I disagree vehemently with you here. I will try to be brief. The first mistake is equating Bitcoin's success with its fiat price. Bitcoin was created as an P2P electronic cash system that can transfer value without a 3rd party. Does it do that? Yes. Second, while the on/off ramps to bitcoin in the form of centralized exchanges have been somewhat tainted, it can still be traded P2P and in a lot of places outside the west there are many growing Bitcoin circular economies, where BTC is used as a medium of exchange. Lightning transactions are growing (see latest River report) as well as the value of transactions that the network settles annually. The gold & silver run are indicators that the fiat system is on its last legs and while btc didn't rally along with them this time around. The underlying thesis is the same: which is the Fed will only print more dollars and continue diluting everyone else. It's just math, no need for a "bullish narrative".