Yeah people I think don't realize, that this will likely continue until everyone is so convinced that it's never going to end, that they leverage themselves in an absurd way, *en masse.*

Otherwise the more people are carefully and responsibly "leveraging" or just building easily managed positions, there won't be a "bubble" yet. But only a gradual, stair-stepping increase in the price floor.

But there will only be so much stair step growth before the FOMO hits, and major institutions and governments question their own sanity, for not buying #Bitcoin at $105K, while it's breaking through $300K. And In a panic they will allocate everything they can, and leverage everything they can because they just can't believe its happening. Then it works out great as it breaks through $500K, and they double down...

THEN we know what happens.

The question is just at what point does this occur. How long can the detractors hold themselves back and convince themselves that "it's all just an illusion," vs how long can the responsible buyers keep stacking and pushing the price up bit by bit, vs how long it takes for #Bitcoin to utterly defy everyone's expectations and cause a panic, first to the positive, then to the negative.

Path of greatest pain. Always has been.