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May 19th 2024
You can stare at a tree for a decade and never notice it grow, yet alarm bells go off with every sudden movement in the forest. Our brains are wired to detect change in our environment.
Successful investing is like watching a tree grow. Trading is like trying to catch wild animals darting around the forest.
We’re incapable of recognizing slow, incremental, trending, change. It takes discipline to do nothing. It’s hard to be greedy when everyone else is fearful and fearful when greed takes over.
Crypto is growing like a tree. It might not seem like it sometimes amidst the chaos. But zoom out! Crypto adoption is inevitable.
While everyone else is distracted by constant change, you can simply watch your tree grow. Water it. And even harvest it’s fruit every 4 years.
Investing is not hard work. In fact, it’s a lot easier than trading. It just goes against our natural human instincts.
To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
“The Cycle” Update
The Bitcoin ETF drove price to test the Boom3 all time high. It was a BIG move. No way it would smash through and keep going on it’s first attempt. Growth and demand seemed driven by institutional investors, but the crypto crowd hoped it would boil over into the rest of the crypto market. When it didn’t, they created and pumped thousands of memecoins on Solana to make it seem like the crypto bull market had arrived. It hasn’t. The market isn’t ready yet. You can’t outsmart the cycle. Zoom out. We’re all good.
Crypto Podcast Snips
I listen to a ton of crypto podcasts and started bookmarking important moments using Snipd to share with you guys on Instagram, TikTok and YouTube.
Arthur Hayes on “What’s happening with memecoins?”
Arthur Hayes’s portfolio breakdown.
Arthur Hayes on, “The best investment he’s ever made”.
Keep Up With Crypto
What I’m reading, watching, sharing and keeping an eye on in crypto recently.
I read this to get up to speed on EigenLayer. Quote that stuck out, “The long-term implications of this daisy chain of yield enhancement remain to be seen".
Lens, a “decentralized social network, has gone permissionless. Meaning anyone can signup and take it for a spin.
New crypto usecase? Law firms airdripping NFT subpoenas 🤦‍♂️
EIP-7251 has passed and will be included in the next Ethereum upgrade. It increases the "max effective balance" from 32 to 2048 ETH meaning one validator can stake up to 2048 ETH.
From the BitLift Discord
@trashpanda_11: is this the week Bitcoin breaks out of this painfully tight range?!!
@GERBZ: This feels like a cool off period after the major ETF run up & memecoin summer. I still don't expect a (true) $70k breakout until Q4! Ways to go until then... Could retest $1T and still have plenty of time.
@skp_onchain: Interesting, so do you expect ATH by q1, q2 2025 ? nice to see that 13F filings having an interesting fomo and game theory impact
@badjanitor: I'm thinking we're going to push back into the $67-73k range here one last time, and then cool off for summer and let altcoins take the reigns for a bit before a slow grind up to a new ATH in ~Q4.