A friend drove me to lunch yesterday. He was listening to CNBC on his satellite radio. I heard a segment called Mid Day Report, or something like that. The program discussed "hot stocks." They talked about "crypto" briefly. There were two traders interviewed, both of whom said they planned to buy bitcoin.
They both prefaced their comments by saying stuff like:
"I don't believe in it long term."
"It has no business use."
"Fifteen years and it's gotten nowhere."
"I'm just buying until the etf's are approved. The true believers are going crazy."
"It's just a momentum play."
"It's just a supply and demand play."
There's an old saying on Wall Street. "Buy the rumor, sell the news." I feel like many bitcoiners see these lurking etfs as the Holy Grail. Don't be caught off guard by crazy price swings. It's my opinion that we still have a long road ahead of us, and that adoption from the ground up is a hell of a lot more important than a bunch of rent seeking finance guys creating NGU fervor.