March 21, 2023: Bitsignal 🦇🔦
Hyperbitcoinization and the banking crisis
Forget everything we just wrote! The llamas have reunited!
It’s almost as if things are going a little bit too well lately. DefiLlama patching things up. Euler hacker returning funds. Prices nearly double this cycle’s lows. It’s like the universe is delivering a pile of birthday gifts to everybody’s fave, the inestimable Kendrick Llama.
Still, we’ve grown unaccustomed to so many good things happening in crypto.
Is this… is this what bullishness feels like?
We can’t shake the feeling that there’s another shoe about to drop. After all, there’s still the whole matter of the utter collapse of the global economy.
Trying to unpack what is going on across the broader markets is a challenge for us because the powers-that-be try to deliberately obfuscate their moves just enough that the average person won’t be outraged.
Thankfully, Balaji the big-brained barker is busy reframing the debate. His “Bitsignal” is a warning that he expects the banking system will collapse so thoroughly in the next three months that 1 BTC will be worth $1MM.
The crypto community naturally salivates at this price, but of course if Bitcoin actually hit $1MM in 90 days, then there’s a good chance that a wheelbarrow full of seed phrases would be unable to purchase a carton of eggs, so it turns out to be a fairly doomerist prediction. We reject doomerism in all its forms.
If true, may as well lock in a rate of $10 to support PAC DAO crypto activism.