2 min read

๐Ÿชฆ Is Bitcoin Dead?

Bitcoin price has been down bad recently and there has been a bunch of FUD being spread on Twitter and by financial "news" outlets

Leading the charge is Bitcoin hater, DeFi enthusiast?, and life of the party - Chase CEO Jamie Dimon

Jamie Dimon before the Senate Committee on Banking

Dimon's testimony reminds me of the Upton Sinclair quote:

It is difficult to get a man to understand something when his salary depends upon his not understanding it.

Unfortunately, Mr. Dimon is correct.

Bitcoin is dead.

And here's the google search trends to prove it

Bitcoin is dead searches revisiting their 2018 all time highs in 2022

In fact, as of the time of this writing, Bitcoin has died over 400 (!!) times

Bitcoin Obituaries - โ€œBitcoin is Deadโ€ Declared 400+ Times
Until today โ€œBitcoin is deadโ€ was declared more than 400 times. This is the official source for all Bitcoin obituaries since 2010.

So no, Bitcoin is not dead - BUT the price is very low and people are mad

On paper, I've lost more than half of my net worth since the top in November 2021 so I can sympathize with how people feel

I was lucky not to lose any funds in the CeFi collapses earlier this year or due to leverage (don't play with leverage) - and I think this summer has taught people why holding your own coins is the way to go

That being said, when the Market Value of bitcoin has been this low relative to the Realized Value of bitcoin it has, historically, been a great buying opportunity


When this MV (Market Value) / RV (Realized Value) ratio is less than 1 it means most coins on the network are underwater (last traded for more value than they're currently worth)

If you want to learn more about MVRV and how an MVRV dollar cost averaging strategy has performed in the past (52% better than an S&P500 DCA - not financial advice, past performance != future gains, etc), check out this video to learn more

Feel free to write me back with questions or comments at rhett@rhett.blog I do my best to answer as many messages as I can.

Have a great weekend!