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Why This Bear Market Is Especially Bullish

Why This Bear Market Is Especially Bullish

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The hash value reached an all-time high, miners seem to have stopped selling bitcoin, institutions are still interested, and long-term owners continue to stack Satie.

This is a transcribed excerpt from the “Bitcoin Magazine Podcast” hosted by P and Q. In this episode, they’re joined by Sam Callahan talking about the three main reasons he’s bullish on bitcoin even in the depths of a bear market.

Watch this episode on YouTube or Rumble

Listen to the episode here:

Sam Callahan: The all-time high is definitely a positive. I think that’s a function of these miners during 2021 who had access to capital and were able to basically make a bunch of capital expenditures and decide that they’re going to expand their facilities. And so we’re seeing now that the plans are really starting to emerge and they’re really connecting the miners that they had planned 9-12 months ago.

There were also problems in the supply chain. So this increase in hash rate, I think it’s more about these big miners finally getting their stuff online, rather than more miners coming back on or so to speak. So that’s a good thing for the Bitcoin network. I think you will see the total supply of long-term HODLers reach an all-time high, which is another positive development.

I think it just goes to show that there is a doomed bunch of HODLers who aren’t moving their coins, and probably everyone on this call right now is part of that. Another thing is that there is still institutional interest in this whole bear market. Compared to 2018, the bottom of the bear market didn’t really have this development, it was really quiet and it was a little bit sad. Now you have news like Fidelity coming out and considering offering bitcoin to millions of individual brokerage accounts. You also have Franklin Templeton – almost like a trillion dollar manager – still in the middle of a bear market with bitcoin down 70%, they are still building the infrastructure for the next bull run.

So it’s embarrassing for me. It just shows that despite the price action, there is still excitement and interest at the institutional level and infrastructure is being built. That’s the kind of thing I want to see.

Those three things are probably what I would say: the hash value is the highest ever, that’s good; miners stop selling, or at least for the time being; you have long-term HODLers, and then you have institutional interests. So those three things, they are emerging developments. I’m excited about it.

Source: Bitcoin Magazine

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