Progress Recap: Institutional Acceptance

Four weeks of the big picture. Here’s what that context now provides.

Bitcoin vs gold: the institutional comparison is being made seriously. Bitcoin improves on gold’s primary function — store of value — with better portability, divisibility, and verifiable scarcity. Gold has 5,000 years of history that Bitcoin hasn’t had time to build. Both can succeed simultaneously.

Bitcoin vs real estate: a significant portion of global wealth is stored in property not because people want to be landlords but because there’s no better alternative. Bitcoin offers a liquid, divisible, maintenance-free store of value for the portion of wealth currently trapped in illiquid property.

The Lindy Effect: every year Bitcoin doesn’t die makes the case stronger. It’s survived exchange collapses, government bans, 90% crashes, and existential technical debates. Each survival adds to the evidence of robustness.

Network effects: fifteen years of compounding infrastructure, users, developers, and institutional capital. The lead is structural, not just historical.

The four-year cycle: real in its mechanism (the halving), uncertain in its continuation as the market matures. A map, not a guarantee.

On-chain data: the blockchain reveals things about Bitcoin’s holder base that no other asset class allows. Long-term holders accumulate during bear markets. Short-term holders generate the volatility.

For the full myth-busting treatment of every argument against Bitcoin — tackled with the same rigour applied here:

Bitcoin Myths & Legends: Debunked — amzn.to/4bOwqsp

Tomorrow: what historians will say about this period.

— The Daily Bit