Bitcoin, All I Want For Christmas
The year has flown by and it is already December, which means that Christmas is right around the corner. This is the time of the year when people are making their Christmas lists, and Santa is checking them twice. We all start thinking about what we might want for a gift as well. Most people immediately would say some physical good. Perhaps the newest iPhone, clothing, games, electronics, something for the house, and the list goes on.
Those of us who are avid supporters of Bitcoin would usually be thrilled to receive Bitcoin over almost any other possible gift. Especially with prices being so long currently. It is a Bitcoin accumulation dream zone. We all know the potential that Bitcoin has, and how it could very well be our best chance to grow wealth for the future, and change our lives financially. In most years, Bitcoin would be the gift that I would want to receive the most. However, this year has been extremely different from most years.
In fact, the gift that I would want the most technically isn’t even for me at all. It’s not receiving Bitcoin and not any other goods that are so often given as a gift. Instead, it is something that I want to see happen in the Bitcoin and crypto markets. It is something that would not only benefit Bitcoin but in my opinion, would greatly benefit anyone who owns Bitcoin as well.
All I want for Christmas is to see the crypto markets get cleaned up. For exchanges to act responsibly, and for the trust to return to the market. For the crypto businesses and funds to dial back on the leverage that is being used. This would allow the crypto market to finally have peace, act naturally, and begin to recover.
If we look back on the entire year, everything happened because of leverage. Which caused all of the dominoes to continue falling down after the initial Luna/UST debasement happened. If there wasn’t so much leverage being used and if businesses were handling risk management responsibly, nothing else would have happened after that event. Celsius, Voyager, 3AC, BlockFi, Vauld, FTX, and Alameda would all still be in business. Perhaps Bitcoin likely would have stayed in the $30k-$40k range, and we definitely wouldn’t have seen Bitcoin drop below its previous bull market all-time height of $20k. Something that had never happened in Bitcoin’s history until that moment.
I would argue that it was actually a great thing that all of these “bad actors” got weeded out of the industry. Better now, than later. However, I don’t want to continue to see this happen. This was a painful year for crypto, that set the industry back a few years in my opinion. If we want the world to take Bitcoin and crypto seriously, we all need to do better. While crypto is still the Wild West, we need to take responsibility and clean up our own act.
If we can do that, Bitcoin and crypto are in great positions to begin recovering. Despite everything that has happened, Bitcoin has still clung to the $17,000 price level. Refusing to go much lower. If all of the insolvencies have come to an end, it is reasonable to assume that we have reached the price bottoms of this bear market. Then add the fact that the US FED is beginning to turn dovish on their attempts to raise interest rates. That is all we need for Bitcoin to see a great recovery.
Then taking into account that the next Bitcoin halving is just over a year away. Typically the price recovers upwards as we approach the next having. Adding all of those things together starts to make a compelling menu of why we should be bullish about Bitcoin.
All I want for Christmas is for the crypto industry to settle down, and for businesses to begin to act more responsibly. Right now, that is the greatest factor that will determine if prices go higher or lower. With that said, I wouldn’t complain if I received Bitcoin from my family and friends as a gift as well.
How about you? What do you want for Christmas that is crypto-related?
As always, thank you for reading!
Everybody wants a stable market.. I hope so too that it will happen in the following year