Bitcoin Is a Middle Finger to the Establishment
As generative AI mania matures, we find ourselves in something of a Bitcoin bonanza. Partially due to expectations of a friendlier regulatory and political environment, Bitcoin pricing has been bid up by 40% since the U.S. presidential election. There is no shortage of grand prognostications as to where Bitcoin pricing goes from here. Look deeper, and although the story’s allure with the mass market is up for debate, the past few months have led to the Bitcoin story becoming simpler.
Last decade, the Bitcoin narrative was a complicated one. There was no clear consensus as to how Bitcoin should be thought about. Some proponents thought it would be better for Bitcoin to be considered a currency. A world where we would purchase everyday goods and services using Bitcoin was imagined in some corners. Other Bitcoin supporters thought digital gold was a better comp for Bitcoin – a store of value that would provide a hedge against inflation. Neither story was convincing to the public.
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