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  • Writer's pictureGerard Kavanagh

Ben Hunt was right

Good news dear reader, this is a very short blog commentary. I follow on to Ben Hunt's lament about BTC. To wit:

"Bitcoin is trading pretty much in lockstep with the NASDAQ and S&P 500 and every other risk asset. On up days for the market, Bitcoin is up. On down days for the market, Bitcoin is down. It's exactly what I wrote would happen exactly one year ago ... Bitcoin has become Bitcoin!™, just another game in the Wall Street casino."

Ben was right: As Bitcoin Crashes To 10-Month Lo

ws, Correlation With Tech Hits Record High, and as details in their latest note, bitcoin's rolling correlation with the tech-focused Nasdaq 100 just hit a historically high level of 0.8. It is now nearing its traditionally strong correlation to Ethereum which is also on the rise and currently hovers around 0.9.

It's not all doom and gloom, because despite being strongly correlated with the Nasdaq 100, Bitcoin has been performing slightly better since the start of the year. We noticed that when inflation expectations are increasing, Bitcoin tends to outperform tech stocks... As we suggested in yesterday's blog commentary if BTC is not performing as anything but another table in the wall street casino there is an alternative: "FIX00 project would argue there is another side to this and a way to cling to independence, autonomy, entrepreneurialism, and resistance that is the essence of the cryptoverse.

In simple terms beat the fiat world governments/treasuries and Wall Street (The MAN) at their own game. As Raoul Pal and Mark Cuban, to name but a few, readily acknowledge BTC is not a cryptocurrency (they are equally disparaging about Gold btw), it has a minuscule and finite issuance, and it can never fulfill that role - arguably that is what has invited wall street into our territory to "fix" this! As a paid-up member of Wall Street inc for 30 years (before exiting) this scribbler can assure you that you will have honey poured into your ears as their hands rummage through your wallet and push you in the direction THEY (not you) desire. And you won't even realise what is going on till it's too late. Back to Prof Scott Galloway: "Scarcity and authenticity are powerful, and not always forces for good. Our instinctual craving for scarce sugar and fat has produced an obesity crisis, but we aren’t going to throw out the industrial food system and live off the land. Amidst the scams and bubbles, credible scarcity and authenticity will unlock real value in digital markets." Be mindful of how quickly The Man shut down Zuckerbergs Libra as a currency (think the authorities don't realise how dangerous an autonomous currency threat to their world is - they very much do). They shut Zuck's Libra as a currency down in a week! We would suggest there is an alternate route, one that straddles both the real and digital worlds, and one that WE not they can control. A crypto entity that offers ubiquity and utility. We think the FIXOO project - offering digital forms of real-world rubies (time-honoured stores of value) in a fractionalised form (F-NFTs), addresses some of the shortcomings of BTC. The offering is effectively asset-backed (without ever falling into that nettlesome issue with regulators regarding being a security) The issuance is finite, but it's fractionalised (as in 10's of billions - potentially). It is not for FIX00 to determine, it is for the cryptoverse to decide - but our offering has scarcity and authenticity (and there will be an artistic side to this), but unlike BTC it will also have ubiquity and the potential for utility. The difference is it will be a creation of the cryptoverse as opposed to a wall street diluted version. This could be the start of something new ..... "

We like to think the FIX00 project and offering are very much a part of making that a reality.

For a short overview of the FIX00 project 🙂 please use this link: The Start of something new

If you still have questions, we are happy to have you join us. We take great pride in our company and the revolutionary change it heralds. Please feel free to contact us if you need further information or have further questions:: Contact Us

If you don’t want to miss out and are ready to buy NOW, please CLICK here: Coinsbit

The future is filled with promises for us all. We're glad you're with us.

We look forward to growing together:

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