If you still think we’re in a fractional reserve banking system, you’ve been misled. Since March 26, 2020, we’ve operated under an optional reserve system. That means banks aren’t required to hold any reserves, zero, and it’s perfectly legal.

Fractional reserve banking was reckless. Optional reserves are outright insane. There’s no individual metaphor for it because no sane person lives like this. If you thought the old system was fragile, this one is a house of cards in a hurricane.

This doesn’t lead to a stronger dollar. It leads to decay. Strength requires discipline. Bitcoin is the most disciplined asset on Earth and that’s why it keeps getting stronger.

Ask yourself: what do the cycles depend on more: Bitcoin’s certainty or the dollar’s instability?

And what happens if fiat fails while you’re holding fiat wrapped Bitcoin? Maybe it never happens. But if it does, and most of your “Bitcoin” is just an IOU, you’ve failed the one test that matters.

Cold storage is self sovereignty. Everything else is a gamble.