Bitcoin Price Tumbles After Wall Street Selloff
There are several things happening, which is reducing confidence. Of course, as a permabull, I believe that these things are transitory. Here are some more macro events that are worth considering. BTFD<p>* India may try to make self-custody of crypto assets illegal, requiring all coins be given to exchanges. [A totally unenforceable law, trying to make math illegal, in this case storing 256-bit integers and performing the ECDSA&#x2F;Schnorr signature algorithm.] Everyday Indian folk will lose their coins when the inevitable happens and the exchanges are compromised.<p>* Europe considering how to put the genie back in the bottle. Also thinking about custody regulation and reporting.<p>* US trying to develop (further) regulations around exchanges, trading, KYC&#x2F;AML, derivatives and accounting.<p>* Uncertainty over the CSW lawsuit. The jury is still deciding the verdict, possibly next week.<p>* Custodial Bitcoin loaning service reported losing (wrapped) Bitcoin when defi platform was compromised.<p>* Larger market uncertainty due to new variants.<p>Its going to be bumpy. It always is. Maybe I have been watching too much Michael Saylor lately, but I think he is right about a great many things. It is too easy to look at systems from the inside and shout about bubbles. A more systematic appraisal of other large asset classes, the source&#x2F;sink nature of money creation and capital flows is prudent.