I disagree. If someone (🙋🏼♂️) held through the 80% drawdown then they’re 100% “owed a bull market” if bitcoin is what we say it is…that is a superior money, moving value over space and time. Risk-adjusted returns require compensation for that downside volatility. Absolute returns are a useless measure. It’s all about volatility adjusted returns.
Discussion
Yeah unfortunately who "owes" people this? We can't just go crying to someone and demand a bull run. The best we can do is try to convince others to opt out of fiat.
Or get used to the idea that maybe Bitcoin will never actually be the money of the world. Maybe it being freedom money for a small portion of open minded people is good enough.
Revolutions almost always fail. I'm all in on this one sink or swim.
I think the challenge for bitcoin is that in order to be a superior monetary technology, it MUST transmit superior value over space and time. As soon as it loses one or both of those functions for a long duration, the thesis starts to implode. I agree that people can't get caught up on short duration price fluctuations but 5 years isn't a short duration. It needs to perform on a risk-adjusted basis when we start to talk about 4+ year durations. Either bitcoin is a superior money technology or it isn't. There isn't a huge amount of ambiguity on whether the thesis is holding.