I am approaching my sixth year in crypto – having bought my first Bitcoin on Mt Gox in December 2013.  During this time, I have witnessed more FUD than in all other aspects of my nearly five-decade lifespan combined; certainly, more than the rest of my career – which is saying a lot, considering I spent 15 years in Precious Metals and mining stocks.

That said, nearly all previous crypto-FUD was in some way rooted in reality – as given the space’s nascency, there was actual, fact-based uncertainty involved.  

Mt Gox’s collapse was a perfect example of genuine fear Bitcoin would die; as was the 2016 Bitfinex hack; the 2017 to early 2018 scaling debate; and the late 2018 Satoshi’s Vision attack – if only, due to fear the then “Hoffman Line” (at $6,000) would be broken.

Thus, today’s environment is unique – as frankly, I cannot see a single material reason for Bitcoin fear.  Yes, many altcoins need to die – but right now, all of them are being hit as if crypto is on the verge of extinction…which decidedly, it is not.

In fact, from a strict Bitcoin perspective, I have NEVER seen such wildly bullish fundamentals…starting with its exploding, all-time high hash rate.

https://twitter.com/Andy_Hoffman_CG/status/1182979516366372865

Central banks are destroying fiat at an equally parabolic rate; Bitcoin’s blockchain has never been more secure; or its market, more liquid.  New institutional offerings are coming online, and Precious Metals seem hopelessly archaic in BTC’s wake (let alone, diluted by thousands of “tonnes” of paper gold and silver).

And as for FUD, what part of Bakkt’s record day last week speaks of “weak demand?”  Not to mention, the borderline comical fear of Google’s supposed “quantum supremacy” – for the few people who have heard of it?  And does anyone REALLY care if a U.S. ETF is approved?  I mean, we got to $20,000 two years ago without one, and $14,000 four months ago.

Yes, there is significant “crypto-fear” – principally, because the “descending triangle” formation” at the “new Hoffman Line” of $10,000 broke two weeks ago.  In other words, more than anything, fear of the same “TA FUD” that has plagued this nascent sector since day one.  To that end, the current fear is that the “new, NEW Hoffman Line” of $8,000 will break, too – as if there is any fundamental reason to have such fears.

That said, there was little if any froth left to purge when $10,000 broke – and now, sentiment is as bad as I’ve seen it…at a time when most coins’ prices are at or near record lows.  So, given the aforementioned, massively bullish factors; and oh yeah, Bitcoin’s upcoming halving – which WILL provide a MAJOR upside catalyst; the sector’s reward/risk profile, for Bitcoin and the handful of coins with viable, defensible use cases, has likely NEVER been stronger!