- Crypto influencer Mark Moss says there won’t be another bull market.
- “You need to understand why crypto markets have pumped so hard to understand why there won’t be another one,” says the analyst.
- Moss, however, believes that Bitcoin will go unharmed.
Crypto influencer Mark Moss says there won’t be another bull market. In his detailed thread on the subject, Moss explains why he feels this way.
The crypto influencer starts off by saying that he is not stating that crypto will go away or vanish per se. “I am saying the era of crypto hype pumping is over.” Being a self-proclaimed Bitcoin maximalist, he also believes that Bitcoin will have another bull run.
“You need to understand why crypto markets have pumped so hard to understand why there won’t be another one,” Moss begins. Crypto, he explains, gives companies a way to create money from thin air. He goes on to equate crypto with stocks, saying that like stocks, crypto allows people to exchange money for a secured interest in the new company. “Venture Capital loved being able to invest early, receive tokens at massive discount, then dump on retail.”
Moss argues that venture capitalists pour billions into crypto projects creating hype to sell the idea of the supposed “next big thing.” They, according to the crypto influencer, made huge returns, and also held tokens to control the networks with a majority of votes in a PoS consensus mechanism.
Let me clarify, I don’t believe everything goes to $0 and goes away, I mean an era like 2017 or 2021, where everything goes up together, like most people are still hoping will come again.
Moss explains that crypto altcoins are not new or unique, that they are a form of “regulatory arbitrage” allowing these projects to capitalize on tokens instead of shares. He also believes that though crypto companies argue tokens “have utility” and are commodities, not securities, the Howey test disproves this argument. As evidence of his claims, Moss calls to attention the recent ruling on LBRY.
The analyst, tying up his thread, poses an important question: if the SEC were to decide all crypto were securities, would projects like ETH, SOL, ADA, and others pay a fine and register?
Even if they could [register with the SEC], they would be required to disclose EVERYTHING, Founders, token holders, Insider selling, voting control. Would ETH do this?
Moss concludes that if this were the case, venture capitalists wouldn’t be able to buy at discount and dump on retail. However, he is bullish on Bitcoin as the SEC has often declared that Bitcoin was surely a commodity.