In terms of fiat-denominated price, I am very bullish long-term.

"never cheap enough to trigger a self-custody revolt, never euphoric enough to create escape velocity"

Governments love Bitcoin now (paper BTC) and need it to go up in an orderly manner.

When you see mainstream financial media marketing "the debasement trade" (gold, Bitcoin), it tells you everything you need to know about how 'scared' governments are of Bitcoin's MoE potential at present.