Murad Mahmudov is again igniting our X timelines, however you will have observed nowadays 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 just lately, his incessant writing a couple of “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 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’s best to “spend money on cults?”
From right here on out, the Crypto Markets will likely be more and more dominated by Memecoin Bubbles till the eventual Bitcoin Normal.It truly is that easy.
— Murad 💹🧲 (@MustStopMurad) July 9, 2024
Nicely, it begins with the publish above, one of some that’s bought me considering 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 foreign money requires one to have some type 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 individuals. 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 overall collapse in confidence ongoing in altcoin land, and is merely going in opposition to the grain.
Placing apart the ethical challenge, 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 developments that basically reduce to the guts of the motion:
Bitcoin is admittedly on its option to changing into the world’s dominant asset. It’s utterly mispriced within the current, and can sooner or later 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 buyers 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 take a position on this to suppose it’s hilarious.
Anticipate Murad to grow to be extra related as this thesis performs out.
