Why This Bear Market Is Particularly Bullish – Bitcoin Journal

This can be a transcribed excerpt of the “Bitcoin Journal Podcast,” hosted by P and Q. On this episode, they’re joined by Sam Callahan to speak in regards to the three most important causes he’s bullish on bitcoin, even throughout the depths of the bear market.

Watch This Episode On YouTube Or Rumble

Hear To The Episode Right here:

Sam Callahan: Hash price going all time excessive is certainly optimistic. I feel actually that’s a operate of those miners all through 2021 who had entry to capital they usually have been capable of principally have a bunch of capital expenditures and determine that they’re gonna develop their services. And so what we’re seeing now’s these plans begin to truly manifest they usually’re truly plugging within the miners that that they had deliberate 9-12 months in the past.

There have been additionally provide chain points. In order that hash price improve, I feel it’s extra of simply these giant miners lastly getting their stuff on-line, quite than extra miners turning again on or so to talk. In order that’s a great factor for the Bitcoin community. I feel you’re seeing the full provide held by long run HODLers hit an all time excessive, which is one other optimistic growth.

I feel it simply reveals that there’s a convicted base of HODLers that aren’t transferring their cash and it’s in all probability everybody on this name proper now that’s a part of that. The opposite factor is that there’s nonetheless institutional curiosity all through this bear market. In comparison with 2018, there actually wasn’t these developments within the backside of the bear market, it was actually quiet and it was kinda unhappy. Now you might have information, like Constancy popping out and contemplating providing bitcoin to thousands and thousands of particular person brokerage accounts. You bought Franklin Templeton additionally — virtually like a trillion greenback supervisor — nonetheless in the midst of the bear market with bitcoin down 70%, they’re nonetheless constructing out infrastructure for the subsequent bull run.

See also  Necessary To Educate Folks About Bitcoin – Bitcoin Journal

In order that’s bullish to me. It simply reveals that even regardless of the worth motion, there’s nonetheless pleasure and curiosity on the institutional degree and infrastructure is being constructed out. That’s the type of factor that I prefer to see.

These three issues are in all probability what I’d say: hash price all-time excessive, that’s good; miners type of cease promoting or a minimum of for now; you bought long-term HODLers holding on and then you definitely received institutional pursuits. So these three issues, these are bullish developments. I’m enthusiastic about that.