I am more concerned about the global economy than ever before. I was hoping that #bitcoin would be viewed as a "risk off" asset prior to any major economic collapse. Unfortunately, that has not happened.
IMO, to be "risk off," a few things need to happen, but market cap is a big one.
Bitcoin's market cap should be in the 5-10 trillion range and poised to eclipse the market cap of gold after the next halving.
We are either the "smartest people in the room" or missing something.
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.
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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.
