Murat Mahmudov is back teasing our X timelines, but these days you may have noticed that the “former” Bitcoin cap holder doesn’t post much about Bitcoin.
For starters, Murad is… Bitcoin maximumthough he has drawn the ire of the culture for taboo ideas: see his embrace of crypto-assets in 2021-2022 on other blockchains and, more recently, his incessant writings on the “memecoin supercycle.”
It’s a far cry from his posts from around 2018, where he can be seen on “The Pomp Pomp Podcast” saying Things like “Bitcoin is the most powerful currency ever invented.”
So how did he go from this admission to advocating for a portfolio of PEPE and GIGA, his latest slogan that you should “invest in cults?”
From now on, Memecoin bubbles will increasingly dominate cryptocurrency markets until the eventual Bitcoin standard emerges.
It’s really that simple.
– Murad 💹🧲 (@MustStopMurad) July 9, 2024
Well, it starts with the above article, one of the few that made me think that Murad was on to something.
To be clear, what we’re talking about here is completely ignoring the idea that believing in Bitcoin as a currency requires one to have some sort of moral duty. Although this has become popular recently, championed by the likes of Michael Saylor and Jimmy Song, I have never seen a convincing argument that maximizing Bitcoin requires you to give up financial speculation.
It is simply an ethical choice, outside the scope of technology, and one that everyone is free to make for themselves. Yes, it is bad to deceive people. No, no one can stop you except you.
To this end, Murad seems to indicate that he intends to take advantage of this upcoming session General collapse In the continuing confidence in the land of altcoins, it is only going against the grain.
Ethical issue aside, there is much to like about Murad’s thesis. I would go so far as to say that most Bitcoin extremists agree with most of it.
He is essentially betting on two simultaneous trends that really influence the heart of the movement:
- Bitcoin is already on its way to becoming the world’s dominant asset. It is completely mispriced at present, and will one day become the only remaining crypto asset and money in the world.
- The crypto VC device is slowly collapsing. Despite years of claimed technological advancement, there is not much to offer in terms of engineering. All altcoins You will fail To compete with Bitcoin, and we’re starting to see that because retail investors are just buying random meme coins.
All of this is to say, is it really that hard to believe that between these two facts there will be a chaotic period of complete crypto decline?
IMO, you don’t need to speculate on this to think it’s funny.
Expect Murad to become more important as this thesis emerges.