As someone who has written often about Bitcoin, I can say I’ve received many passionate comments. There’s a script that every BTC advocate eventually recites. You’ve probably heard it or you might even believe parts of it.
Bitcoin is digital gold.
Bitcoin is the future global currency.
Bitcoin is an untouchable store of value — immune to governments, inflation, and the chaos of traditional finance.
It’s an exciting and compelling story. The problem is economics.
Every asset — from Apple stock to farmland to gold bars buried in your backyard — ultimately depends on three things: market liquidity, ownership distribution, and real-world enforcement. Strip away the mythology, and these are the structural pillars that determine whether something holds value or evaporates into financial history.
Bitcoin’s long-term challenge isn’t its technology. Satoshi’s code has proven remarkably resilient across 16 years of stress tests. The problem is economic structure.
And when you trace that structure to its logical conclusions, you arrive at three possible futures for Bitcoin. None of them look like the…
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