Supply, meet Demand
The bear market bitcoin never had before
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The bitcoin community celebrated a milestone this week. The 20 millionth bitcoin is in circulation. The bitcoin protocol is showcasing its incredible resilience in a world full of unrest and chaos. Commodities and precious metals that are otherwise boring assets are lately trading like there is no tomorrow. The unique characteristics of bitcoin are absolutely shining currently. Not many people are aware, but the fact that the protocol keeps all participants in check (miners finding valid hashes, transactions are being processed, and subsidies are being paid) is absolutely mindblowing.
This letter will build on top of the 2022 and 2026 bear market comparison that we started with ‘Same Old Song’. We will use some knowledge that we gathered and wrote down in ‘Let’s Talk about Stretch, Baby’’. That will be an important part of the comparison. We recommend you read through those articles to better grasp what we’re alluding to in this article.