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Bitcoin is facilitating a movement of wealth and power, not a change of wealth and power.

The future Rothchilds, Goldman-Sachs, Grosvenor’s are Bitcoin whales right now. If all 8 billion people wanted L1 Bitcoin, it would take nearly 40 years for those transactions to clear the mempool, so most people will never hold Bitcoin and will have to “trust” Bitcoin L1 holders to issue them tokens (such as ETFs) or custodial Lightning.

It’s the same game, with new players.

Laeserin 1y ago

I'm arguing that it'll mostly be the same players because they have enough other wealth (including hard assets, not just fiat), that they can FOMO in, even at atrocious prices.

Why would a Rothschild not buy Bitcoin at €1 million? That's peanuts, when you're a zillionaire.

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Discussion

mike 1y ago

Agreed, however Bitcoin is a disruptive technology and not everybody is able to accept it.

I think some old guard will jump on the Bitcoin wagon, but most won’t.

Also, Bitcoin will not go up for ever. 21M coins at $20M nearly equals the entire wealth of the world ($454T)

This halving will be a full NGU event, I don’t believe the next halving will be a full NGU event.

Time is running out, despite the narrative of we are still early.

Once the price settles, probably around $5M a coin, then it will start becoming adopted as a currency, not just an asset.

Laeserin 1y ago

Okay, but I'd bet fiat that many of those people already own Bitcoin or want to buy, and are just talking down the price.

mike 1y ago

I’m not taking that bet 😂

Laeserin 1y ago

That's not just a hat rack you have, my friend.

mike 1y ago

I had to look that up.

Thank you fren