A very famous bitcoiner, Michael Saylor, reminded Peter Brandt that laser eyes mean “a long-term commitment to bitcoin based on its ethical, technical, and economic superiority to alternative assets.“Technical analyst and inventor of the Bollinger Bands technical indicator, John Bollinger, suggested that Peter Brandt’s tweet was “a little mean“.
All BTC Purchased in 2021 is currently “a losing trade“.
Trader Peter Brandt recently reignited his feud with bitcoiners who use laser-eyed crypto memes after reminding them that every bitcoin purchase in 2021 is currently “a losing trade“. Peter Brandt added that even he could not have predicted that the crypto would trade below $20,000 in October 2022.
OK, let’s be honest. How many ppl who sprouted laser eyes in 2021 would have believed that every BTC purchase the entire year would currently be a losing trade? pic.twitter.com/jbRI6gc92p
– Peter Brandt (@PeterLBrandt) October 7, 2022
In response to the veteran trader’s tweet, Micheal Saylor, who recently stepped down as CEO of Microstrategy, explained why he and other bitcoiners are still committed to the laser eye cause. He stated:
Laser eyes signify a long-term commitment to bitcoin because of its ethical, technical and economic superiority to other assets. All major financial asset classes have lost trades over the past year. That’s why we don’t trade, we host.
Laser eyes signifies a long term commitment to #bitcoin based on its ethical, technical, and economic superiority to alternate assets. All major financial asset classes have been losing trades over the past year. That is why we don’t trade, we #hodl.
– Michael Saylor⚡️ (@saylor) October 7, 2022
Saylor’s remarks were echoed by another Twitter user named Stephen Livera, who insisted that the key goal of those who adhere to the laser eye movement is “to increase our number of stacked sats and earned freedom.“In addition, the user also appeared to attack Brandt’s use of technical indicators when seeking to understand the future price movement of an asset.
“Predicting short-term price movements is a fool’s errand. Growing and advancing the movement is the real goal“, tweeted Stephen Livera.
There’s a broader long term vision here. The aim is to increase our number of sats stacked and freedom acquired.
Predicting short term price movements is a fool’s errand.
Growing and advancing the movement is the real goal.
– Stephan Livera (@stephanlivera) October 8, 2022
Alex Gladstein, a human rights advocate and laser eye supporter, reminded Brandt that “the idea was simply to put them on for the trip to the $100,000.“Alex Gladstein predicted that the laser eye movement will not let up until Bitcoin gets to $100,000.
The dangers of dogmatic thinking
However, when John Bollinger, technical analyst and inventor of the Bollinger bands, suggested that Brandt’s tweet was “a little mean“, the trader nodded but insisted that his goal was to remind supporters of the laser-eye movement of the dangers “of dogmatic thinking“.
During the 2021 crypto-currency bull market, many bitcoin maximalists began adding red laser eyes to their social profile pictures. The use of red laser eyes then signified that the holder was bullish. As the movement gained popularity, Brandt became one of the first prominent traders to question the movement, which he compared to a cult.
For example, on March 31, 2021, when bitcoin was trading above $58,000, Brandt said:
“I will use my laser eyes when BTC experiences a $50,000 correction and many of you trade in your lasers for tears.“
A few months after Brandt’s remarks, bitcoin reached an all-time high of $68,789.63. However, since then, the most important crypto-currency has been on a downward trend and has mainly traded between $23,000 and $18,000 since September 1, 2022.