If you are not familiar with the colorful history of professional wrestling, you really should Google a few sites. It’s awesome. Colorful characters, great nicknames, drama, choreographed moves all leading up to the Ultimate Smackdown match to crown a (predetermined) World Champion. Yeah, good BUT we now have a live World Champion Bitcoin Smackdown playing out. Super Awesome.
Bitcoin has seen quite a ride the last few weeks. Backing off the recent highs around $65K and then plunging to around $30K wiping out millions of dollars in investor holdings. Choreographed buying opportunity? Government plot to destroy crypto? Or, just a hell-of-a Smackdown playing by wrestling rules?
As a stadium announcer might yell to the fans: “In one corner we have Elon “SPACEMAN” Musk. Elon holds Bitcoin, figures out how to make reusable rockets land on barges in the ocean, builds electric vehicles and…..loves to TWEET.” Seems “SPACEMAN” also announced that Tesla (his car company) would accept Bitcoin as payment for its new cars. Bitcoin rallied. BUT only a short time later changed his mind on Tesla accepting Bitcoin when he found out mining Bitcoin used…..gasp….fossil fuel generated electricity. Who could possibly have known? Bitcoin plunged. World champion Bitcoin “influencer?” Not so fast, “SPACEMAN.”
“In the other corner we have Michael “STONE COLD” Saylor, CEO of MicroStrategy. “STONE COLD” is unfazed by the drop in Bitcoin and has continued to add to MSTR’s holdings. Ice in his veins. Michael revolutionized corporate finance last August by committing his firm’s excess cash reserves to Bitcoin rather than sitting in low interest paying cash equivalents. “STONE COLD” buys low, HODL’s and plays the long game. “STONE COLD” world champ?”
Now, of course, before either Elon “SPACEMAN” Musk or Michael “STONE COLD” Saylor can reach the Ultimate Smackdown match they must take on other challengers, each with their own Bitcoin agendas. And, many of these challengers are formidable opponents in their own right. Here are some competitors;
Janet “The UNDERTAKER” Yellen………..hates Bitcoin (crypto in general), sees it as a threat to governmental monetary control; looking to kill it.
Mike “THE ROCK” Novogratz……….crypto and Bitcoin supporter; building an empire via Galaxy Digital with recent huge acquisitions. Rock solid long term player.
Warren “DR DEATH” Buffet……….hates, HATES Bitcoin; enough said, but at his age not much of a Smackdown threat.
Mark “DIAMOND DALLAS” Cuban…….he will take a fall if it helps him promote some smaller cryptos HE likes. Attention currently diverted to his NBA basketball team’s dream of another title.
China’s “BAD NEWS” Government……..shifting rules and regulations, master of manipulation. Certainly tough opponent since there may be multiple foes in the ring at the same time.
AND, one new challenger………Ray “RELUCTANT WARRIOR” Dalio of Bridgewater Associates; uncertain about Bitcoin for a long time but reluctantly bought BTC feeling it’s better than bonds; could change his mind at any time….weak mental opponent.
So who will rise through the pack to reach the ULTIMATE BITCOIN SMACKDOWN and the coveted huge Bitcoin belt buckle? (Spoiler alert; just like wrestling, it’s predetermined).
Go with Michael “STONE COLD” Saylor…“SPACEMAN” takes his Dogecoin and heads to Mars.