Many of you may have seen Balaji's (ex. Coinbase exec) new drama on Twitter, projecting $1M price for Bitcoin in 90 days (Sounds insane? It does) and placing a $2M bet on that. A whole bunch of "influencers" and "whales" on Twitter are going gaga over that and creating all sorts of theories, touts and perspectives. For example, one said Balaji was right about Covid so he will be right about Bitcoin price signal.
I see this as a hyper-desperation among EVERYONE for a bull run. A VC friend told me that most Venture Capital firms (especially in Silicon valley) are so deeply burnt with 2021-2022 Crypto melt-down that they are desperately want to just exit to market with invested sum, forget returns. Their LPs are behind them and have been hammering for a while. I am not saying we are not desperate, we would like a bull run as much as anyone but it's amusing to see this desperation from folks across the spectrum.
This puts market in a very strange position. There is a little bit of hope for better economic outlook than what most expected towards the end of last year but we are still dealing with the same old issues - war, inflation, FED's tightening, geopolitical tension etc. etc.
So hard to say where we are headed in this extreme desperation even from people who seemed to have some self-esteem, who are now openly shilling. But, somehow, I don't have good feelings, especially for retail investors. It's sad that what Crypto (Bitcoin) was born to fight (a few intermediaries/ centralized figures exploiting the masses) has become an issue for Crypto.
All I would say - please stay safe and take care of yourself. Keep DCA, when it makes sense and don't invest more than what you can afford to loose.
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