Murad Mahmudov is back to haunt our X timelines, but you may have noticed these days that the “former active” Bitcoin maximalist isn’t posting much about Bitcoin.
For the uninitiated, Murad is a champion of Bitcoin, even though he has angered the culture with unpopular ideas: see his acceptance of Bitcoin assets wrapped in 2021-2022 in other blockchains, and more recently, his incessant writing about the “memecoin supercycle. .”
It’s a far cry from his 2018 post, where he can be seen on “The Pomp Podcast,” saying things like “Bitcoin is the hardest sounding currency ever created in history.”
So, how did he get from that acceptance to represent the PEPE and GIGA portfolio, his latest mantra that you should “invest in denominations?”
Well, it starts with the post above, one of the few that made me think Murad was on to something.
To be clear, what we’re talking about here is completely ignoring the idea that the belief in Bitcoin as a currency requires one to have some sort of moral duty. Although this has become fashionable recently, promoted by people like Michael Saylor and Jimmy Song, I have never seen a compelling argument that Bitcoin maximalism requires you to stop financial speculation.
It’s simply a moral, non-technical choice, and one that everyone is free to make. Yes, it is bad to cheat people. No, no one can stop you but you.
In this case, Murad seems to indicate that in this next cycle he intends to benefit from the general collapse of confidence that continues in the altcoin world, and he is going against the grain.
Putting aside the moral issue, there is a lot to like about Murad’s thesis. I would go so far as to argue, most Bitcoin maximalists would agree with most of you.
Basically, you are betting on two parallel trends that get to the heart of the movement:
- Bitcoin is on its way to becoming the world’s leading commodity. The prices are illegal at the moment, and one day it will be the only remaining crypto asset and currency of the world.
- Crypto VC machines are falling apart. Despite their years of technological advancement, there is little to show for engineering. All altcoins will fail to compete with Bitcoin, and we are starting to see this because retail investors only buy random memecoins.
All of this is to say, is it really that hard to believe that between these two facts will lie a dirty era of total crypto collapse?
IMO, you don’t need to speculate about this to think it’s funny.
Expect Murad to be more relevant as this thesis plays out.