What you are looking at above is the number of times people have typed in “Blockchain” in Google to find out more about it or see news article about it.

As you can see the interest in “Blockchain” has totally collapsed and most people have totally forgotten about it.

Do you remember it?

Back in 2017 you were told that this “Blockchain” would change the world and that because Bitcoin was based on it that it was the reason why Bitcoin was going up.

It is just an online ledger, no different than if you took out a piece of paper and used it as an accounting ledger.

The peak in interest in Blockchain was back in 2017, but now the Bitcoin gurus never talk about it, because no one cares about it.

It turned out not to be such a big world changing thing, just another one of many tech fads we have seen come and go, like the Metaverse.

However, in 2021, when Bitcoin went up, the gurus talked about the Blockchain again. They once again used it as an explanation for why Bitcoin was good and as a reason to believe that the price of it would keep going up.

Then Bitcoin crashed again in 2022.

On this rally this year in Bitcoin, though, the gurus did not talk about the Blockchain.

People just didn’t believe the Blockchain argument anymore, seeing it fail twice, so they simply started to say that the Bitcoin price would go up, simply because it would from more people buying it to make it go up and chase it higher. The ETF’s were launched to help make that happen, but now it is all doing nothing again. So the SEC is allowing Ethereum ETF’s to launch later this year.

But no one talks about the Blockchain anymore.

But the gurus still talk about Bitcoin and so do the financial TV shows, because the masses piled into Bitcoin ETF’s earlier this year and they still hold them. So, they want to hear predictions of a million dollar Bitcoin price targets, even though Bitcoin has been actually lagging the performance of the S&P 500 for the past four months, which is a dangerous sign for Bitcoin. Instead of looking at the charts, and what is really going on in the markets, these people trapped in Bitcoin ETF’s, and just hoping for the best, are suffering from crypto meme brain conditions created by the Bitcoin gurus. Every time the Nasdaq has simply fallen 15 or 20% in a correction Bitcoin has completely crashed and it will happen again one day.

Bitcoin Is Too Volatile To Be A Store of Value, So Crypto Traders Are Unstable

And…..

One of the biggest problems with crypto is it isn’t fun.

Crypto is stressful to try to trade, much less buy and hold, because it is so volatile. Even the top crypto gurus do not look like they are having fun when they do their live streams, when they talk nonstop technobabble nonsense that puts them in a dark place.

But outside the crypto market, and what seems like NVDA daily price gains, so little seems to be happening in the markets that most people are actually now being put to sleep by them. Last Tuesday CNBC was hyping up the Wednesday FOMC meeting to try to get eyeballs, and find something to talk about, when everyone already knew what the Federal was going to do and things are so locked in now that individual economic data news points don’t really matter.

Volatility is priced low again for SPX options, as measured by the VIX.

Often the markets get dull from June to Labor Day and that might be what is happening again this year.

But I’m still watching things this week, including that key indicator I wrote about Sunday….

-Mike

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