A review of our medium-term thesis for bitcoin and the larger macro picture using bitcoin-specific metrics provides a framework for considering the looming uncertainty and volatility that lie ahead.
"Sometimes you have to listen to what the market is telling you and it's telling us that there is relentless demand for mining bitcoin"... I think the speed and amount of hash rate that came back online post the China ban surprised everyone. But price helped drive the incentive. More recent hash rate continued uptick though - my assumption is that a good amount of that has to be driven by public miner orders being delivered and the inevitability of the machines getting plugged in. Difficult to know what hash rate would be right now if not for that dynamic. Another example of where the world gorged itself on debt.
"Sometimes you have to listen to what the market is telling you and it's telling us that there is relentless demand for mining bitcoin"... I think the speed and amount of hash rate that came back online post the China ban surprised everyone. But price helped drive the incentive. More recent hash rate continued uptick though - my assumption is that a good amount of that has to be driven by public miner orders being delivered and the inevitability of the machines getting plugged in. Difficult to know what hash rate would be right now if not for that dynamic. Another example of where the world gorged itself on debt.
No clue if the bottom is in or not but I have increased my DCA
Every time I hear someone call the bottom I smile a little bit.
always great analysis Dylan & Sam. You both dispense valuable, thought provoking insight.
Please keep up the good work. 👍🏻