🚨 Identity $1 trillion Bitcoin’s crisis hits from every direction
Now more than ever, the future of Bitcoin is uncertain due to a drift (rather than price volatility). It has stopped being relevant, although the blockchain is still operational (i.e., blocks are being produced and transactions are proceeding). The narratives that once provided the momentum of conviction behind Bitcoin (i.e., digital gold; freedom money; or institutional $BTC reserve) are currently all being questioned at the same moment; as such, attention and capital are gradually being dispersed. The real risk to Bitcoin's future won't be a new asset overtaking it, but rather the erosion of faith in the asset itself. If this erosion is merely a phase of turbulence, then Bitcoin's future will remain intact; however, if it turns into sustained decline, then Bitcoin will become obsolete.
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