Here’s the skinny:
Wall St(tm)/ETF’s brought Bitcoin to $100k.
But they are Fiat, so by definition they are now the dumbest people in the room.
Bitcoin is in the hands of retards. For awhile.
Until Nation States, Sovereign funds, Pension funds enter the space. These are people who don’t play games, just need predictable returns to run their business.
Yes, they’re advised by Wall St(tm).
But for decades they’ve been buying Wall Street’s cast-off sloppy seconds. For their manager’s idyllic trips to wherever.
That’s a long road to travail, probably more than a “4 year cycle”.
The trust in shitcoiners like Goldman Sachs is going to break. Not soon, but it will happen because it’s unavoidable.
The headwinds to Bitcoin right now come from Bitcoiners living off Bitcoin, and the inarguable paper Bitcoin in play.
Both of those WILL be transitory. The wresting of Bitcoin from the hands of Wall St(tm) to Sovereign investment will be impressive. When it comes.