In a departure from our usual Crypto Long & Short format, in honor of the holiday season, I’ve written a poem that reviews the year and reflects some of the progress made in our industry. It’s not rigorous analysis, but I hope the change in rhythm lightens the festive period.
Go ahead and laugh, but may I say in my defense that “good at rhymes” was not in my original job description.
A Cryptomas Rhyme
‘Twas the day after Christmas. Instead of some rest
I decided to review how we had progressed.
Bitcoin as “safe haven” attracted attention.
The ructions in March did much to dispel
The “safe haven” myth as all prices fell.
“Black Thursday” also highlighted the danger
Of too much leverage. But things would get stranger.
We all soon grew aware of the threat of a new
Type of virus that spread. It was not “just the flu.”
As April drew round, we saw a new correlation
Between bitcoin and stocks, and a dip in inflation
As spending dried up. But the biggest shock
Was a negative oil price from way too much stock
And not enough storage. Uncertainty spread
As markets digested the changes ahead.
The official response to the looming crash
In incomes and output was to print more “cash.”
The ballooning supply of fiat to spend
Was in sharp contrast to a cap that won’t bend.
And with perfect timing did the network remind
Us that every four years the new issue declined.
Highlighted supply rules we can’t circumvent.
The spread of the virus could not be stopped.
Nor could the rise of the prices of stocks
That used tech to help people weather the shocks
Of a new way of working and seeing their friends,
In spite of the cuts in yields and dividends.
The summer saw two new trends gather speed:
Services to satisfy institutional need
And decentralized finance had surprises in store:
Of the platforms that had names that would…