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The longer I’ve been in Bitcoin, the more the Stock-to-FOMO model feels like the right mental framework. We’re in the middle, the most boring stage of Bitcoin price action. I keep thinking we’re close to the other side, but the middle might be longer than we expect. Those who say Bitcoin price action will never look like the early days forget what their denominator is. Fiat only goes towards zero. Until then, Bitcoiners who missed the early rise are left to patiently stack sats, slowly losing our minds on our way to Suddenly. Thanks @Wicked for the chart image

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If Stock-to-FOMO is true, the middle will be another 10 years at least, possibly 20 years. The US dollar will survive debt restructuring. If the markets were hungry for hard money, gold would be a lot more expensive, and the bond market would have collapsed a long time ago. It's easy to look at the present state of the US dollar, and see it collapsing, but the US dollar has always been in a state of perpetual collapse. It was never designed to be sustainable.