Backstage Pass: Love in the time of popecoin
Price collapse // The last on Jemima // Futurity police // The pontiff's picks // Aave COI // Big, very big, partnerships
Eleven years ago this week, bitcoin was $223.
The 11th largest coin was peercoin.
The 111th was jl777hodl
Six, seven
In this house, we go by CoinGecko, where the bitcoin all-time high in 2021 was a bit over $67,000. So $67,000 is our number.
That’s also the price of bitcoin as I write this, which does not feel good.
When bitcoin broke $100,000 for the first time in December 2024, I wrote that we’ll know this cycle to be different if it doesn’t behave like last time. I made two points that are now relevant for review so that 👏 I 👏 may 👏 do 👏 better 👏.
“Historically, bitcoin has fallen dramatically from its previous three cycle highs, typically to somewhere right around the prior cycle’s height of exuberance.”
and
“If bitcoin’s next bear market ends without it losing 80 to 90% of its value from the peak — say more like 50% — we’ll know something has changed, perhaps for good.”
Thank you, Bi…