It's been a rough crypto winter. Honestly probably one of the hardest-hitting cycles that I have ever been a part of. This is officially my 4th cycle in this industry. I've seen many coins come and go. I've seen many people come and go.
This ever-evolving industry has a tendency to wipe the slate clean before taking new highs in the next cycle. We've seen that happen. The garbage has been washed out.
You saw SBF get convicted and locked up? That's a bullish sign for this industry. It's a massive signal that the trash is being taken out and we're on a clean slate for the next ride up.
The technology in this space evolves with each cycle. In the bull times, we don't see a huge focus on tech. It's all about price action, lambos and people talking about what bullshit coin they're buying to "pump their bags".
The industry is funny that way but the cycles are super important for the long-term. We need cycles to wash people in and wash people out.
People come in when the money is hot. Some people then stick around when the money is cold. Others leave. That's healthy for any ecosystem.
We've seen a massive ride down on Bitcoin. This has been pretty intense. We saw the inital ride down to $35k and then the FTX implosion took us down to $15k... $15k!
The FTX implosion over-dramaticized the bear market in my opinion. I think if FTX never existed, we wouldn't have seen such dramatic lows for Bitcoin and for altcoins. We saw a bad actor who was praised for years come out as a massive fraud in an industry that is accused for fraud and bullshit on a daily basis.
This did not help our case in the short-term.
In the long-term, however, I think SBF was a natural process. We needed someone big to come into the spotlight and be convicted of fraud. He was the catalyst for a nascent industry to mature.
We need people like SBF to pave the way for proper rules and guidelines. Most people in crypto don't like rules and guidelines but they are important. They just need to be properly implemented to not stifle innovation, but let it grow in a sustainable way.
This box on my chart is a random one that I drew. If you know me then you know I don't really buy into Technical Analysis. There's no analysis here. I picked a target accumulation zone and this is where I have been buying Bitcoin. Between $15k and $35k. In my opinion, that whole zone is oversold on Bitcoin largely due to the FTX collapse.
I think $25k-$30k would have been a really, really strong support for Bitcoin if FTX didn't happen. But since it did, we saw that break in a day and get overplayed. FTX didn't just implode, it took down half the incumbents with it.
Again, the people who were overleveraged and not building for the long-term got wiped out. They weren't good for the space long-term. Better to wash them out in one fell swoop.
Talk about straight up and to the right. I started accumulating shit tons of RUNE at $1.6 just 2 weeks ago.
Since then, the RUNE price has tripled and is now sitting at $5. Absolutely insane price action here.
Thorchain is one of my long-term conviction plays in crypto. One of my biggest altcoin bags. I literally believe Thorchain will change the world. I know it sounds like hype bs, but it isn't. The technology they've built is unparalleled for decentralized exchanging of assets.
My long-term ambition is to get both LEO and HIVE listed on Thorchain. It was nothing compared to other exchanges 2 months ago. Now, Thorchain climbed to the #2 DEX position in terms of trading volume. It was #8 just 3 weeks ago. Let that sink in.
I'm writing a lengthy thesis on RUNE and my belief in its future value. I predict it will reach a $25B market cap during this cycle which would price RUNE at ~$70. I was calling for that at $1.5 which obviously seemed a little crazy. Now we're just 1 10x away from my prediction being reality. Crazy stuff.
Now I am pretty vocal about my investments, I always have been. I enjoy writing and engaging with people. I write Tweets, Threads on LEO and Blog Posts. It's important to vocalize your beliefs as I think it helps you refine your thoughts on various topics.
I love to write and refine my thoughts, I think it's the #1 thing that has helped me get to where I am. I know that some people can get tribal when you talk about different coins other than the ones that they own. When you talk your book, you make enemies.
I will keep talking my book no matter what. It's who I am.
Hive is a big piece of that book. It is a huge part of my future both from a tech and from a financial perspective. I own a lot of Hive in various wallets (that for various reasons shall not be doxxed). HIVE is a top 5 position in my portfolio - that's between both tradfi and crypto. It's a huge part of my asset makeup.
There are many reasons to this but I am very bullish on Hive in the long-run. I think the tech here - much like Thorchain - is unrivaled. I have yet to see any blockchain do what Hive is good at better than Hive. Fast and free transactions at scale with a decentralized witness pool and DAO. It's a true accomplishment.
I also have a huge investment in Hive proxy to INLEO. I have invested 4 years (coming up on 5 years next July) and millions of dollars into INLEO and the surrounding ecosystem that we've built.
It's been an incredible ride building this platform and its home is on Hive. That means that Hive's success as a cryptocurrency, blockchain and technology stack is inextricably linked to the success of LEO in the long-run.
I have a lot of belief in Hive for these reasons and I will also keep fighting to bring value to the Hive blockchain in any way, shape or form that I can. One of these is by building liquidity pools on other blockchains to bring more volume to Hive. I think this is one of the core tenets in a healthy ecosystem: financial accessibility. We want people to be able to seamlessly trade and access Hive liquidity.
This all being said, I am bullish on Bitcoin, RUNE and HIVE. I'm also bullish on the rest of my portfolio and LEO is obviously the biggest piece to that. We are on the verge of a massive bull market and we've been positioning INLEO to be one of the greatest beneficiaries of that.
The Ad revenue contract is now in place. LeoPremium is live and buying tens of thousands of LEO off the market each month. @leo.voter is now buying thousands of LEO on a daily basis.
The supply keeps getting absorbed. I think we all know what happens as that liquid supply gets bought up by these contracts. This positioning is vital. The soaking up of this supply pre-bull-run will lead to some nice domino effects.
This bear market has been one of the harshest I've ever seen. I've seen a lot of frens in the space struggle. A lot of crypto startup founders I know weren't able to make it. They stepped down and moved out of the industry.
This sucks to see. Some of them were extremely talented at what they did. Being a founder is one thing, operating what is essentially a publicly-traded company (because of tokenization) is a whole other beast. The emotional whims and ups and downs really hurt you. Normally, a startup would be out of the daily moves of the market. You raise a round every couple months or couple years and that's the only time you have to worry about company valuation.
Crypto changes that and forces us to watch 24/7/365. It's a big mental burden to someone who just wants to build their dream project.
Stay safe, stay hungry and stay bullish frens 🦁
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