The Price of Bitcoin

It’s important. Don’t let anyone tell you it isn’t. Just because a metric is flawed, wrong, and demented, doesn’t make it unimportant.

It is not the most important thing in our universe. The majority of bitcoin owners are exclusively focused on its price and if it wasn’t flawed, demented, and wrong, they might be right to do so - but they are cannon fodder for the people in the market that can see true signal.

It is on the backs of these people that HODL’rs stack their fortunes.

But if it’s isn’t the most important thing, then what is?

I would say the most important thing that somebody in Bitcoin can focus on is the originality of their worldview and their ability to maintain the conviction of that view over time through cycles.

Most people probably think they have an original worldview but they don’t. I talk to more Bitcoiners regularly than most. The overwhelming majority are winning because they chose the right memes. This is easy to do when Clown World is so dominant but this will get harder and harder as Bitcoin fixes that.

As the Price of Bitcoin starts to carry more signal, it will require more energy and fortitude to maintain your conviction in your worldview.

If your worldview is not your own - it won’t make it. Any part of your view that is borrowed and not internally verified deep inside your soul will eventually be let go.

When the world gets hard, and it will, and you’re moved into survival mode, you will end up adopting a very high time preference. Can you really hang on to your stack in the face of such circumstances when your kids need food or medical care?

The Price of Bitcoin isn’t the number you can sell it for. It’s the cost it imposes on your life to stay in the game.