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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…
Interesting point. The first one feels temporary. The second one more durable. But hash power or energy going to Bitcoin mining doesn't determine its price (the network difficulty adjusts if miners go offline to keep the same pace of block mining). Long term, Bitcoin price is mostly a measure of how much people fear inflation, and there seems to no end in sight to democracies everywhere running deficits.