A market is composed of people. People, therefore, are valuing bitcoin as a risk-on speculative asset, even though it’s a stable, secure SoV network. It’s not the network’s fault that people value it through this lens. However, this is the current reality. The $100T question is whether this will always be the reality.

Personally, I find this to be an education issue and a failure to view the world from first principles. However, it can be difficult to know if I’m wrong or if the market is wrong.