Low time preference hits different.
Why?
Bitcoin’s value proposition is not a perpetual price rally to the moon, but a predictable rule set and settlement/clearing independent of central authority, 24/7/365.
Bitcoin’s security model, ten-minute final settlement, decentralized governance, and consensus do not weaken just because the market price falls. Mining, in turn, ultimately adapts to price changes through difficulty adjustments.
Price cycles are an empirically observed, “stylized” feature. They are not “true” in the same sense as the statement “The Earth orbits the Sun.” Price movement or the breaking of some chart pattern is therefore not evidence of (non)success. Bitcoin is not a short-term risk-off hedge, but a long-term counterpart to the fiat standard, in which supply flexes endlessly according to political decisions (elastic vs. inelastic supply). The expectation that Bitcoin must rise right now (because it just has to, for whatever reasons) is a sign of a ve-ery short time horizon. Many have made that same mistake, unfortunately—but to each their own.
Study #bitcoin.
PS. Mainstream adoption does not negate Bitcoin’s absolute scarcity. ETFs do not make Bitcoin less scarce, because such products fundamentally change the form of ownership (or its direction/weighting, cf. short products, so-called premium income products, etc.). The claim that financial products based on Bitcoin somehow weaken the significance of its scarcity is a conceptual error: supply is not governed by any investment instrument, but by a precise protocol.
PPS. The “risk list” compiled in the article—from quantum computers to the unwinding of Bitcoin balance sheets—is the strangest horror gallery of the past year (and it’s only February). Quantum computers, Epstein documents, and Bitcoin balance sheets are bundled into the same basket without any proper background, scale, time horizon, or probabilities.
