Guess who’s back?
It’s Fundstrat’s Thomas Lee!
You might recall that last week, the Bitcoin “guru” suggested that everyone’s favorite cryptocurrency (down a not-at-all-cool 60% from the absurd December peak) was set to rally this week because, well, because people were getting together to talk about cryptocurrencies.
And aside from putting a gaggle of nerds sporting “‘Buy The Dip’ t-shirts” on an actual cruise ship for a jaunt through the Malacca Strait on the way to a private beach party set to “Bitcoin-themed rap music” and featuring John McAfee, what better way to rekindle the HODL spirit than to convene a conference in New York complete with ostensibly serious speakers (in order to lend some legitimacy to something that is inherently illegitimate), rented Lambos, and a Ripple-sponsored party headlined by Snoop?
Well blame it on how disenchanted people tend to get when an asset they bought on a credit card plunges by half in the space of 90 days or, if you’re Thomas Lee, blame it on people being insane, but Bitcoin did not in fact benefit from the expected “Consensus rally.” Instead, this made-up piece of shit fell by some 6% on the week, as pieces of shit are wont to do:
So what happened? Well, as alluded to above, Thomas Lee thinks that folks didn’t fully appreciate the extent to which Consensus served as a helpful “sanity check” on crypto detractors. To wit, from a Friday note:
Given conferences like Consensus are chances for the community to gather in a centralized place and meet constituents new to the community (growth in attendance), it seems natural that the combination of ‘sanity check’ (all is OK and progress is happening) plus ‘new interest’ (incremental attendance) should strengthen the crypto-community’s conviction. And coupled with growth in incremental constituents, should have aided crypto-currency prices.
Got that? This is your fault for not doing what’s “natural”, which is obviously to pile into a make-believe asset that isn’t backed by anything, has no underlying rate of return, is not regulated and isn’t, in any real sense, a real thing, simply because people got together and talked about it.
Alas, no one’s “conviction” was thusly “strengthened”, perhaps underscoring the fact (because that’s what it is, a fact), that Bitcoin and all of its progeny will only find real support once they converge on their intrinsic value of zero.