This is a great take. I'd add that bitcoin/crypto used to be where the speculative dollars went. Now, with sports betting apps, "prediction markets", and AI Stocks/shiny rocks trading like shitcoins, there is much less reason for that marginal 'gambler' to turn to bitcoin.

Replies (1)

JOE2o's avatar
JOE2o 1 week ago
That’s a good point too. I think sometimes people think that “other people” at large are an unlimited resource. But actually the number of other people across the world who have money to buy some meaningful amount bitcoin and who will invest in anything in their lives, bitcoin or whatever else, is kinda fixed. If you have one big chunk that's traumatised, another that's been warned off by the traumatised, another that's moved over to prediction markets and whatnot as you point out, and so on, those are like serious chunks!