Murad Mahmudov, a widely followed crypto analyst and market commentator, has released research uncovering the fact that the number of tweets about Bitcoin have dropped to “the same level as 2014.” which in his opinion “screams bearish.”
1/ This screams bearish.
Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed.
That is an absolute disaster for the price in the medium-term in my opinion. pic.twitter.com/DTdsUepx1t
— Murad Mahmudov 🚀 (@MustStopMurad) February 3, 2019
Mahmudov said that it is “like nothing has changed” as Bitcoin-related tweets are lower than “at any point in 2016.” He found there are significantly fewer people “than you’d think” who are interested in decentralised sovereignty, and that Cryptocurrency’s biggest use case is speculation. This means for better or for worse, “speculation and human greed are your biggest hope.”
He continued: “[More than 99%] of people, be they poor or rich, don’t care about decentralisation, don’t care about self-sovereignty, don’t care about privacy, don’t care about sound money, don’t care about Austrian [Economics], don’t care about uncensorable payments or libertarian/[anti-capitalism]/cypherpunk ideals.”
Mahmudov doesn’t think the worst is over – he argued that even more people will sell when they realise that the downward price movements will continue. They may be selling now with plans to buy back in later at a lower price.
Mahmudov concluded by saying: “This bear market will last for much longer. Those that are building, learning, studying right now of course will be handsomely rewarded in 2023/24.”
His final thought? “Patience is a virtue.”