The costumes are here, and Bitcoiners are the new exaggeration in financial markets.
That has been the story for most of this year, which culminated spectacularly in the fall of the price of Bitcoin during Bitcoin Asia 2025. Bitcoin, the most vocal vote of confidence in the fiduciary monetary system permission is now back to traditional finances.
Cypherpunks, transformed into Suitco, have found their final expression as Stonkcoiners.
Rebel teenagers regretted their sins. The lost son has returned, in glamorous and greedy glory.
We, the strange nerd, who were once dead in the construction of a new and improved world, we have become cheerleaders for regulated values and permits, perfectly leveraged and financially modified for the maximum Bitcoin per action. The laws of financial gravity are set aside, even the strongest rebel hacker has renounced most of its principles now that Wall Street is paying $ 2, $ 3 or $ 5 for a dollar of Bitcoin.
And in Bitcoin Asia in Hong Kong, everything else was also the other way around. The crowd came out, not for Autocustody or Cypherpunk-Y Bitcoin conversations, but for political hottshots and financial engineers. (The word “Sycophants” comes to mind).
The balance is becoming the P&L, said Alexandre Laizet, CEO of the largest treasury company in Europe on stage. I was not simply saying that treasure companies are now banks, wearing your balances for earnings; He meant that The only thing that matters For Bitcoin Treasury Companies is the balance itself. The profits have no consequence when you have a bitcoin for infinitely printable.
“This is what you should do as a rational player in the market.”
Some 200 companies, with strategy and Metaplenet (the main sponsor of Bitcoin Asia) as the most vocal poster boys for movement, are aspiring capital markets for Fiat Cheap to immerse in Bitcoin. Everyone is reaching records everywhere, audiences and spectators, attendees and sales. All those who have been close to Bitcoinland feel the energy, the building, the endless floor of the shipping and building factory. It has never been easier to understand Bitcoin and we have never had so many people here …
… However, the price remains from what will be an exaggeration of $ 125,000 to the entry point of $ 118,204 for the purchase of 679 million dollars from Nakamoto to $ 111,000 in the conference time, before falling to a minimum of less than $ 108,000, in direct tandem with the upward speakers in the stage.
The drone show on Thursday, illuminating Hong Kong’s night with incredible Bitcoin graphics in heaven, could not have been more symbolic about how everything is the other way around. Showing a powerful sign of 21 divided by infinity that made absolutely no meaning, it was a directly inverted version of Knut Svanholm’s famous All divided by 21 million say:
The 20,000 assistance need urgent Bitcoin pricing therapy after days of seeing bullish proclamations on the refuted Nakamoto stage and undermined by the great source prices table behind them.
From the Nakamoto scenario in Hong Kong, David Bailey sat with confidence and celebration, applauding our great efforts and successes such as Bitcoiners, while the audience looked at the large price and sponsored by salt on the screen behind him continuously descending down, eradicating an impossible amount of wealth with each change down.
Dissonance could not have been greater among the upward words that were said on stage, the impressive and plausible gospel of the dozen treasure companies present, and the harsh reality of a growing price.
It is almost as more David Bailey et al. Talk and pump your Bitcoin acquisition vehicles, worse our market becomes and the lower the price.
Maybe Mr. Bailey has much bigger balls that I, or an imprudence of Yolo overcoming everything that humanity has seen, but had Yo I just burned about $ 60 million in investors with nothing To show it, it would be more humble and scared, oppressed and skeptical.
The price is in the pudding, and it really is not such a pleasant cake.
It is also symbolic that here in Hong Kong, 2025 is the year of the snake, and we obtain the crowned achievement of the Cypherpunks sliding through the financed treasury companies, eating their own queues in the process.
We are here at the last stop of the Bitcoin Festival Tour, amazed to see how all that was sacred has been desecrated: everything is the other way around.
This is Joakim’s book, which reports a world that no longer makes sense.
