It is a transcribed excerpt of the “Bitcoin Journal Podcast,” hosted by P and Q. On this episode, they’re joined by Sam Callahan to speak concerning the three predominant causes he’s bullish on bitcoin, even through the depths of the bear market.
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Sam Callahan: Hash charge going all time excessive is certainly constructive. I feel actually that is a perform of those miners all through 2021 who had entry to capital and so they had been in a position to principally have a bunch of capital expenditures and determine that they are gonna broaden their amenities. And so what we’re seeing now’s these plans begin to truly manifest and so they’re truly plugging within the miners that that they had deliberate 9-12 months in the past.
There have been additionally provide chain points. In order that hash charge enhance, I feel it is extra of simply these giant miners lastly getting their stuff on-line, slightly than extra miners turning again on or so to talk. In order that’s an excellent factor for the Bitcoin community. I feel you are seeing the entire provide held by long run HODLers hit an all time excessive, which is one other constructive growth.
I feel it simply exhibits that there is a convicted base of HODLers that are not transferring their cash and it is most likely everybody on this name proper now that’s a part of that. The opposite factor is that there is nonetheless institutional curiosity all through this bear market. In comparison with 2018, there actually wasn’t these developments within the backside of the bear market, it was actually quiet and it was kinda unhappy. Now you’ve gotten information, like Constancy popping out and contemplating providing bitcoin to thousands and thousands of particular person brokerage accounts. You bought Franklin Templeton additionally — nearly like a trillion greenback supervisor — nonetheless in the course of the bear market with bitcoin down 70%, they’re nonetheless constructing out infrastructure for the subsequent bull run.
In order that’s bullish to me. It simply exhibits that even regardless of the worth motion, there’s nonetheless pleasure and curiosity on the institutional stage and infrastructure is being constructed out. That is the form of factor that I wish to see.
These three issues are most likely what I would say: hash charge all-time excessive, that is good; miners form of cease promoting or a minimum of for now; you bought long-term HODLers holding on and then you definately received institutional pursuits. So these three issues, these are bullish developments. I am enthusiastic about that.
