Bull Market Mindset
Dear Bankless Nation,
Just after midnight my time on Saturday ETH cracked $353. The highest ETH’s been in two years. After a 95% drop…
Let me say this as clearly as possible—we’ve now entered the next crypto bull run.
At the start of the virus in March we said 4 things would happen:
1. Things will get uglier. ✅ (they did)
2. Central banks will print money. ✅ (they are)
3. People will want dollars. ✅ (they have)
That’s pretty much what’s happened. And we’re now in phase 4.
4. Crypto will rise. (👈 we are here)
I wrote this then:
Once [deleveraging] wanes people will pause to look at their infinite-issuance dollars and their 0% interest savings accounts and wonder if these are the best places to store value through the rest of the 2020s.
They’ll see what we’ve seen.
A money system that’s bankless. Not centralized, but permissionless, available to any citizen of the internet.
They’ll see monetary assets like Bitcoin and Ether that aren’t subject to the whims of central bankers and an open financial system that’s replacing banks with code.
They’ll see crypto monies with issuance at 1%.
They’ll see opportunities to earn double-digit interest on stablecoins.
They’ll see 1,000 reasons to log into a crypto bank or use an Ethereum address.
Folks. It’s starting.
People are seeing:
- Gold hitting all-time-highs. Last week a Goldman report said gold will go higher due to “a record level of debt accumulation by the US government, real concerns around the longevity of the US dollar as a reserve currency have started to emerge”
- Doubts in the dollar. The worst month for the dollar in 10 years. U.S. GDP down 33%, another trillion to the money printer and no end in sight—even reserve currencies have a lifespan. In June alone the US printed more money than in the entire first two centuries of its republic.
- World waking up to crypto. Mainstream is just beginning to realize crypto didn’t die over the last two years. Next, they’re going to realize we’ve built an entire parallel financial system while they thought it was dead. Then, they’ll realize how much this internet-native DeFi money system is going to change the world.
They fiat sputtering.
They see digital money as the obvious future.
And now here’s this internet of money thing backed by non-fiat value stores.
And it actually works.
🚀
That’s the setup.
And here’s the thing.
We’re not even a tenth of the way through this bull cycle. We just started. The people reading bankless are still those loyal pioneers who stuck it out through the bear market. We haven’t yet seen the flood of new immigrants.
But they’re coming.
The bankless nation is about to expand another 10x.
What I’m saying is…it’s 2016…and we still have 2017 ahead of us.
So here’s my message today: get in the bull market mindset.
Cause it’s here.
- RSA
P.S. David and I will be talking about the bull market mindset tomorrow on State of the Nation on Bankless YouTube. Subscribe to catch that—plus a special announcement.