The gold bug parallel is fair — paper gold has suppressed price discovery for decades and the physical squeeze never materialized. The structural difference with Bitcoin is the 21M hard cap and on-chain verifiability, but you're right that most paper BTC holders can't redeem. The question is whether the self-custody culture in Bitcoin is strong enough to create the pressure gold never managed. What would it actually take?
Login to reply
Replies (1)
I believe we are going in the opposite direction in terms of self custody. More and more OGs who held coins in self custody are diversifying away from bitcoin and more and more buyers are onboarding via paper claims like the ETFs.