Murad Mahmudov is back sparking our X timelines, however you might have discovered nowadays the “former” Bitcoin maximalist isn’t publishing much about Bitcoin.
For the inexperienced, Murad is a Bitcoin maximalist, albeit one who has actually run the ire of the culture for taboo concepts: see his 2021-2022 welcome of covered Bitcoin possessions on other blockchains, and most just recently, his perpetual discussing a “memecoin supercycle.”
It’s a far cry from his posts circa 2018, when might be seen on “The Pomp Podcast,” stating things like “Bitcoin is the soundest hardest currency that has ever been invented in history.”
So, how did he obtain from that admission to promoting for a portfolio of PEPE and GIGA, his newest mantra that you need to “invest in cults?”
From here on out, the Crypto Markets will be progressively controlled by Memecoin Bubbles up until the ultimate Bitcoin Standard.
It truly is that basic.
— Murad 💹🧲 (@MustStopMurad) July 9, 2024
Well, it begins with the post above, among a couple of that’s got me believing Murad is on to something.
To be clear, what we’re speaking about here is a total neglect for the concept that a belief in Bitcoin as a currency needs one to have some type of ethical responsibility. While this has actually been made fashionable of late, promoted by the similarity Michael Saylor and Jimmy Song, I’ve never ever seen an engaging argument that Bitcoin maximalism needs you to abandon monetary speculation.
It’s rather just an ethical option, extrinsic to the innovation, and one everybody is complimentary to produce themselves. Yes, it’s bad to rip-off individuals. No, nobody can stop you however you.
To this result, Murad seems indicating that in this next cycle he means to benefit from the basic collapse in self-confidence continuous in altcoin land, and is simply going versus the grain.
Putting aside the ethical problem, there’s a lot to like about Murad’s thesis. I’d presume regarding argue, the majority of Bitcoin maximalists would concur with the majority of it.
Essentially, he’s banking on 2 concurrent patterns that truly cut to the heart of the motion:
- Bitcoin is truly on its method to ending up being the world’s dominant property. It’s totally mispriced in today, and will one day be the only staying crypto property and the cash of the world.
- The crypto VC device is collapsing gradually. Despite their years of declared tech advances, there is little to reveal for the engineering. All altcoins will stop working to take on Bitcoin, and we’re starting to see this due to the fact that retail financiers are just purchasing random memecoins.
All this is to state, is it truly so tough to think that in between these 2 facts will lie an untidy duration of total crypto degeneracy?
IMO, you don’t require to hypothesize on this to believe it’s humorous.
Expect Murad to end up being more appropriate as this thesis plays out.
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