Bill Maher Slammed for Bad Take on Bitcoin's Environmental Impact | Britcoiners by CoinCorner #143

Transcript

Welcome back, guys! Britcoiners, Episode 143. The agenda this week includes Bill Maher, Meta, CA Harris, Accountable.us, Visa, Mastercard, Brian Armstrong, BlackRock, Ocean Mining, FTX, Michael Dell, and some Dear Daves. It's a jam-packed pod this week! Sounds like we've got 44 minutes and 30 seconds to get through it all, so let's dive in.

Alright, price check-Bitcoin's at $60,576.587. So, let's keep that going, tracking the changes every second. We're down from last week, aren't we? Last week's high was $66k. I think the recent Middle East turmoil might be causing the dip. But what I've found is, you see people panicking all the time or, sometimes, others trying to comfort them when the price shifts. If you zoom out to the monthly chart, we're still quite up. Click to the yearly view, and it's barely a blip. And if you go all-time... well, we know that Bitcoin, historically, has been a four-year hold to not lose money.

In the long term, Bitcoin is treated as a solid investment, yet people still get emotional about short-term movements. That's human behaviour, though. It's natural to react to massive news, like the Middle East situation. When Bitcoin drops, it triggers long liquidations, which amplifies the dip. Bloomberg, of course, immediately published an article about how Bitcoin isn't a safe haven because it dropped after the initial attacks on Lebanon. But they didn't read the BlackRock report, which says Bitcoin has a stronger bounce-back rate than other safe havens and holds up better long-term. Sure, it's liquid, but in the short term, it's bound to fluctuate.

How did that make you feel about your Bloomberg subscription? I rolled my eyes and moved on, really, because we're paying to receive that kind of news. Bloomberg is the same as any major publication-reactionary content, skewed for engagement. They'll publish charts with dramatic predictions, like the "reverse bar"-famous because of the name alone. Then there's the "three blind mice chasing the cheese" chart analysis, which is what we're apparently seeing right now. Some posted it from... 20, what was it? Satire? I'm not sure, but it's one of those things you read and just go, "What?"

Honestly, looking at a chart long enough, you see patterns. Seen A Beautiful Mind? It's like that-seeing patterns everywhere, almost to the point of madness. Or like Charlie from It's Always Sunny in Philadelphia, with his conspiracy board, thinking no one actually works here. Anyway, I don't put too much weight on chart analyses. The short-term movements are volatile, but in the grander scheme, there's no difference now compared to any other cycle. The ones stressing now are likely the newcomers. Long-term holders don't feel as impacted because they understand Bitcoin's cycles.

This is like the class of 2020-2021, those who came in around the last bull run and aren't used to these fluctuations. Some might need to sell Bitcoin to cover expenses, and with a war on, they know it'll drop as it always does with major events. It can be an opportunity to trade. Traders short it, which forces the price down, and the cycle continues.

Should we move on to the agenda?