It is a transcribed excerpt of the “Bitcoin Journal Podcast,” hosted by P and Q. On this episode, they’re joined by Sam Callahan to speak concerning the three important causes he’s bullish on bitcoin, even in the course of the depths of the bear market.
Pay attention To The Episode Right here:
Sam Callahan: Hash fee going all time excessive is unquestionably constructive. I believe actually that is a operate of those miners all through 2021 who had entry to capital they usually had been in a position to principally have a bunch of capital expenditures and resolve that they are gonna broaden their services. And so what we’re seeing now could be these plans begin to truly manifest they usually’re truly plugging within the miners that that they had deliberate 9-12 months in the past.
There have been additionally provide chain points. In order that hash fee improve, I believe it is extra of simply these giant miners lastly getting their stuff on-line, relatively than extra miners turning again on or so to talk. In order that’s a great factor for the Bitcoin community. I believe you are seeing the entire provide held by long run HODLers hit an all time excessive, which is one other constructive growth.
I believe it simply reveals that there is a convicted base of HODLers that are not transferring their cash and it is in all probability everybody on this name proper now that’s a part of that. The opposite factor is that there is nonetheless institutional curiosity all through this bear market. In comparison with 2018, there actually wasn’t these developments within the backside of the bear market, it was actually quiet and it was kinda unhappy. Now you have got information, like Constancy popping out and contemplating providing bitcoin to hundreds of thousands of particular person brokerage accounts. You bought Franklin Templeton additionally — nearly like a trillion greenback supervisor — nonetheless in the midst of the bear market with bitcoin down 70%, they’re nonetheless constructing out infrastructure for the following bull run.
In order that’s bullish to me. It simply reveals that even regardless of the value motion, there’s nonetheless pleasure and curiosity on the institutional stage and infrastructure is being constructed out. That is the sort of factor that I wish to see.
These three issues are in all probability what I might say: hash fee all-time excessive, that is good; miners sort of cease promoting or no less than for now; you bought long-term HODLers holding on and you then obtained institutional pursuits. So these three issues, these are bullish developments. I am enthusiastic about that.