Bitcoin sentiment

On November 18, 2021, I wrote this note implying a peak in crypto currency mania with the news that a company called Crypto.Com paying $700 million for 20 years naming rights of a Los Angeles sporting arena.

This news was indeed such a harbinger that the peak was already in process, as the chart below shows….for only a week prior Bitcoin did peak at $69,000.

When you can’t analyse an asset by another means, anecdotes count for something.

p.s. I don’t know how a 71% decline is considered a ‘store of value’.

p.p.s. for the speculators, the dearth of interest in Bitcoin is suggesting it is nearing a new trough.

September 15, 2022

by Rob Zdravevski

rob@karriasset.com.au