We all know buttcoin runs on hype.
My butter friend shows me the charts and pours over the ups and downs, pointing out golden crosses and resistance, etc. Then at these more interesting intervals he calls them, ''massive consolidation'' or ''god-candles''. I conveniently point out that these are products of manipulation or actual events: Musk tweeting, ETF approval, Trump winning and so on.
Some of these more monumental moves happened to occur when the first state reserve bills were announced, or when the first states began investing in bitcoin for their pensions. However, I've noticed several more states announcing such bills lately, and they've failed to move the needle. It just seems like this is akin to a bunch of meth-heads seeking their next bigger high, and the last dose just wasn't enough anymore.
Point being, unless bitcoin starts producing something tangible, which that doesn't seem likely, and even if a national reserve gets established, it just seems inevitable that this thing is going to stall out. Eventually, the hype machine won't be able to produce something that moves the needle farther up, it's just a matter of time.
I think.
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