A Cryptomas Rhyme
‘Twas the day after Christmas. Instead of some rest
I decided to review how we had progressed.
In January, headlines screamed military tension.
Bitcoin as “safe haven” attracted attention.
The ructions in March did much to dispel
The “safe haven” myth as all prices fell.
“Black Thursday” also highlighted the danger
Of too much leverage. But things would get stranger.
We all soon grew aware of the threat of a new
Type of virus that spread. It was not “just the flu.”
As April drew round, we saw a new correlation
Between bitcoin and stocks, and a dip in inflation
As spending dried up. But the biggest shock
Was a negative oil price from way too much stock
And not enough storage. Uncertainty spread
As markets digested the changes ahead.
The official response to the looming crash
In incomes and output was to print more “cash.”
The ballooning supply of fiat to spend
Was in sharp contrast to a cap that won’t bend.
And with perfect timing did the network remind
Us that every four years the new issue declined.
The halving in May during our big event
Highlighted supply rules we can’t circumvent.
In June prices held. Volatility dropped.
The spread of the virus could not be stopped.
Nor could the rise of the prices of stocks
That used tech to help people weather the shocks
Of a new way of working and seeing their friends,
In spite of the cuts in yields and dividends.
The summer saw two new trends gather speed:
Services to satisfy institutional need
For custody, platforms and products galore.
And decentralized finance had surprises in store:
A surge in the volume of trading on some
Of the platforms that had names that would become
Memes of their own. Sushi, pizza and YAMs –
While many delivered, it seems some were scams.
With part of the U.S. fighting fire after fire
As August dragged on, stock markets climbed higher.
In October, the bitcoin price started to rise
And a looming election pushed stress to new highs.
PayPal’s support for transacting in some
Crypto assets meant mainstream adoption could come.
More well-known investors came out in defense
Of a bitcoin stake held as a hedge – it made sense
In the face of the risk of growing inflation
And currency woes that could lead to stagnation.
In December, bitcoin’s correlation to gold
Has fallen almost to zero, as new narratives unfold
And the bitcoin price enters a new paradigm.
As I write this verse, it continues to climb
Toward new all-time highs. Now, I do not know
Where it goes from here, but the inflows do show
That institutional interest seems here to stay.
With so much going on, there is more I could say,
But this poem is already way too long, yet
I can’t leave without urging us not to forget
That the year has been hard for so many out there.
And although there is hope, we should still be aware
Of the need to be kind, and to take care
Of our health, and our loved ones. For always somewhere
There is someone whose day could be brightened with sharing
A bit of compassion, affection and caring.
With that, dear readers, I bid you good cheer!
Happy Holidays, and have a hopeful New Year.
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