As much as I like to see asset prices fall, nothing really gives me more pleasure than crypto doing so. The “blue chip“, such as it is, Bitcoin, has lost “only” half its value (well, more, really, but that is incredibly good performance compared to its compatriots).
The psychologically important $60,000 support level is deliciously close.
My short position in IBIT is doing dandy.
My long position in BITI is likewise thriving and looks like an amazingly bullish setup.
In turn, Michael Saylor’s so-called Strategy Corporation is absolutely puking, having lost 82% (yes, you read that right) of its value since December 2024 and matching its price level from – – I kid you not – – the prior millennium.
Yet the media world continues to slip on its kneepads and suck this guy off whenever he wants airtime, even though he appears to be totally delusional.
I also gleefully note that the instrument he uses to extract cash from the public to buy Bitcoin – symbol STRC – is absolutely vomiting all over the bathroom tile.
Once this entire Ponzi scheme collapses in a heap of flames, maybe I’ll write a book about it. In the meanwhile, enjoy the show, and relish the parade of delusional acolytes.
