Unpopular opinion:
1. Large well known companies buying and holding large amounts of bitcoin is bullish news. (because it eventually raises the price by taking btc off the market)
2. Large well known companies announcing they will accept bitcoin for goods/services is... well, not really bullish. (because it doesn't actually do that)
Some would say "Well #2 adds to bitcoin's legitimacy in the public's eye." Nations are now making it a legal currency. Tesla bought $1B worth. JP Morgan trades it and says clients can buy it. We have already achieved "legitimacy".
Wake me up when Bezos, Gates, Dimon, and Buffett say they bought several billion worth of bitcoin. Then I might actually get excited.
Until then...zzzzzz.
I agree. Bitcoin will not be a transactional currency until, and unless the LN network matures and is deployed by vendors.
People are not incentivized to SPEND bitcoin. There are people who reject the whole "digital gold" NGU thing, and I think some of their logic actually makes some pretty good sense. I just think they are wrong that this is not a healthy stage for Bitcoin. It is both healthy and needed. I strongly believe Bitcoins "transactional" value is going to lag until we see the middle of the S curve insofar as being a reserve asset is concerned. Until then gresham's law reigns supreme.
After we pass the adoption bellcurve for store of value we will begin to see transactional bitcoin growing.
But a parallel exception to this rule are developing countries. In a place like El Salvador, they may skip forward to bitcoin as money because they NEED it. I think these paths can exist in parallel. And as nations like ES show prosperity because of the inflow of good money other nations with nothing to lose will follow.
In the meantime the smart institutional money will do whatever they can to slow adoption as they accumulate and shift their business strategy. more and more of them realize it is a land race, and they are almost certainly beginning to take stakes in bitcoin as a reserve asset. They are INCENTIVIZED to delay the stampede of retail. Yet they cannot stop it, because they have not chosen to spend the time they HAD to wall off bitcoin from the public, and could not on a global front even if they chose to. So they are too late. Also I will be surprised if we make it through earnings season without a handful of companies at least sending up test flares if not outright reporting they will, or have already taken a position.
The central banks are also too late. These evil fuckers, however, will most likely NOT just capitulate. It's going to be fun to watch them burn down. I look forward to seeing the WEF, IMF, and all the other CB stooges on the pyre of history. I hope the conflict does not get too hot.
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