The breaking of Bitcoin cycles, while predictable, has had me wondering about the inherent stupidity of humankind. Why are shitcoins still a thing? Even the fake “stablecoin” USDC broke peg in 2021, and idiots with no sense of self-preservation came rushing in to bail it out…
As the wise man once said, “the people are retarded”.
Bitcoin won’t be $1million in our lifetime. We, as Bitcoiners, need to let go of that fantasy. The bitcoin millionaires were made already, the rest of us won’t to be among them. It’s abundantly clear that Fiat money is worthless, yet people and nation-states don’t take basic steps to save themselves. It’s all so tiresome.
Bitcoin is a litmus test, but we need to recognize that the testing period has ended. The people who “passed” the test - who understand our situation - have been identified…and those who are unable have been identified as well. The testing period is done. We, the remnant, hodl in self-custody, the rest won’t and never will. The education phase has played itself out, and all the podcasting in the world won’t change the situation we’re in now. Any “new money” coming into Bitcoin will not happen because of education, but only via coercion as the iceberg of fiat melts around us.
The “adoption” phase of Bitcoin is ended. There are - virtually and practically - no new converts to be wooed. There are - as we’re experiencing now - no new buyers, just our regular cohort of dca’ers. Growth in Bitcoin, going forward, will be dependent on the failure of Fiat. And that, as we’re experiencing and recognizing now, will be a slow slog by a confederacy of dunces.
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