$BTC As Bitcoin peaks get smaller over the years, what should we understand?
In 2013, Bitcoin’s market cap was small. The amount of money (energy) needed to 10x it was like a drop in the ocean. Now Bitcoin is a trillion dollar asset. To increase its price by 100% (make it 2x), it takes trillions of dollars of fresh inflows. Smaller peaks show that the asset has shifted from a speculative toy to a global macro asset. It’s become harder to even 2x, but at the same time, it’s also much harder for it to drop 30% in a single day.
Based on this picture, Bitcoin is no longer a get rich ticket, it’s o