if trust is lost in the fed, no amount of fed intervention will mediate that
Discussion
Although trust means different things here to different groups.
We may want to trust that the fed not print money and debase the currency.
But many other market participants actually want to trust that the fed will backstop, and kick the can.
So it's probably a slow burn as people understand that bitcoin is better to store wealth than other asset classes. Rather than a crisis moment that spurs hyperinflation, hyperbitcoinization etc.