“Bitcoin ETFs are the best thing since the invention of sliced bread. When Gary Gensler finally sees the light and SEC approves Bitcoin ETF that would signal institutional investors and really big players like Blackrock and Vanguard to bring trillions of dollars of new liquidity into the crypto market, thus assuring, new unpredecented price highs, make everyone having Bitcoin and other crypto rich, end crypto bear markets forever, cure cancer and achieve cold fusion.”
That was the general story being told in the crpytosphere for the past year or more, a story towards which anyone with even modicum of experience in crypto and little common sense should be more than little sceptical. This, however, didn’t stopped some of the very loud and very influential people, or at least those who like to consider themselves as influential, to keep telling it until SEC did what it did and finally allowed cryptosphere to compare their wishes to reality.
Bitcoin, of course, didn’t do what was expected from it. Although the world’s oldest and most reliable cryptocurrency had wonderful run in 2023, the start of 2024 doesn’t look that promising, although the “healthy price corrections” and catastrophic price falls Bitcoin and crypto bears aren’t that likely either, at least until some kind geopolitical or similar Black Swan event that would do to Bitcoin what COVID-19 did in Spring 2020. Bitcoin generally does what it does, generally following the mathematical pattern of halving, but never in a way that would allow precise price prediction and trading strategies based around it.
That, of course, won’t prevent some of the characters to try making quick profit out of Bitcoin. And if Bitcoin itself can’t do it, at least its derivatives can. That was the general idea behind aggressive promotion of Satoshi VM, project that was supposed to bring Layer 2 solution to Bitcoin and bridge Bitcoin with Ethereum. That promotion came from the influencers not unlike those who had recently hailing Bitcoin ETF as the Second Coming and who, two years ago, used to praise Sam Bankman-Fried as grand saviour of the crypto world.
Needless to say, story of Satoshi VM turned sour very quickly, following accusations of whale manipulation, “pump-and-dump” shenanigans, development teams allocating tokens to themselves and, generally, making life miserable for anyone who took Satoshi VM enthusiasts seriously. And some of those enthusiasts were names rather notable in the world of crypto-related social media. What followed was a major backlash, which could, to certain degree, be compared with the backlash SBF experienced during FTX collapse. There is plenty of finger-pointing, some of the influencers are disappearing from the media, some are leaving their old outlets and trying to find new and it is very likely that the most of crypto influencing at the end of 2024 will be done by people very different from those at the end of 2023.
(image source:coingecko.com)
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