Michael Nadeau

Bitcoin sells off some more.

Maybe that gets you to your cycle low.

It really is.

And, you know, I think, you know, part of the reason for this and one of the reasons that crypto has these like kind of nastier, I think, bear markets is the mimetic nature of these assets.

And a lot of this is belief and confidence and conviction.

And we see it every cycle where right at the peak is when people are most confident.

And as soon as there's some serious risk that gets introduced to the market, the narrative can flip.

And I think we're kind of in that mode right now where FUD starts to take over and there's other assets that are actually doing better than Bitcoin.

We're now getting into these weird

periods where like the Bitcoin price is converging into the cost basis of Michael Saylor, you know, the narrative becomes like this guy invested, you know, how many billions of dollars over the last five years and he's down on all this, right?

Peter Schiff is having his moment.

So it's just like you just get piled on, right?

You're just going to get piled on.

I think the one thing we don't have

Working against us in this bear market is like the Biden administration trying to choke off the entire industry.

So we don't have that to deal with.

But we are going to have this like period of disillusionment.

And, you know, it is what it is.

This is what happens at each cycle.

And I view these as opportunities because crypto has this mimetic nature to it, because it's very reflexive asset class.