Murad Mahmudov is again igniting our X timelines, however you’ll have seen as of late the “former” Bitcoin maximalist isn’t posting a lot about Bitcoin.
For the uninitiated, Murad is a Bitcoin maximalist, albeit one who has run the ire of the tradition for taboo concepts: see his 2021-2022 embrace of wrapped Bitcoin property on different blockchains, and most lately, his incessant writing a few “memecoin supercycle.”
It’s a far cry from his posts circa 2018, when may very well be seen on “The Pomp Podcast,” saying issues like “Bitcoin is the soundest hardest forex that has ever been invented in historical past.”
So, how did he get from that admission to advocating for a portfolio of PEPE and GIGA, his most up-to-date mantra that it is best to “spend money on cults?”
From right here on out, the Crypto Markets can be more and more dominated by Memecoin Bubbles till the eventual Bitcoin Customary.It truly is that easy.
— Murad 💹🧲 (@MustStopMurad) July 9, 2024
Properly, it begins with the publish above, one of some that’s obtained me pondering Murad is on to one thing.
To be clear, what we’re speaking about here’s a full disregard for the concept that a perception in Bitcoin as a forex requires one to have some form of ethical responsibility. Whereas this has been made modern of late, advocated by the likes of Michael Saylor and Jimmy Tune, I’ve by no means seen a compelling argument that Bitcoin maximalism requires you to forsake monetary hypothesis.
It’s fairly merely an ethical alternative, extrinsic to the know-how, and one everyone seems to be free to make for themselves. Sure, it’s unhealthy to rip-off folks. No, nobody can cease you however you.
To this impact, Murad seems to be signaling that on this subsequent cycle he intends to revenue from the final collapse in confidence ongoing in altcoin land, and is merely going in opposition to the grain.
Placing apart the ethical problem, there’s so much to love about Murad’s thesis. I’d go as far as to argue, most Bitcoin maximalists would agree with most of it.
Primarily, he’s betting on two concurrent traits that basically minimize to the guts of the motion:
Bitcoin is de facto on its method to turning into the world’s dominant asset. It’s utterly mispriced within the current, and can at some point be the one remaining crypto asset and the cash of the world.The crypto VC equipment is collapsing slowly. Regardless of their years of claimed tech advances, there’s little to point out for the engineering. All altcoins will fail to compete with Bitcoin, and we’re starting to see this as a result of retail traders are solely shopping for random memecoins.
All that is to say, is it actually so laborious to consider that in between these two truths will lie a messy interval of full crypto degeneracy?
IMO, you don’t want to invest on this to assume it’s hilarious.
Anticipate Murad to turn into extra related as this thesis performs out.
