In May, after building a following of tens of thousands by making millions trading Bitcoin, “Joe007” threw in the towel. At the time, the pseudonymous trader cited his inability to “afford Twitter.”
“Trading is a dangerous, adversarial, high-stakes info game. It’s played against best-in-class, looking for any advantage. Your trade results and views being public gives them too much advantage over you,” the “whale” wrote, discussing how the information he gave on Twitter could affect his profitability.
So he left, and that was that. Until it wasn’t.
On June 28th, the Bitcoin trader returned. And he’s already begun to pick fights with some segments of the cryptocurrency community.
Ah, what the hell. Let's have some more fun.
— ʲᵒᵉ007 (@J0E007) June 28, 2020
Bitcoin’s Most Famous Whale Is Back
The allure of Crypto Twitter was too strong for even a dedicated trader like Joe007. The trader, who makes dozens of millions per month as per Bitfinex’s leaderboard, returned after 50 days away.
And he isn’t pulling any of his punches.
His first task was to call out “degenerate crypto-gamblers and S2F cultists.” The stock-to-flow (S2F) model is an econometric analysis by a pseudonymous analyst predicting Bitcoin will hit $100,000 by 2021, then one million heading in the second half of this decade.
Joe007 went on to call out the “idiocy of the Brrr meme.” The “brrr” meme is a narrative in the cryptocurrency and financial markets that the Federal Reserve’s monetary policies will boost Bitcoin.
The idiocy of Brrr meme explained in terms that even S2F cultists can understand. Amazing! https://t.co/oVGhB8EvYQ
— ʲᵒᵉ007 (@J0E007) June 28, 2020
And lastly, he discussed the “fairy tale narrative” that is “GBTC [is] buying more BTC than miners produce.”
“Arbitrageurs are playing GBTC premium by BORROWING BTC and converting them into GBTC shares. Direct GBTC market buys were less than 10% of miner emission in 2020. Don’t trust, verify,” Joe007 wrote.
Seeing that Joe007 has returned to Twitter for all of six hours, there’s likely a lot more he has to say. But what that will be remains to be seen.
A Massive Economic Shock Is Coming
One of the most poignant comments Joe007 made before his initial departure was that a massive economic shock is coming.
Echoing the fears of many Wall Street analysts and economists, he wrote:
“It is going to be the biggest economic shock of our generation. It will unfold in waves and over time, giving false hopes and then crushing them. The focus of the crisis will be shifting through different areas. Attempts to alleviate and solve one crisis will lead to more mess.”
The Bitcoin trader also shared a paper indicating that it may be a “tough 20 years going forward.”
He did not tie this sentiment to Bitcoin, though there are some saying that a extraneous macro shock will aid cryptocurrencies.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt An Infamous Bitcoin Whale Just Resurfaced — and He's Got a Bone to Pick
