This is a transcribed excerpt from the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, Sam Callahan joins them to talk about the top three reasons he’s bullish on bitcoin, even during the bear market depths.
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Sam Callahan: A rising hash rate is always positive. I think that’s really a function of these miners throughout 2021 having access to capital and basically being able to have a lot of capital expenditures and decide that they’re going to expand their facilities. And so what we’re seeing now is that those plans are starting to manifest and they’re actually connecting the miners that they had planned 9-12 months ago.
There were also supply chain issues. So this increase in the hash rate, I think it’s more of these big miners finally getting their stuff online, rather than more miners getting active again, so to speak. So this is good for the Bitcoin network. I think you’re seeing the total supply of long-term HODLs reach an all-time high, which is another positive development.
I think it just goes to show that there is a base of HODLers out there who aren’t moving their coins and that’s probably everyone on this call right now who is a part of it. The other thing is that there is still institutional interest in this whole bear market. Compared to 2018, there really weren’t these developments at the bottom of the bear market, it was very quiet and it was a bit sad. Now you have news, like Fidelity coming out and considering offering bitcoins to millions of individual brokerage accounts. You also have Franklin Templeton, almost like a trillion dollar manager, still in the middle of the bear market with bitcoin down 70%, they are still building infrastructure for the next bull run.
So that’s optimistic for me. It just goes to show that despite the price action, there is still excitement and interest at the institutional level and the infrastructure is being built. This is the kind of thing I like to see.
Those three things are probably what I would say: the all-time high hash rate, that’s good; miners stop selling or at least for the time being; you have long-term HODLers and then you have institutional interests. Therefore, these three things are bullish evolution. I’m excited about it.
