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 belongings on different blockchains, and most lately, his incessant writing a couple of “memecoin supercycle.”
It’s a far cry from his posts circa 2018, when might be seen on “The Pomp Podcast,” saying issues like “Bitcoin is the soundest hardest foreign money 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?”
Effectively, it begins with the publish above, one of some that’s bought me pondering Murad is on to one thing.
To be clear, what we’re speaking about here’s a full disregard for the concept a perception in Bitcoin as a foreign money requires one to have some type of ethical obligation. Whereas this has been made trendy of late, advocated by the likes of Michael Saylor and Jimmy Music, 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 expertise, and one everyone seems to be free to make for themselves. Sure, it’s dangerous 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 towards the grain.
Placing apart the ethical difficulty, there’s quite a bit to love about Murad’s thesis. I’d go as far as to argue, most Bitcoin maximalists would agree with most of it.
Basically, he’s betting on two concurrent tendencies that actually minimize to the center of the motion:
Bitcoin is admittedly on its method to turning into the world’s dominant asset. It’s utterly mispriced within the current, and can in the future 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 indicate 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 exhausting 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 out to be extra related as this thesis performs out.
