Crypto’s sprung?

I’m going to break the fourth wall here for a second, or whatever the equivalent is for writing. I have a working list of “things I might write about”, which I keep in Notion (of course). One thing that has been on that list since March 11th is the topic of Crypto Spring – the idea that we might be recovering from the bear market of 2018 and early 2019, into the next cycle of crypto ebullience. Indeed Fred Wilson decided to call the same thing in May. I can’t remember why I didn’t get round to writing about it in March, but I do remember the reason I was thinking about it, as the ecosystem seemed to worry less about the price of things, and focus more on building things. For me, the excitement around Austin Griffith’s burner wallet was emblematic of the new wave of optimism.

In the last couple of months the market seems to have noticed as well, and this week the price of Bitcoin once again surpassed $10,000 (update: $12,000), so perhaps I am too late already, and Crypto Spring has sprung.

The early days of this new run have some of the hallmarks of the last – news outlets reporting on it, people saying the institutions are coming, eToro adverts in my Gmail. And some things are different – certainly Facebook’s Libra announcement has thrown an interesting spanner into the works. I just hope that this time round a little more has been built when the dust settles. I hope there are more actual users or even customers on these new platforms. And I hope that excitement for building with the technology that I saw in March continues.

Needless to say, yes, it would have been smart to put everything I owned into Bitcoin on March 11th, next question please.

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