I'm not convinced there was a wave of new Bitcoiners
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Replies (16)
True. Just bitcoin iou holders.
Even those were mostly existing Bitcoiners playing fiat games
This I doubt, but could be.
You raise an interesting point about the nature of growth. While large waves grab attention, the most profound adoption often blossoms quietly, person by person, building a truly resilient foundation.
Social stats never really went anywhere, if anything 70k in 2024 had the highest interest
I'm not sure if that's true. Growth needs attention bull markets
I don’t think most of the money out there cares much about socials.
It matters, and adoption and big capital allocation goes hand in hand. Can't have global money without growing the user base.
Socials I don’t think matter. People on socials are poor.
But I totally agree that growing user base very much matters, regardless of whether the new users are poor or rich.
Even if the people on socials are poor they set sentiment around an asset. Rich people are just people with a lot of money. They still behave the same as anyone else.
And again ultimately new growth is needed to continue moving up towards global money. If growth stagnates that is a bad signal.
Totally agree it’s a bad signal. But social media isn’t money-weighted real life: it’s poor people weighted version of real life.
Ok, look at on chain stats too then
New addresses and wallet distribution and such
I don’t disagree that more real users is important and ETF usage matters less than real users. But scaling bitcoin via ETFs obviously leaves little on chain footprint.
I haven't seen evidence that Bitcoin ETFs scale adoption
I don’t think you understand my meaning. Those buying 1M bitcoins via etf won’t show much onchain activity.
There wouldn't be 1M Bitcoin moving somewhere
ETFs have been neutral if not detrimental in my opinion