Crypto has all sorts of stories we hope are really true.

For one, bitcoin’s rising price is dictated by the world recognizing its raw disruptive power. 

No way that it’s a simple reflection of the global liquidity cycle. Nor does it serve as a basic multiplier on the performance of megacap tech stocks in the Nasdaq 100. Correlation be damned. Coincidence at best.

Here’s another: The price of bitcoin goes up when Binance co-founder Changpeng Zhao tweets “gm.”

It’s something I covered a while back. But that was before Zhao finished up his four-month prison stint in September, which included a stay in a Long Beach halfway house.

Zhao has since shared gms on X…

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