Bitcoin has won’ is a strong claim for an asset that’s still ~70–80% correlated with risk markets during liquidity cycles and has repeatedly drawn down over 50% multiple times in the last decade.
There is no clear ‘global consensus’ central banks don’t hold it, most governments regulate it cautiously, and its primary real-world use cases remain speculative investment and capital movement, not productive economic activity.
The four-year cycle may weaken, but it hasn’t disappeared recent price action still closely tracks liquidity expansion, ETF flows, and macro policy shifts, not some new stable capital regime.
And if price is now driven by institutional capital flows, that arguably increases systemic risk and concentration, rather than validating it as independent ‘digital capital.’
Bitcoin hasn’t “won” it’s just been absorbed into the same macro system it was supposed to replace.
@KevinSvenson_ Mate, if intelligence agencies had ChatGPT level tech 20 years ago, they wouldn’t have been sending faxes in 2010 or losing USB sticks full of data on the train. Military tech isn’t magic it’s classified, not supernatural. 😂