Narrative is a common term used with markets because markets have strong social feedback loops.
This matters increasingly for bitcoin because the supply-driven crazes of the early havings have mostly ceded to market buying and selling at the margin.
The narrative doesn't write itself anymore, it depends on demand. The supply is ~95% issued. The scarcity is (mostly) understood by smart money.
The demand, and therefore the narrative, at scale has been overly distracted with growth prospects dependent on dollar revenues, which will be eaten by (moderate but real) inflation.
The flows will come this way when some demand is sparked and the narrative flywheel turns.
#bitcoin #nvidia
