In the crypto market, there are just as few numbers that have sparked appeal and controversy in the crypto market as Murad, a trader who tied almost the entire net worth to a single asset, SPX6900 (SPX).
His beliefs, adjacent to obsession, divide opinions into X (Twitter). Some call him a delusion, while others welcome his commitment as an embodiment of the countercultural spirit of code.
Murad’s beliefs clash with a brutal drawdown
Murad places the SPX6900 as a unique cultural and financial phenomenon, claiming that Altcoin could be ready for significant growth.
For Murad, SPX is more than just a speculative token. It represents a fusion of the most powerful subcultures of cryptography, including discipline, passion, generosity, and rebellion, all compressed into one narrative asset.
“1) the intense HODL + DCA culture of BTC, 2) the passion and evangelism of XRP, 3) the culture of doji, 4) the counterculture spirit of GME… this will be bigger than anything you’ve never seen before,” Murad writes.
But beliefs come at a cost. Beincrypto reported that SPX prices have suffered a sudden revision recently, falling 35% from their $2.15 peak.
Murad, who owns 30 million SPX tokens and refuses to sell one token, saw his portfolio collapse from $67 million to $42.8 million. SPX currently accounts for more than 97% of his holdings, exposing him to its volatility almost entirely.
The pain has deepened recently. Murad’s portfolio has hit a three-month low, with SPX prices falling nearly 60% since July, according to Arkham Intelligence.
Critics argue that he “returns” tens of millions of people. That is, we saw prices rise faster before we returned to the starting point.
Arkham repeatedly emotion, noting that Murad has traveled over $35 million since his portfolio peaked.
“Imagine going back and forth for $30 million. Murad has made round trips over $35 million since his portfolio peaked in July three months ago. Was it over for Murad, or will he get it back?” Arkham said.
Is Murad’s belief greater than numbers?
Despite the drawdown, Murad remains rebelliously bullish, predicting that the SPX could reach $1,000. Such a move would tear his portfolio to over $30 billion.
Supporters claim that his vision will take advantage of something deeper than the price chart. Commentator Maddox suggested that the SPX6900 could be a vessel for the reemergence of social dissatisfaction that once promoted Bitcoin and GameStop (GME).
“Do you think there are still very large groups in society where the system doesn’t work for them and doesn’t have an alternative? Bitcoin was an alternative. Do you think another alternative makes sense now?” Maddox wrote.
Meanwhile, others view Murad’s commitment to the SPX6900 as evidence of collective resilience.
Conversely, skeptics warn that Murad’s stance doesn’t look like a fantastical belief, but a reckless denial. But in the code, the story often moves through the market, and the SPX6900 story is undoubtedly strong.
Some argue that accumulation is quietly gaining momentum beneath the surface as holder growth and replacement supply hits a yearly low.
At the time of this writing, SPX6900’s power token, SPX, had fallen almost 5% over the past 24 hours, trading at $0.9563.
A $67 million bet on Murad’s SPX6900 tank – Foresight or delusion? It first appeared in Beincrypto.
