The New "PlanB" to Get You Rekt This Bull Market is Here...
I'm having over 20 opened tabs right now on my Brave browser app and I don't know what to start with... Being lazy and at the same time having to deal with a cold I guess I'll tackle the easiest topic of them all for this @leofinance post. Bitcoin and Balaji, Balaji and Bitcoin... I had this on the pipe for a couple of days already.
So, the best way to start with this one is: who is Balaji?... Well, to me this guy is just another random dude on the internet talking money and crypto, criticizing the current financial system, and pushing the Bitcoin narrative as a replacement for the current financial system.
Nothing new, nothing fancy, but the man still managed to hoard something like over 800,000 followers on Twitter. Why is he all over Twitter lately? It's because of his $1 million bet with some dude on Twitter... According to Balaji, Bitcoin will hit $1 million in 90 days due to the hyperinflation of the dollar. He's betting one million bucks on that...
This one is a losing bet, and although I would sure love to see BTC reaching $1 million that soon, despite not owning a damn sat and being all in alts, I highly believe this Balaji guy will lose the bet. The fact that banks are collapsing and central banks are injecting liquidity in these banks so the clients of these institutions are not suffering from such events indeed points out toward Bitcoin being such a hedge against the current financial system.
Heck, Hive might do an even better job, but that does not translate to hyperinflation and BTC reaching $1 million in 90 days. What the central banks are doing, the way I see it is replacing lost liquidity with a fresh new one which is not going to create hyperinflation. Yes, inflation is here to stay, and it's not a product of the pandemic or the war in Ukraine, but rather the result of bad monetary policies.
We're probably not going to see hyperinflation this lifetime. Hence, Balaji is about to lose $1 million dollars against "that dude from Twitter" that he bet against, as BTC won't hit $1 million in 90 days and neither is the dollar gonna hyperinflate that fast. Balaji is becoming however the new PlanB lately.
Such characters come and go every bull cycle, throwing insane price targets for Bitcoin during these particular cycles, targets that are missed by a large margin, which oftentimes leads plebs into carrying their bags all the way up to the peak of the bull market and back down into the dark and cold bear market without even knowing when they got "stabbed".
Back in the years 2020-2021, PlanB(the famous creator of S2F model) came with a highly achievable potential peak for BTC during the 2021 bull run of something like $280,000. He was not alone in promoting such fuckery. RektCapital whom I followed for quite a while on Twitter was also resonating with such a target and Willy Woo(yes the famous Willy) was already seeing Bitcoin in a super cycle.
It almost felt like I left poverty behind forever. Little did I know that...
These individuals are able to create immense harm for the new investors, or even for the mediocre class who has a bit of experince with such a market, yours truly being a part of such a group. I have personally not sold anything during the past bull market just because I was expecting peak targets for BTC easily exceeding $100k per coin. Yes, I was a damn fool and I paid for that. I literally entered the bear market butt naked and it was quite a stressful and painful one.
BTC peaked at $60,000 which honestly wasn't bad at all, but I refused to see it as "the peak". I was considering these people that I mentioned as being more knowledgeable than myself and started believing in the potential fruition of their theories instead of following my instinct which never let me down. I was so dead wrong...
I could have listened to @empoderat who really sailed the waves of the previous bull market like a champ. I could have done that with @khaleelkazi who's also quite "followable" in terms of financial advice or at least @trumpman who said at $50k that this might be the top. But no, I had to follow the advice of the fuckers mentioned in the introduction and thus wrecked my portfolio.
What a champ...
Believe me when I say that many will do the same mistake with the new gurus that are emerging on CT. This Balaji guy is going to lead tons of plebs to slaughter... Fresh crypto investors like these outrageous targets for BTC and intriguing narratives that are tossed around on why these targets are achievable and instead of aiming for "the meat in between" that they will have the chance to grab, they'll run after a "perfect headshot" and will instead shoot themselves in the foot.
I'm following my own strategy during this bull market and believe me I will take profits. Profits it's profits. Even if it's just $10k, I will be happy about it, cuz $10k in HBD savings means $160 monthly passive income. That's better than zero dollars passive income and it takes a lot of stress away from navigating the next bear market... It will sure be one, don't get fooled into believing the other way.
This post is juiced up with a lot of frustration, as you can see for yourselves, but when properly transmuted, such frustration can lead to managing risks a bit better and collecting that meat in between the bottom and peak of the cycle that matters so much... What do you think?
Thanks for your attention, Adrian
Posted Using LeoFinance Beta