What are the two current core elements of the crypto movement?

Author: Pete Rizzo, Bitcoin Magazine; Translator: Baishui, Golden Finance

Murad Mahmudov has once again set our X-Timeline on fire, but you may have noticed that the “former” Bitcoin maximalist hasn’t posted too many posts about Bitcoin these days.

For the uninitiated, Murad is a Bitcoin maximalist, despite the fact that he has angered the culture with taboo ideas: look at his acceptance of Bitcoin-wrapped assets on other blockchains in 2021-2022, and his recent articles on the “meme coin super cycle”.

This is a far cry from his posts around 2018, which can be seen on “The Pomp Podcast” saying that “Bitcoin is the most reliable and toughest currency invented in history.”

So how did he go from admitting this to advocating for investing in PEPE and GIGA asset portfolios, and his recent mantra that “you should invest in cults”?

Okay, first of all, let me say that the post above is one of the ones that made me think Murad was onto something.

To be clear, we are talking here about a complete disregard for the idea that believing in Bitcoin as a currency requires one to assume some kind of moral responsibility. While this view has been popular recently, promoted by the likes of Michael Saylor and Jimmy Song, I have never seen a convincing argument that Bitcoin maximalism requires you to give up financial speculation.

It is, quite simply, a moral choice that has nothing to do with technology, and everyone is free to make that choice for themselves. Yes, it is wrong to scam people. No, no one can stop you except yourself.

To this end, Murad seems to be suggesting that in the next cycle he intends to profit from the general collapse of confidence that is happening in the altcoin space, which is simply swimming against the tide.

Moral issues aside, there is a lot to like about Murad’s argument. I would even go so far as to say that most Bitcoin maximalists would agree with much of it.

Essentially, he’s betting on two simultaneous trends that really get to the heart of this movement:

• Bitcoin is becoming the world’s dominant asset.It is currently completely mispriced and will one day be the only remaining crypto asset and world currency.

• Crypto VC houses are slowly crumbling.They have nothing to show in terms of engineering, despite years of claiming to be making technological advances. All altcoins can’t compete with Bitcoin and we’re starting to see this as retail investors only buy random memecoins.

All of that said, is it really that hard to believe that there will be a period of chaotic crypto total degradation between these two facts?

You don't need to speculate on this to find it interesting, in my opinion.