Why has Bitcoin adoption taken so long? IMO: Deniability. Bitcoin has been one of the best-performing assets over any serious long-term horizon. Yet its volatility gives people constant opportunities to dismiss it. Bitcoin falls 10%: “Glad I didn’t buy.” Bitcoin falls 30%: “See, I knew it was too risky.” Bitcoin falls 50%: “This thing doesn’t work.” Then Bitcoin compounds enormously over a longer period, and the cycle starts again. Volatility creates deniability. Digital Credit creates a very different experience. If an instrument pays a ~13% annualized dividend every day, you receive tangible evidence every day that it is performing its intended function. Yesterday: dividend. Today: dividend. Tomorrow: dividend. The psychological feedback loop is completely different. You don’t have to wait four years to determine whether the thesis is working. You get another data point every day. And if Digital Credit can continue delivering that income with substantially lower volatility than Bitcoin, the deniability starts disappearing. Bitcoin asks people to see through volatility to understand the long-term result. Digital Credit makes the result visible every single day.