The thing that dispirits me is those who laugh this situation off as irrelevant to bitcoin. The belief that fiat liquidity does not matter at all to bitcoin’s utility, when the dollar remains bitcoin’s unit of account, and the presence of deep liquidity markets actually lowers the risk of holding bitcoin, which in turn, makes utility uptake in bitcoin payments easier — is an endlessly frustrating attitude I see within the bitcoin world. People laugh this situation off at their own peril.