There’s blood in the streets.
Wow, hold up, that’s a frightening idiom. It, of course, means that markets are dropping. However, people don’t often remember the rest of the saying. Attributed to Baron Rothschild, the rest of the original quote is believed to be to "buy when there's blood in the streets, even if the blood is your own."
Starting a company is always difficult but building one in a volatile economic climate is doubly difficult.
Within the cryptocurrency industry, it has become a particularly scary time to start a company because we have been undergoing a year-long bear market in all cryptocurrencies, including Bitcoin, while an internal civil war rages within the community.
The war is bloody. Bitcoin is down more than 80% and other cryptocurrencies and altcoins are down even more. Talk about a scary bear market. Fortune Magazine reported that nearly half of 2017’s cryptocurrency ‘ICO’ projects have gone bankrupt, investors have already lost billions, and Bloomberg reported in June that over 1,000 coins or approximately half of all altcoins have gone to 0.
It’s easy to feel confused in this chaotic ecosystem. So how do you succeed in such a turbulent environment?
The Bitcoin Honey Badger
I work in Bitcoin.
Bitcoin is under attack by 3,000+ competing projects and their founders, their promoters, their venture capitalists, and their attorneys.
Bitcoin is defended by a small, tight group of believers (analysts, programmers, core developers) who are convinced that the original Satoshi Nakamoto White Paper is a necessary and sufficient remedy to the problems created by the lack of a monetary standard in international finance following the collapse of Bretton Woods in 1971. These believers have accepted the honey badger as their mascot; a ferocious animal who fights against the thousands of projects who are trying to diminish Bitcoin’s potential.
In this civil war, picking the right side and defending it has been, is, and will continue to be crucial until one side or the other is victorious.
Our firm has existed for a decade but it is only recently that we have begun assisting clients with their cryptocurrency holdings. We have differentiated ourselves from most cryptocurrency investment firms, including hedge funds, because we have picked the side of Bitcoin exclusively, and excluded all other cryptocurrencies.
This singular focus clearly differentiates our firm through the chaos of an ecosystem recognized by the public, the lawmakers, and the regulators as dangerous, confusing, and probably illegal.
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