G’day!

In the April monthly issue, I said we potentially ended the mildest bear market (statistically) in crypto’s history. 

You might not believe that. You might feel a sense of disbelief. Yet, this is a fact.

From November 2021 to 2022, bitcoin’s price fell less than it did in any other bear market and only slightly more than the drop from June 2019 to March 2020, if you go from the extreme highs and lows.

Some say that’s exactly why bitcoin’s price will drop to $14,000 or $10,000. We have to fall further, to match the previous major market bottoms.

While I wouldn’t rule out a drop to $14,000, simply because it’s such a natural technical level, you might not want to wait for that. It may never happen!

Facts are strange things. Bitcoin’s performance beats every other major asset since the COVID money-printing crisis (despite being down 60% from its peak). It has outperformed the major US stock markets since June 2022 and has a higher price now than it did in any year before 2021.

Not bad for a dead asset.

Make sure you caught my most recent update from April 18, 2023.

Stay tuned for my next update. I’ll get back into altcoins and share some important behaviors and a shift in accumulation patterns you need to know about.

Scroll down for articles, job listings, and other content you may enjoy.

US Anti-Crypto Regulator Gary Gensler Testifies to US Congress

Crypto was a topic of discussion at this week’s Congressional hearing, Oversight of the Securities and Exchange Commission. Watch the hearing if you dare.

I did not watch the hearing. Congressional hearings are pure theater. When I worked on Capitol Hill, we called them “Kabuki.” You won’t learn much, everybody says what you expect them to say, and then when it’s over we all move on with our business.

For my deeper thoughts on SEC Chairman Gensler’s appearance and the hearing in general, watch this video.

Do you want to hear the craziest thing?

In a recent lawsuit, Gensler’s agency labeled Algorand (ALGO) an unregistered security. In 2019, Gensler hyped up ALGO at an MIT conference. Tap this button to hear him for yourself.

Did the Chairman of the SEC shill an unregistered security in 2019???

If you have time, watch the rest of Gensler’s speech to MIT. If you didn’t know better, you’d think this guy was reflective, thoughtful, and pro-crypto. So you can understand why, when he was appointed, so many people thought he’d support crypto growth and development in the US.

I guess things change. One day, I hope somebody asks him why his opinion on crypto went so drastically negative.

Web3 Is Looking More Bullish Than Ever

Did you catch A16z’s report, State of Crypto 2023?

Web3 Academy shrunk the 60-page report into a six-minute read.

Did they do it better than ChatGPT? Tap this button to read their summary and see for yourself.

TL;DR of the TL;DR—developer activity remains high while usage and user base continue to grow. Some of the metrics conceal major challenges in utility and adoption, but that’s ok because we’re betting crypto will overcome those challenges.

Something for the conspiracy theorists

I strongly encourage you to read Protos and follow other anti-crypto content providers. Half of the time they’re either wrong or missing important context/details, but it keeps you from getting too moonish.

Also, the 50% of times they’re right or have compelling evidence, you can carry a little bit of cynicism with you as the market goes up and the FOMO/LAMBO crowd shout “adoption/cycles/institutions” or whatever.

Scroll through this thread for some interesting observations.

On that note, if you’re not following @otteroo and @zachxbt, you might want to start. Don’t believe them just because they post something but do take what post seriously. They ain’t no slouches.

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Relax and enjoy the ride!