I haven’t written much about Bitcoin as of late. While the positive fundamental news has continued to pour in with regard to adoption and venture capital investment, watching the price action has felt like watching paint peel off a wall.
When friends have asked me about the price action as of late, I only note the bizarre discrepancy between the fundamentals and price. One reason for this seems to be muted buying interest, coupled with miners who have already invested heavily in mining equipment, selling their reward blocks immediately in order to recoup some of their capital investment and offset energy costs. In addition, while banks have stated they are holding off with regard to Bitcoin until there is more regulatory certainty, it appears clear to me that the big banks are doing everything they can to stall Bitcoin adoption. This was confirmed last week when banks cracked down on the exponentially growing Bitcoin ecosystem in the Isle of Man.
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