Crypto trader Joe007, known for battling Bitcoin believers, reactivates Twitter account and mocks Bitcoin price model followers.

Chain News has been following the mysterious trader Joe007 for quite some time. In May, he announced his retirement, but it seems that he has had difficulty breaking free from reliance on social media platforms. He first moved to Bitfinex's social platform, Bitfinex Pulse, and after finding that he did not receive much attention there, he returned on the evening of the 28th, two months later, with a post declaring his comeback. He warned everyone: "This thing is too addictive, don't play with Twitter, kids."

Joe007 Criticizes GBTC and Slams Stock-to-Flow Model Again

Upon his return, Joe007's first move was to mock those who believe in the Bitcoin Stock-to-Flow (S2F) price model. He started by referencing the popular meme "Brrr meme" in the crypto community, suggesting that even believers of the S2F model could understand the meaning behind this meme.

Note: "Brrr meme" emerged after the COVID-19 pandemic, mocking the Federal Reserve's excessive money printing and emphasizing Bitcoin's scarcity.

The idiocy of Brrr meme explained in terms that even S2F cultists can understand. Amazing! https://t.co/oVGhB8EvYQ

— Joe007 alerts·groups·funds? Scam! (@J0E007) June 28, 2020

In addition to his continued criticism of the S2F model, he surprisingly acknowledged that the recent price increase has brought momentum to the bullish side of Bitcoin:

Given the recent rise, with a slight increase to reach $10,000, my portfolio is now more balanced to prevent price breakthroughs in any direction, but I still believe that the possibility of a decline is greater.

Recent reports have shown a significant surge in the Grayscale Investments' Bitcoin Trust Fund GBTC, with the amount of Bitcoin held by the institution continuing to rise. However, Joe007 referred to this as a fairy tale, pointing out that this phenomenon is due to arbitrageurs borrowing Bitcoin and converting it into GBTC, leading to a premium. By 2020, the buying volume of GBTC will be less than 10% of the miners' output. Joe007 urged:

Don't believe fairy tales, go verify them.

Although Joe007 has returned to the Twitter community after his flip-flopping, he has fulfilled his promise not to appear on the Bitfinex leaderboard. He stated that the Bitfinex leaderboard is not as it seems, requiring continuous data accumulation, but he believes he doesn't need too many followers and can now focus on the quality of followers.

The crypto community largely welcomed Joe007's return, with many users celebrating in the comments below his tweets. Larry Cermak, Director of Research at The Block, also commented:

You can never leave the crypto community; it's easier to get addicted to this than drugs. Welcome back, you son of a bitch.