What’s holding bitcoin back is not quantum interest rates, or Saylor selling. It’s the narrative. Also AI competing for capital but mainly the narrative. The quoted tweet was my diagnosis of the market before the recent crash. But now I want to elaborate. Since Bitcoin was launched in 2009 It was always the future of money, the next big thing, and the edge of innovation. It was about to become the foundation for a new economy, where money can be transacted freely between peers with a flourishing ecosystem of Fintech companies and applications built on top of it. While most people pay the most attention to the price and volatility, I pay attention to utility. If bitcoin is going to become the foundation for a future economy it gives it immense value. That makes it worth holding for decades as I held it through 90% crashes. The narrative was so strong that bear markets did not matter. But that narrative is almost lost now. Because the ambitions to build a P2P economy with permissionless freedom money is given away, and in place of that we have adopted made up narratives spoonfed to us by Michael Saylor and his disciples. Narratives such as bitcoin is not money it’s digital property, you do not spend bitcoin, treasury stocks are better than bitcoin, “digital credit”. In the toxic maximalist era which appeared before this Wall Street capture era, everyone of the above narratives would have been laughed at. But the new crop of bitcoin enthusiasts that have joined the movement recently believe all of this. They completely accept that pizza day transaction was a mistake, which is by the way a clear fallacy; you can spend bitcoin and replace it immediately. Spending doesn’t have to reduce your stack. Nevertheless, Saylor continues the war on medium of exchange usage of bitcoin and doing so he is undermining one of the most important properties that gives bitcoin value. I firmly believe that the store of value function rests on the expectation of money to be used in future as a medium of exchange. It doesn’t have to be currently used as medium of exchange, but it needs to have the promise of utility in future for you to hold it today. When you eliminate that future utility, the reasons to hold it today also weakens. In other words, by relegating bitcoin to an asset that only sits in centralized ETFs or treasury for Wall Street paper to be issued on top of it, they are making bitcoin and distinguishable from any other Wall Street paper in functionality. This kills an immense amount of innovation that could have been happening with bitcoin as the base money, hurt the narrative, and creates an identity crisis for bitcoin. Abandoning that radical future in favor of digital credit and stock price appreciation is going to be a big mistake and can hurt bitcoin a lot. Ironically, that will also hurt the price which will then hurt the stocks. To be clear, I have nothing against Saylor personally and he really wouldn’t matter if his message had not mesmerized the majority of bitcoin holders. His message has even converted bitcoin OG‘s to stock shills. And his copycats are buying the other visible figures and bitcoin. And so he is single-handedly, changing the bitcoin narrative and its future. We have to revive the narrative and bring back to the original freedom money narrative.(Sina 🗝️⚡ BI Report)