End of this upcoming cycle I think we’ll see the shift from miners who leverage energy to energy companies who doing mining. That will proliferate mining exponentially and make it more competitive such that they likely won’t be able to afford holding many coins, maybe some in treasury but they’re not going to just sit on stashes any longer as some have managed.

Also think we’ll see nation states start properly trying to incentivise Bitcoin migrants into their countries with friendly tax policies, access to citizenship, possibly even special development zones.

Things like that will be required to get HODLers to part with any part of their stack. There’s only 21M of these things, gonna need to be really worthwhile incentives in place if others want them.