I owuld say that there are a number of factors at play. Here are a few.
One, we are early. The tech is still in the early adopter phase.
Two, the dollar is entrenched in the minds of the masses.
Three, entities are suppressing the price (first to stop it, now to slow it down).
Four, sovereign funds have legal barriers.
Five, psyops have dilluted investment (eth, etc)
Six, scams have impacted confidence (ftx, etc).
I think eventually the dam breaks, the dam being the USD.
This link relates to item 3. I think that enough raw demand (i.e. Bitcoin in self-custody rather than claims on Bitcoin) will eventually be more impactful than any market manipulation.
nostr:note1ur0nj6nfyuy90fs4es4j6gyne6f0ecwgjxygcm77tlguup35y3hqrgh8cg
That's the goal, isn't it? Self-custody rates ought to drive up the price due to supply/demand functions, as well as transparency. If it can be shown that an entity is selling more bitcoin than it holds, it will likely cause a custody run, which is what we want.
