The Memecoin Supercycle Thesis Is Bitcoin Aligned

Credit : bitcoinmagazine.com

Murad Mahmudov is stirring up our X-timelines once more, however you could have seen that the “former” Bitcoin maximalist is not posting a lot about Bitcoin nowadays.

For the uninitiated, Murad is one Bitcoin maximalistalbeit one who has stoked the tradition’s ire over taboo concepts: see his 2021-2022 embrace of packaged Bitcoin belongings on different blockchains, and most just lately his incessant writing a few “memecoin supercycle.”

It is a far cry from his posts round 2018, after they had been featured on “The Pomp Podcast,” saying things like “Bitcoin is probably the most strong foreign money ever invented in historical past.”

So, how did he go from that confession to advocating a portfolio of PEPE and GIGA, his newest mantra that it is best to “put money into cults?”

Effectively, it begins with the above message, one of many few that makes me suppose Murad is on to one thing.

To be clear, what we’re speaking about here’s a full disregard for the concept that perception in Bitcoin as a way of cost requires one to have some type of ethical obligation. Whereas this has change into trendy recently, advocated by the likes of Michael Saylor and Jimmy Tune, I’ve by no means seen a convincing argument that Bitcoin maximalism requires abandoning monetary hypothesis.

It’s merely an ethical alternative, impartial of expertise, that everybody is free to make. Sure, it is dangerous to rip-off individuals. No, nobody can cease you however your self.

In view of this, Murad appears to point that he desires to reap the benefits of the following cycle general collapse in belief that continues in altcoin land, and that solely goes towards the grain.

Leaving apart the ethical concern, there may be a lot to love about Murad’s thesis. I might go as far as to say that the majority Bitcoin maximalists would agree with most of it.

Primarily, he is betting on two simultaneous developments that actually get to the center of the motion:

1. Bitcoin is actually on its option to turning into the dominant asset on this planet. It’s at the moment utterly mispriced and can at some point be the one remaining crypto asset and the world’s cash.
2. The crypto VC equipment is slowly collapsing. Regardless of their years of claimed technological progress, there may be little to see in the best way of engineering. All altcoins will fail to compete with Bitcoin, and we’re beginning to see this as a result of retail traders are simply shopping for random memecoins.

All that is to say: is it actually that onerous to consider that between these two truths will lie a messy interval of full crypto degeneration?

IMO, you do not have to invest about this to suppose it is hilarious.

Count on Murad to change into extra related as this thesis develops.