4 ms·

The current bull run, as far as I can tell seems to have two legs. One is retail YOLOing into it like a meme coin. The other is professional investors who wan

The current bull run, as far as I can tell seems to have two legs. One is retail YOLOing into it like a meme coin. The other is professional investors who want bitcoin exposure but are bound by investment mandates to equities only. Neither of these are particularly good reasons long term, nor will they endure a pullback in bitcoin price.

dartos 2y ago
> The current bull run, as far as I can tell seems to have two legs. I feel like that’s just what the market has been like since 2020
- throw0101d 2y ago
  > I feel like that’s just what the market has been like since 2020 The S&P 500 peaked at 5400 in December 2021 and dropped to 3800 in September 2022, and went mostly sideways to 4300 until October 2023, after which is has mostly gone up: * https://en.wikipedia.org/wiki/2022_stock_market_decline https://en.wikipedia.org/wiki/2022_stock_market_decline * https://www.macrotrends.net/2324/sp-500-historical-chart-data https://www.macrotrends.net/2324/sp-500-historical-chart-dat... People seem to (a) forgotten that it happened: * https://en.wikipedia.org/wiki/Recency_bias https://en.wikipedia.org/wiki/Recency_bias and (b) forgotten that it was not a forgone conclusion that there'd be a recovery/growth: * https://www.forbes.com/sites/investor/2010/12/17/the-lost-decade-was-a-golden-age-if-you-rebalanced/ https://www.forbes.com/sites/investor/2010/12/17/the-lost-de...
  - dartos 2y ago
    I remember the market stalled in price movements, but the attitude always seemed to be bullish beyond all reason. Never noticed that attitude before 2020
davedx 2y ago
There are dozens of bitcoin etfs now so the second leg is gone
- steveBK123 2y ago
  Exactly
latchkey 2y ago
> The other is professional investors who want bitcoin exposure but are bound by investment mandates to equities only. MSTR was recently added to QQQ. With the rebalance, they have no choice now.

dartos 2y ago

> The current bull run, as far as I can tell seems to have two legs. I feel like that’s just what the market has been like since 2020

throw0101d 2y ago
> I feel like that’s just what the market has been like since 2020 The S&P 500 peaked at 5400 in December 2021 and dropped to 3800 in September 2022, and went mostly sideways to 4300 until October 2023, after which is has mostly gone up: * https://en.wikipedia.org/wiki/2022_stock_market_decline https://en.wikipedia.org/wiki/2022_stock_market_decline * https://www.macrotrends.net/2324/sp-500-historical-chart-data https://www.macrotrends.net/2324/sp-500-historical-chart-dat... People seem to (a) forgotten that it happened: * https://en.wikipedia.org/wiki/Recency_bias https://en.wikipedia.org/wiki/Recency_bias and (b) forgotten that it was not a forgone conclusion that there'd be a recovery/growth: * https://www.forbes.com/sites/investor/2010/12/17/the-lost-decade-was-a-golden-age-if-you-rebalanced/ https://www.forbes.com/sites/investor/2010/12/17/the-lost-de...
- dartos 2y ago
  I remember the market stalled in price movements, but the attitude always seemed to be bullish beyond all reason. Never noticed that attitude before 2020

davedx 2y ago

There are dozens of bitcoin etfs now so the second leg is gone

steveBK123 2y ago
Exactly

latchkey 2y ago

> The other is professional investors who want bitcoin exposure but are bound by investment mandates to equities only. MSTR was recently added to QQQ. With the rebalance, they have no choice now.