Could 2023 be the year of the echo bubble? Let's find out on Crypto Twitter.
Gm,
A shrewd trader on Crypto Twitter predicted 2023 to be the year of the echo bubble.
What kind of new autistic babble is this “echo bubble” you ask?
We’ll explain that. And we’ll explain why it explains prices going up. And much more. Let’s dive into last week’s CT gems.
Whose Threads Are A Must-Read?
@mishadavinci is always a reliable bet for informative threads that get a lot of traction. Last week, she explained why we must finally learn web3:
- Cause it’s the future of the internet, dummy!
- It does all these cool things like giving you ownership of your data, fighting censorship, and excluding middlemen.
- There are a lot of cool communities in web3.
Ok, that’s not exactly breaking news, but the thread contained a lot of cool visuals:
You may have noticed that it’s been awfully quiet on the ‘muh macro’ front. Don’t worry, it didn’t go anyway. @whospay_intern summarized Delphi Digital’s 2023 macro preview (10K words!) for us:
- Bull market is back in full force when liquidity returns to the markets (watch the Fed!).
- USD gud means crypto bad and vice versa.
- A recession is an upcoming banana slip.
- Stocks down because of poor earnings could be good for crypto.
- Narratives will be weaker than in a bull market.
Check out the entire thread here:
We haven’t had a good airdrop thread in a long time! But there’s bound to be a few airdrops this year and @Starknet_OG believes GammaX could be next:
- They announced an airdrop.
- There’s already a system in place to earn points.
- You can participate in their testnet.
Gamma X will launch on the hotly anticipated Starkware L2, and you don’t want to miss this ecosystem:
And then there was that guy. There’s threads and there’s threads. And Adam Cochran sometimes overdoes it with his. Yes, he unironically posted this 1/268 monstrosity:
We checked, and there actually are 268 tweets about crypto. And no, we didn’t read it, and there’s no summary for that one. Luckily someone summarized the shopping list in a CMC watchlist.
Last but not least, if you don’t know who to follow on Crypto Twitter, start with this useful list of OGs:
Who Is Arguing In Way Too Public A Place?
Unsurprisingly, there are a lot fewer arguments and drama queens when the market is up.
But if you remember last week’s drama (Barry Silbert vs Cam Winklevoss), there is an update to that. After Genesis became the latest crypto company to file bankruptcy, Cam Winklevoss was bullish on dragging Barry to court:
Not everyone was impressed by Cam’s constant barking though. It’s time to bite:
Barry Silbert remained quiet on Twitter (for now). Prices were not really fussed either. Some actually think ripping the bandaid off could prove a good thing for crypto:
If prices keep going up and this section stays quiet, that would be just fine!
Elon Building Twitter
Elon Musk had quite a busy week improving our second-favorite crypto social media (after CMC Community). Some users were speculating that taking your account private boosts engagement with your followers. But maybe you are simply interacting with the wrong accounts:
Careful when you comment on the next bear posts! Among the biggest announced changes coming up for Twitter were translated tweets…
…and a no-ad premium version:
Have to get that revenue up somehow.
Schiff Saying Stuff
Peter Schiff had a good week too. Not quite as strong a week for gold as for Bitcoin, but still not too bad. In fact, Mr.Schiff doesn’t seem to mind Bitcoin taking the spotlight for now:
Talk of the Town
Alright, so what is this echo babble, pardon, echo bubble Crypto Twitter keeps babbling about?
The whole thing started last November when whale trader legend GCR predicted prices up for 2023:
And lo’ and behold, we are off to a great start in 2023! If this is because of the tech or because of more sinister reasons, like GCR thinks, is really not that important, is it?
Andrew Kang, another legend you should be following, explained the fundamental reasons why this echo bubble may keep echoing for a while:
- Structural underallocation of bigger players.
- Miners puking.
- Mt.Gox coin release delayed to fall.
- The bad guys having been flushed out.
The complete thread is here:
Bob Loukas thinks this echo bubble could point to a longer cycle playing out later this decade (but also to a much longer bear market, rally or not):
We echo’d so hard that even Arthur Hayes felt compelled to speculate (again) about a potential Fed pivot that would turn the rally into a bull market:
For those too lazy to read Hayes, the Chat GPT summary suggests that a pivot is not quite on the cards just yet.
The other interesting talking point last week was a potential FTX relaunch under the new management. Yep, you read that right. SBF, who’s somehow still in charge of his socials, thought that’s a great idea:
But most of Crypto Twitter was more like “yikes, dumb f**king take:”
To be fair, with all the great new exchanges like FTX2 and GTX popping up, we are looking at a golden period ahead for crypto:
Our Favorite Coinfession
These are not easy times. But don’t let this be you:
Slow and steady wins the race!
Memes
The meme of the week was the non-news of the week:
Crypto degens can sleep safe with Bitzlato finally closed down!
See you next week!
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