I tended to only think about how bitcoin will fix the world by syphoning in all the monetary energy misallocated in other assets.

Now I increasingly realize that the appreciation of bitcoin is primarily not due to sucking in new investments.

Bitcoin attracts human ingenuity because bitcoin is ethical and absolutely vital to human flourishing.

All the intellectual energy that had been captured by fiat jobs and fiat markets is now turning towards better use - helping bitcoin win.

Investments couldn’t have occurred if not for all those open-source people who put in the low time-preference effort in projects with no clear business plan or calculated returns on investment.

This is grassroots adoption, not institutional adoption.

This is organic evolution. This is spontaneous emergent order.

This is bitcoin