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Hopium? The Real Reasons To Be Bullish On Bitcoin
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Hopium? The Real Reasons To Be Bullish On Bitcoin

by SteveJune 18, 2018

Listening to the forums and chatrooms about the next Bull Run on Bitcoin can be a pain. One can smell the invisible vibe of fear that the bubble has burst.  Brought down by lots of Hopium that just makes no sense. It smells like cold sweaty dirty teenager socks when all these hope-driven discussions climax. Telling us why Bitcoin shall start a hyper-run to 50k next week over and over again.

Waiting for the perfect Bitcoin buy signals for the next bull run! You can see many crypto telegram trading rooms all a buZZzzzzz! This is all hopium at its finest!

We had the Chinese New Year. We had the tax season. The Wall Street bonanza, and countless other reasons pulled out of thin air. All not to not lose the faith in Bitcoin. Desperately woven, highly speculative assumptions, followed by one thing again and again: disappointment. While we don’t know when the rocket will take off. What do know, us we have collected some profound reasons, why we think that we are not lost. Yet hopium is sitting in the loop of a very promising waiting game…

Too the moon! Hopium the new Opium!

Hopium Bitcoin Moon

Did we just enter the ice age? Technically, with the break of the support shown happening as of late. We might see some downside in the coming weeks. Though fundamental-wise we might stroll through this bear phase with a small smile. We know that with what we have ahead, never losing our hopium.

After Bitcoins rocket ride to space last year. As well its just as fast return to the ground. Well we know the price development in crypto moves in time lapse. A loss of almost 3/4 of its value in this time frame is alarming to many conventional analysts and spreads. Of course, much fear between the holders.

No wonder, people holding cryptos clutch at any straw, to do the Apple + Z tap to undo this mess. Let it be it Wyckoff cycles, let it be Elliot waves. No technical indicator has been left out to become abused by bedroom analysts to “predict” the big fat bounce. They all have been punched back to reality. Even big names like Bitcoin Evangelist Charlie Shrem, (BitcoinFoundation.org/Crypto.iq) have been proven wrong.

May 2018 will be the last time we ever see #bitcoin under $10,000

— Charlie Shrem (@CharlieShrem) May 3, 2018

But should this poison our optimism? Are all these experts wrong, just as no one wants to realize that the bubble we were sitting in popped? We don’t think so!

Bitcoin to the Moon!

Institutional money in the steam cooker for the moon

The asset “Bitcoin” is thriving and cooking hindsight – we just have to glue our eyeballs to where the money is. If we connect some headlines, our odds are pretty nice. Let us assume institutional money is being set aside in preparation for the next big run-up. We all know, smart money never buys the top. So it is delusional to think ballers will enter at a 20k Bitcoin. But retail hopium traders will!

Seeing the Corn down for so many months hurts. Big companies are moving slow, due to their organizational structure. Add in conjunction with the given legal circumstances of a special thing like an unregulated, autonomous asset.

6 Months ago Goldman Sachs Chairman Lloyd Blankfein warned us all that Bitcoin is a vehicle for fraudsters. Now they are telling the New York Times, that they build an expert team for trading Bitcoin for their clients and themselves. He mentions increasing interest in Bitcoin futures already on the world economic summit in Davos.

At the same time Chicago’s CBOE faced an increased demand in their futures to allow betting on the Bitcoin price. All while the Bitcoin future trades around 4000 times a day on average. Interestingly there are days since mid of March (and especially April, 24th) where the volume spikes up to the double! A huge indicator for institutional money entering the ring.

CBOE the Big Boys coming to town

The cryptomarket opens to the big boys. After CBOE, the Chicago Mercantile Exchange chimed into the Bitcoin Futures business. Meanwhile, the Intercontinental Exchange, owner of the NYSE, works on a trading platform for Bitcoin. Similar plans are in the oven for the Nasdaq – Bitcoin gone Wall Street. In Germany, the Börse Stuttgart is on the move with BISON, a trading crypto trading app.

And then, as cherry on the cake, the Bitcoin ETFs are around the corner! Especially with the recent SEC moves they are likely to hit us anytime soon. Watch this space!

Trading Bans Removed, Regulations & Rules instead

After countless news about China, India, South Korea and more countries issuing a ban on Bitcoin, the signs all are reverting. India might see a U-turn soon, after admitting that their “ban” with the RBI might have been politicking.

South Korea changed their mind, due to the new FSS chief, Yoon Suk-heun. Who wanted to work on a better regulation of crypto (instead of banning exchanges) on day 1 of his ministry.

Japan as well announced regulations, though investigates in anonymous cryptos, which shall not be traded anymore. So this as per their wishful thinking.

The setup seems obvious – big boys coming in, regulations will kick in. More rules for everybody, but likely also more stable markets. It is just logic – a big-time frenzy like cryptocurrencies can’t stay in wild west manner AND become mass adopted. 

The governments will force more and more regulations, which means fewer scams in the future for all of us, but also fewer opportunities for anything dodgy. We might see a more stable price development in Bitcoin and crypto in the near future – less crazy thousand dollar jumps and more slow and steady growth.

While decentralization means autonomy from the banks. We are yet depending on their services to spend the money crypto made us. Using it to pay for our rent or mortgage.

Regs on the way!

As much pain regulations might mean to us – as important it is for a substantial growth. According to BlackRock, this is the missing link for smart money coming in. Institutional money fears uncertainty, and while they start up building positions slowly, this hinders them to start the big moves.

“We don’t have any “predictions” for you, our balls are not made of crystal. We anticipate healthy growth back over 10k in the following months. Dn’t believe in a quick reversal and everything is good again like in December. Thus we are more than convinced about the long-term growth of the Corn. The governess is in the house! and she does not like the kids to play with dirty shoes on her carpet!”

SmartOptions
Hopium Bitcoin Astronaut

Hopium to the moon conclusion…

We will see the effects of all the above over time, for sure! No problem with having hopium just don’t count on it going to the moon right away.

Much of what you have read is for the future, which is very very bright indeed. When we do head for the moon all I can say is “ENJOY THE RIDE!!!”

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About The Author
Steve
Is a German Hipster Hippy influencer, a marketer, a father and a righteous man of the Deutschland. He is a believer that love can conquer the world, funky, crazy, but love never hurts anyone. So light up a spliff and dig the vibe dude!
3 Comments
  • Avatar
    David
    June 19, 2018 at 2:25 am

    If you buy BTC just because of the Bitcoin name you might be in for a very rude awakening. If you do not understand the blocksize debate, or the role of Blockstream in Bitcoin (BTC) then you owe it to yourself to learn about these things. Ask yourself what is Bitcoin (BTC)’s value proposition. This is a coin that if more than 200K transactions are made per day, a backlog develops and after that only the highest fees transactions go through. Currently this is about $0.10 but as recently as December these fees were over $100. But this is not an accident and its not a technical flaw – Bitcoin (BTC) has been designed to be this way to meet Blockstream’s roadmap for BTC. That is BTC is to remain crippled and to make up for that, 2nd layer solutions like LN take over. If you agree that Bitcoin (BTC) could never have worked as Satoshi Nakamoto designed it and believe that Blockstream has a good roadmap – by all means invest in BTC. For others who believe Bitcoin worked just fine until Blockstream interfered, then Bitcoin Cash (BCH)is the closest coin that matches the original definition of Bitcoin as described in the original white paper by Satoshi Nakamoto. Do not invest blindly – know the technology so you can pick the roadmap that fits you. Bitcoin Cash (BCH) is the better Bitcoin. Join us at reddit.com/r/btc

    • Steve
      June 19, 2018 at 9:39 am

      You missed the topic by a bit, no?

    • Rico Chette
      June 21, 2018 at 1:02 am

      Who are you Roger? Geezuz there is a reason everybody calls it B*tch Ca$h and you just proved why… *Clap LOL

      BTW if i wanted better, would by pass b*tch ca$h and go with something that has better value like LTC…

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