People are looking at NGU the wrong way IMO. Lots of arguments for what happens when billionaires, pension funds, sovereign countries jump in, but while all that’s big, there’s something much bigger: the shift from offense to defense.

It’s one thing to think, damn I’m missing out, how do I can my hands on the NVDA stock everyone’s talking about? Quite another to think, “if I don’t buy, I will lose everything I have.”

Loss aversion is even more powerful than greed. It’s what set nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m on the path.

Once the supply/demand disconnect kicks in at scale (and we might be close), it won’t be long before the average wealthy person realizes he simply has no choice.

Imagine the world’s 60 million millionaires all realizing more or less at once that (1) they have no choice; and (2) fewer than 1/3 of them will ever have a whole coin.