Full capitulation. I love to see it. Sell and move on.

You don't get it. He's not selling his coins. More than that I assume he is perfectly hedged into other projects. This is capitulation on the idea that people strive for more freedom. It is about the potential we saw in Bitcoin 15 years ago that didn't turn out to come to fruition. As people seek comfort in fiat NGU over taking care of their own money. Back then we thought people on average want to live free lives. But as it turns out (and that came as a shocking surprise to many) it is a small minority - maybe 5 % that actually do care. The rest finds comfort in slaving away their life as staists.

Welcome to the club, bro, but...

so it's a kind of debt

The goal for me isn't everyone uses Bitcoin. It's increasing human flourishing and freedom. Having a good insurance policy pays into that.

It is the asset that states may be forced to accumulate to honor their debt when confidence in their currency declines.

unclear if that'll be the case. they hoard Gold currently.

yes but you don't know how much gold a state owns and how it got it (this is the most interesting part)

Well, think about it, this way: The success of Bitcoin scared the other currency emitters straight. They can't just run their currencies into the ground, anymore, as it's now so easy for private citizens and companies to switch over to Bitcoin. They're still doing it, but slower. Slower is less-worse for most people, as they have no savings and spend their income every month. Bitcoin didn't win, but it saved billions of people from a lot of economic pain. Of course, Trump might now change that. We'll see.