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May 17, 2021

"You kicked it in your article on Dogecoin. I purchased some DOGE one morning out of pure FOMO. A week later I thought I was smart. Then I thought I was dumb, then smart, then dumb ... then dumb, dumb, dumb." - Darrin D.

Click here to read Will Dogecoin Reach a Dollar?

Hi Everyone,

Wow, now we've got a real retracement on our hands. Last week, we got some real FUD. Looks like this week, we'll get some actual entry points.

While Elon Musk and the gang throw mud at each other on Twitter, the fundamentals have not changed much. There are still only 21 million bitcoin that will ever be created, and there is an increasing amount of people vying for them.

Even Musk, who's been trashing both bitcoin and bitcoin maximalists a lot lately, is still hodling his fair share of BTC. It's the same process that yours truly has gone through several times.

Maximalists can be a toxic bunch, and they tend to be extremely intolerant of people who have an open mind about other cryptocurrencies.

I have been blocked multiple times simply for stating that other blockchains have merit, and I totally understand the aggravation that must have led to this tweet.

Still, after a relaxing bath or a cup of hot tea, eventually we come to the realization that these people do not speak for Bitcoin, nor do they represent it. Satoshi Nakamoto is gone, and we all need to deal with that in our own ways I guess.

People often forget that crypto volatility is a two-way street. We enjoyed the upside, and now we get a bit of downside. The seasoned traders among us will see this dip for what it is.

Golden ratio

The most noticeable benefactor of all this toxicity is gold, which has risen 3% since last week's bizarre announcement that Tesla would stop accepting bitcoin for vehicles.

When two fight, there's often a third who will profit. In this case, it makes prefect sense. Bitcoin has been stealing the limelight from gold throughout this entire round of overenthusiastic fiscal and monetary stimulus.

So now that bitcoin is in question and crypto influencers are busy with infighting, the traditional store of value slash inflation hedge is making a comeback.

It's a shame. I was really hoping that the market would send gold lower, as I'm still not through accumulating yet.

Many thanks to System of a Down and my foul mood for the splendid headline today. Hope you have a wonderful week ahead!

Best regards,

Mati Greenspan

Analysis, Advisory, Money Management