Erik Weijers, a month ago

Gloating anti Bitcoin boomers marked the bottom

In retrospect, listening to certain talk show hosts doing victory laps in the fall of 2022 ('Bitcoin is dead!') would have been a nice buying signal. In America, financial advisor Dave Ramsey and talk show host Bill Maher are notoriously anti crypto. Let's have a look at when they published their mockery. 

First of all, we don't want to bash baby boomers. After all, there is nothing that prevents people of any age to understand crypto. Many of the older generations do. But still, it is remarkable that the 'boomer generation' (born 1946 - 1964) on average seem to have a slightly harder time understanding the value of crypto. Charlie Munger (too old to be a boomer, by the way) wants to ban crypto, Elizabeth Warren wants to ban crypto. They all want to ban crypto, because they think it's 'air' or a 'ponzi'.  

What most of these critics have in common, is that they grew up in the United States in a period of monetary stability. The idea that anything else than the US dollar could be money, just seems to rub them the wrong way. 

Dave Ramsey: 'Bitcoin bro's dropping like flies'

On November 28 2022, very close to the bottom - BTC traded around $16.500, financial advisor Dave Ramsey (2 million followers on YouTube) said: 

"They're dropping like flies...the bitcoin bros are just dying on the vine...fake money didn't work." 

It would be funny if it weren't so disappointing. After all, Dave Ramsey (born in 1960) has helped thousands of people live a life free of crippling (credit card) debt, a huge issue in the United States. Bitcoin would fit his narrative if he'd expand his mind. Why? Because BTC is anti-debt. It is a so-called bearer instrument, just like gold. 

Ramsey has bashed Bitcoin since 2014, when BTC traded around 500 dollars. In doing so, Ramsey has done his viewers a disservice. Just as a hedge against himself being wrong, he could have said: maybe invest 1% of your portfolio. That 1% alone, when held, would have doubled his viewers' portfolio. 

Conclusion: Ramsey being critical is good for bottom signals

Bill Maher: 'energy usage pisses me off' 

We have to give talk show host Bill Maher (born in 1956, mocked phone cameras in 2003) some credit: he doesn't wait for a crypto bear market to express his distaste and mockery. In the raging bull market of 2021 he had an item criticizing Bitcoin's energy usage. Last week, again without the tailwind of bad price action, he interviewed actor Ben McKenzie about the silliness of NFTs and the supposed energy problem of Bitcoin mining. 

Conclusion: don't use Bill Maher's rants as bottom signals. He always rants.

The European Central Bank: Bitcoin on its way to irrelevance  

The European Central Bank, the chief financial institution of the EU (born in 1951) posted on November 30 2022 (right around the bottom): 

'Bitcoin on its way to irrelevance'.

The piece had preposterous claims such as: "Bitcoin has never been used to any significant extent for legal real-world transactions." 

Conclusion: ECB gives good buy signals

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May 19, 2023

Ripple is still fighting the SEC in court over the question of whether XRP is a security or not. While it is expected that the lawsuit will come to an end this year, the company is making big moves on the international market. Recently the company acquired Metaco, one of the big players in institutional custody solutions for digital assets. The deal fits perfectly into the bigger picture. Ripple has always focused on providing solutions for international payments and remittances. Solutions that are meant for institutional customers and not retail clients.

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