Oddbean new post about login | logout #Bitcoin is the only liquid asset that trades 24/7 and sometimes pays the price for this during weekends of potential World War, as investors too clever for themselves seek something, anything to sell before markets open again on Monday.
👍 Market muscle memory.. sell for cash when war.
My first thought was that some hodlers in the ME needed the cash to go fight or defend themselves. But don’t arms dealers prefer sound money?
Will be interesting to see tomorrow's open.. very likely volatility will make flash liquidations and stops both ways until the weak hands give up. There's still big players waiting for the dip to 30k since late 23, and now they are realizing it will be probably lucky to see it again under 50k. And then there is gold bug people looking at Bitcoin as the new store of value.. Interesting times ahead.
It is ironic that those investors, in times of uncertainty, are selling an asset with such a certain supply, for their local currencies that have such an uncertain supply.
Loved your pod with Peter from WBD. Only understood half of it, but that's okay 😁