Discover more from Rounding the Earth Newsletter
Laser Eyes and The Next Leg of the Bull Run
The Bitcoin Wars Part I
"We may become irrational in thinking about [money] and fail to be able to reason about it like about a technology." -John Nash, recipient of the 1994 Nobel Prize in Economic Sciences
This article includes a price prediction---something I usually refrain from guessing.
First, let's take care of the stupid: I am not a financial advisor. Nor am I giving advice. Nor would I encourage you to ever take advice about Bitcoin from somebody with a title like "financial advisor" because much of the point of Bitcoin is that we're leaving the legacy system behind and entering an age of personal financial responsibility. Some people say, "Do your own research." I can get behind that.
If you are unfamiliar with Bitcoin, now may be the time to begin what I can attest to being a long journey of discovery. If it doesn't make sense to you, do the reading neutrally, with the goal of learning, then see if it still doesn't.
Recently, after falling from an all-time high of around $64k to briefly under $30k, while still higher in price than at any time prior to 2021, Bitcoin was pronounced dead for at least the 416th time in its twelve-year history. Maybe Bitcoin is dead, but I doubt it. This Friday, the world's largest Bitcoin conference begins in Miami. Friends of mine are already there, enjoying festivities. Were it not for my belief that lives can be saved by proper arrangement of medical data, I'd be there myself.
So, where are we, exactly, in the grand story of Bitcoin?
I was awake all night during the 2020 election in November. I watched the Bitcoin market swing when expectation turned from Trump to Biden. Bitcoin then immediately marched steadily from around $11k to over $40k in price. Shortly thereafter, the laser eyes began. From MSN,
The origin of the meme is unclear, but it seems like it's part of a campaign to raise bitcoin's worth to a $100,000 valuation, according to a comment in the bitcoin subreddit. Tweets with both #Bitcoin and #LaserRayUntil100k also seem to support this reasoning.
As with most topics worth reporting about, MSN is wrong, or at least incomplete. Unlike dogecoin, Bitcoin doesn't need a campaign to propel its price. At least, not specifically. The laser eyes are just Bitcoiners having fun while the attention builds. But when will Bitcoin reach a price of $100k? Surely all these people don't plan to walk around shooting lasers out of their eyes forever, right? That makes everything from driving in traffic to having sex more difficult, and that's only funny for a day or two.
Faster than you might think, whether or not you're a fan of Bitcoin.
I generally do not go on record with price predictions. In general, such predictions made publicly do a reputation little good. People always remember the one you got wrong, regardless of the hit-miss ratio. But I'm going on record now: shortly after the end of the Miami conference, Bitcoin will skyrocket in price to around $100k.
I suspect this could take no longer than a month. A few months ago, from further out, I said on Facebook that Bitcoin would hit $100k on July 17, but that was me joking that it could happen on my birthday. That might happen, but I suspect Bitcoin will hit $100k this month. That would require around a 170% price increase in four weeks.
I could be wrong. It might take longer. But I am ready to take off these laser eyes. They're starting to itch a little.