we’re not just talking about the upcoming London hard fork.

Yep, you guessed it – it’s Ethereum 2.0, and it’s coming closer and closer:

As you probably know, this huge upgrade, which was many years in the making, will convert the Ethereum (ETH, Tech/Adoption Grade “A”) blockchain from a “proof of work” to “proof of stake.” This will create a multichain system and will increase its speed, security and efficiency. The upgrade will also improve the performance of the network and allow for more transactions, keeping it secure and decentralized.

If you think this is exciting and potentially profitable, you’re not the only one: Ethereum Launchpad currently has 187 000 validators, staking 6,161,215 ETH, which is around $13.2 billion U.S. dollars, for the uninitiated.

This not only shows that the ETH isn’t going away but also that it could be replacing the BTC as the leader of the crypto pack, ushering in the “flippening.”

Indeed, the banks know it:

Celsius’ CEO knows it:

And we’ve known it for quite some time now:

Aside from the BTC and ETH saga, one other story has started to develop: synthetic assets!

As is always the case with innovation, it more often than not breeds confusion. That’s the case with synthetic assets. So, in a rather long thread, we wanted to alleviate any issues that might arise from investors not being able to tell synthetic stocks apart from the stock-based tokens.

Here’s just the top of the thread; click through for the full explanation:

Finally, I’ll end the overview with an appeal to take a look at a great piece by Alex Benfield. It’s bound to provide you with a big-picture overview of what’s really going on in the market today and dispel any FUD you might be experiencing. I’ll end with this quote from the article:

Cryptocurrencies could usher in the greatest transfer of wealth from institutions, corporations and the 1% to the masses, so it is important to be an early adopter of this new technology and currency system. And remember to keep a macro perspective at all times.

Stay safe and trade well,

Jurica Dujmović

About the Contributor

A MarketWatch columnist since 2014, Jurica covers science, technology, privacy, security and futurism, earning him the title of top three contributors for three consecutive years. At Weiss since 2011, he manages social media content and contributes regularly to Weiss Crypto Alert.

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