Don't pretend nothing's wrong, I know you're disappointed. Disillusioned, even. The Fear and Greed Index on Monday, June 1 read 11 out of 100. Bitcoin at $63,000, Google searches near a five-year low. Record outflows from the spot ETFs. BlackRock's IBIT alone has seen over $2 billion leave since mid-May. Strategy selling bitcoin after, for four years, Saylor repeated a single message over and over: buy, never sell, sooner sell your kidneys. Then there's the talk of the big IPOs. * SpaceX is on roadshow with a valuation between $1,800 and $2,000 billion and a potential raise of up to $75 billion: above Saudi Aramco in 2019. * OpenAI is aiming for a listing in the autumn, an $852 billion valuation. * Anthropic has closed a $65 billion round, a $965 billion valuation. * Put together: about $3,600 billion, as much as the GDP of France. Goldman Sachs estimates that the 2026 IPOs will raise $160 billion. That's where the money seems to be running now. In moments like these, we need to go back to the fundamental question, the most important one: do SpaceX, OpenAI and Anthropic solve the same problems that Bitcoin solves? Mathematical scarcity in a digital world where everything is copied to infinity. A store of value without counterparties, that no one can devalue or freeze. An answer to inflationary money. The ability to stabilize electrical grids by monetizing excess energy. No. None of the three. The markets look at the next six months and chase the most exciting story of the moment. Confusing this with the value of what Bitcoin solves is the mistake that costs the most. View article →