It’s also true that, despite this year’s long drawdown, bitcoin and crypto in general are in a vastly different place than they were 18 months ago. Though two years of crypto hype produced the usual surfeit of scams and garbage, it has also dramatically advanced development, awareness and adoption, including El Salvador’s troubled but important bitcoin experiment. And while there are no guarantees, the market now seems to have found at least a temporary bottom, so Tesla’s sale announcement is fighting against a nascent bull narrative.
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