This instinctively feels right. There will come a time when trust in fiat erodes very rapidly. That will be the return to those explosive early spot price appreciation moments imo
The longer Iāve been in Bitcoin, the more the Stock-to-FOMO model feels like the right mental framework.
Weāre in the middle, the most boring stage of Bitcoin price action. I keep thinking weāre close to the other side, but the middle might be longer than we expect.
Those who say Bitcoin price action will never look like the early days forget what their denominator is. Fiat only goes towards zero.
Until then, Bitcoiners who missed the early rise are left to patiently stack sats, slowly losing our minds on our way to Suddenly.
Thanks nostr:nprofile1qqs27tmg9agj3xv993n9flcxt2jqtfqazh3trjmvj9e3yds9w38sdespzemhxue69uhky6t5vdhkjmn9wgh8xmmrd9skcqg4waehxw309ajkgetw9ehx7um5wghxcctwvshusv9d for the chart
Discussion
But in dollar terms which increasingly becomes meaningless.
In my mind it depends on if spot price over or under-performs debasement. I think if a large fiat system is collapsing due to mismanagement/loss of trust then the value that was once embedded in that currency largely flees to other assets. If that value flees disproportionately to bitcoin then spot price could appreciate more than debasement.