Bitcoin
The Final Cycle And The End Of Days For Bitcoin (BTC)
Justin Bons Reacts To BTC’s Weaknesses
The 4th Bitcoin halving will not entirely disappoint the Bitcoin (BTC) investors, as there is a strong chance that Bitcoin’s price cycles will repeat one final time.
In case BTC reaches a new ATH, that will be the final one, and anyone buying at these levels should know there is a high chance the cycles will not repeat.
The current system that drives BTC into new ATH territory is consistent with all the massive pumps and dumps in history that forced prices of assets and stocks into astronomical valuations only to dump by 80% within just a few months after. For BTC, it will be the fourth time a boom and bust cycle repeats due to the designed halvings of new supply.
At $100K (which some traders consider the ultimate target), Bitcoin (BTC) whales, holders, and maximalists will find the desired exit liquidity.
The departure of BTC whales will be massive as they already know the future of BTC is bleak.
Fund manager and crypto enthusiast Justin Bons has been vocal on Twitter regarding everything wrong with the BTC narrative.
Let’s find out more.
What Doesn’t Scale Is Doomed To Fail
The more we dive into the Bitcoin rabbit hole, the more we realize the project was hijacked. Although, the topic we will discuss is past events but the future of the most mainstream cryptocurrency brand name, Bitcoin (the orange one).
Founder and Chief Investment Officer at Cyber Capital, Justin Bons, has been exposing the deception behind the BTC narratives as well as the weaknesses of the BTC governance system for a long time.
For how long can deceptive narratives of BTC maximalists remain unchallenged?
Some people have to raise a voice and explain where the current BTC community is at fault and how everyone keeps lying to sustain one final pump before their exit.
I also fell in love with Bitcoin in 2017 when I read the whitepaper.
The money aspect made sense, but the BTC community followed an entirely illogical narrative. Nothing alone can be called a store of value without other features. A chip in a casino is a store of value? Cause, apparently, BTC today does not present any other use case than trading and price speculation.
BTC turned out to be a pointless instrument of price speculation.
It is not money for the people, it doesn’t bank the unbanked, and most certainly it has nothing to do with payments and commerce.
By the end of 2017, the high fees and the stuck transactions in the mempool described the exact situation of BTC.
The same incidents were repeated in 2021 and 2023 (with Ordinals), but apparently, this was not an issue for Core, Blockstream and Bitcoiners, but the way they wanted Bitcoin to behave.
With $50 fees, which will soon become permanent after the fourth halving, BTC will become once again the laughingstock of finance, but blockchains that work will be recognized and adopted.
The Lightning Network Deception
Core (the BTC devs that prevailed the Blocksize debate) abandoned layer 1 scaling with the promise that Lightning would solve all of these issues.
Although, it didn’t.
And people warned that LN wasn’t going to solve anything unless the blocksize was increased significantly.
Lightning never had a chance to achieve anything without custodians and financial hubs that replace censorship resistance with a trusted system of payments.
Bitcoiners Supporting Authoritarian Regimes
Bitcoin will once again be mainstream for all the wrong reasons.
Justin Bons didn’t stop on the scaling issues or the Lightning farse, but took a step further, condemning Bitcoiners for supporting Nayib Bukele, the president of the Central American nation El Salvador.
Bukele acted with authoritarianism by removing top Salvadorian judges who opposed him and stormed the Legislative Assembly with soldiers backing him to threaten and eradicate political opposition.
Yet, BTC maximalists have no ethical dilemmas as long as it helps Bitcoin’s price increase.
In Conclusion
The 4th halving will be the last one that will generate extreme speculation and hype. After that, the market will reorganize to support innovation and projects that work and deliver utility.
The almost-obsolete version of Bitcoin, BTC, will have one final moment of mainstream popularity and hype, but right after, the price narrative will shatter into a thousands pieces.
Consider studying the whitepaper and question whether this marvelous piece of financial engineering has anything to do with the toxic culture that stems from Blockstream’s headquarters and other influential BTC thought leaders.
Thankfully, we have alternatives to BTC and CBDCs will not march unchallenged.
If you thought Bitcoin is meant for payments, as an every day cash system, then clearly BTC is not what you are looking for.
Satoshi and the early community always intended to create a system of peer-to-peer money for everyone.
It is important to stay vigilant and focus on interpreting all conflicting messages to get to the truth.
We have to realize that sometimes financial forces will initiate massive psy ops for profit. The BTC version of Bitcoin is one.
Also Read:
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