Bitcoiners, the latest buzz in the financial markets, is Bitcoin suits.
This has been the case for the majority of the year. The bitcoin price plummet during Bitcoin Asia 2020 culminated in a spectacular way. Bitcoin, the most vocal vote-of-no-confidence in the permissioned fiat monetary system is now rushing headfirst back into traditional finance.
The ultimate manifestation of stonkcoiners is the cypherpunk, who has evolved into a suitcoiner.
They repented of their sins. The lost son has returned — in glamorous, greedy glory.
We, the nerdy outsiders who were once dead-set on building a new and improved world have become cheerleaders for regulated, permissioned securities — neatly levered up and financially engineered for maximum bitcoin-per-share. Wall Street has forced the laws of gravity aside and even the most radical hacker is willing to compromise on their core principles. $2, $3, or $5 for a dollar of bitcoin.
Bitcoin Asia was no exception. Not for self-custody, or for cypherpunk Bitcoin discussions, but rather for the political hotshots The word financial engineer is used to describe the work of financial analysts. Financial engineers. “sycophants” (It comes to mind.
The balance sheet is becoming the P&L, said Alexandre Laizet, CEO of Europe’s largest treasury company on stage. He didn’t just say that. treasury companies are now banks, Buy a Using He was referring to the fact that their financial statements were being manipulated in order to eke profits out of them. The only thing that Matters The balance sheet is what matters to Bitcoin treasury firms. Profits are of no consequence when you’ve got bitcoin-per-infinitely printable share.
“This is what you should do as a rational player in the market.”
The main sponsor is Strategy and Metaplanet, which has 200 participants. Bitcoin AsiaAs the loudest poster boys of the movement, they are scouring the capital markets to find cheap fiat currency that can be used as a base for bitcoin. Everyone is hitting records everywhere — of audiences and viewers, of attendees and sales. Bitcoinland is a place where everyone can feel it. The energy, the constant building and the factory floor for shipping and construction are all there. It’s never been easier to grasp Bitcoin and we’ve never had as many people here…
…yet the price keeps meandering its way down from a hyped $125,000 to the $118,204 entry point for Nakamoto’s 679-million-dollar purchase Around $111,000 at conference time before plunging Below is the lowest point $108,000 — in direct tandem with the bullish speakers on stage.
It was a perfect symbol of how things are upside-down. The Hong Kong drone show, which lit up the night with Bitcoin graphics, could not have been better. Displaying a powerful 21-divided-by-infinity sign that made absolutely no sense, it was a directly inverted version of Knut Svanholm‘s famous everything-divided-by-21-million claim:
We all need to act urgently. bitcoin price therapy After days of watching the bullish statements on the Nakamoto Stage be discredited and weakened by the large-font chart in the background.
From the Nakamoto Stage in Hong Kong, David Bailey sat confidently and celebratory, applauding our great efforts and successes as Bitcoiners — while the audience stared at the large, SALT-sponsored bitcoin price on the screen behind him continually plunging downward, eradicating an ungodly amount of wealth with each downward flick.
It was impossible to ignore the dissonance that existed between the confident words spoken on stage and the gospel of the dozen or so Treasury companies in attendance.
The more David Bailey and co. talk about their bitcoin-acquisition vehicle stocks, the worse our market becomes. Talking about bitcoin and boosting their stocks of Bitcoin acquisition vehicles will only make our markets worse and lower prices.
Perhaps Mr. Bailey has a much larger house than you think cojones I’m not sure if it was a YOLO-like recklessness that had never been seen before, or if my friend is more than capable of doing so, but he did. You can also find out more about the following: You just lost $60 Million in Investor money Nothing If I had to prove it, then I’d probably be more skittish.
The price is the cake, but it really doesn’t taste that good.
The fact that it is here, in any case, also has a symbolic meaning. Hong Kong, 2025 is the year of the snake — and we get the cypherpunks’ crowning achievement slithering its way across financialized treasury companies, eating their own tails in the process.
The Bitcoin Festival Tour has just reached the last stop. We are amazed to see that everything once considered sacred is now deemed unworthy: it’s all upside down.
Joakim book is reporting on a world where nothing makes any sense.
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Source: bitcoinmagazine.com
