There are two problems rn for crypto and, specifically, bitcoin bulls: 1) marginal liquidity would rather speculate in prediction markets and equity markets 2) marginal energy to mine BTC is worth 10-20x if reallocated to serving AI tokens These changes feel structural but I could be wrong…
Analyst suggests bitcoin faces structural headwinds from competition with prediction/equity markets and AI token mining.
There are two problems rn for crypto and, specifically, bitcoin bulls: 1) marginal liquidity would rather speculate in prediction markets and equity markets 2) marginal energy to mine BTC is worth 10-20x if reallocated to serving AI tokens These changes feel structural but I could be wrong…
RT @chamath: There are two problems rn for crypto and, specifically, bitcoin bulls: 1) marginal liquidity would rather speculate in predic…
Two problems with your two problems: 1) The marginal dollar chasing prediction markets, memecoins, AI, or whatever is next was never durable Bitcoin demand in the first place. Bitcoin succeeds by replacing savings and becoming money, not by winning marginal speculative rotations. 2) Bitcoin doesn'