Doomberg just called the bottom, and he is pretty good.
If you have Bitcoin, hodl.
But now is not necessarily the time to increase your Bitcoin holding. I am not yet calling the bottom. We are near the bottom, and I have been saying that for quite a while.
Doomberg’s reasoning is that in a world where the banks are untrustworthy and untrusted, it is hard to buy or sell oil with fiat, and because it is hard to move physical gold, and paper gold is even less trustworthy than fiat in the bank, the petroBitcoin is the alternative.
Yes, he is obviously right. In the long run. But markets can remain irrational longer than you can remain solvent.
We are near the bottom, possibly we have just bottomed. I am not saying we have not bottomed, I just don’t feel like calling it yet. Maybe I will wind up calling it late this time.
By and large, Bitcoin does not resume moving up until the last of the lettuce hands have capitulated and sold. I just am not seeing enough fear, doom, and despair to invest more in Bitcoin at this time. Buy when there is blood on the streets. I was kind of hoping for more blood on the streets. It really has not fallen quite as much as would lead to assume the best possible buying opportunity.
Doomberg’s reasoning is that dollar inflation is going to bite, stagflation, inability to make transactions over time, therefore Bitcoin. Yes, of course. We see all this happening in front of our eyes. But that is the long term. Short term, markets are irrational. I will call the bottom when I see more fear and pain. Or when time proves Doomberg right and me wrong.