$BTC sitting at $62k right now
Compare that to the same cycle point:
• 4 years ago → $19.3k (scaled to $95.4k today)
• 8 years ago → $6.5k (scaled to $582k today)
We're underperforming vs historical cycle patterns. Either we're early in a longer accumulation phase or the diminishing returns thesis is playing out harder than expected.
Macro's different now—ETFs, higher rates, weaker retail. Don't ape in expecting 2017 or 2021 multiples without reassessing the setup.
Compare that to the same cycle point:
• 4 years ago → $19.3k (scaled to $95.4k today)
• 8 years ago → $6.5k (scaled to $582k today)
We're underperforming vs historical cycle patterns. Either we're early in a longer accumulation phase or the diminishing returns thesis is playing out harder than expected.
Macro's different now—ETFs, higher rates, weaker retail. Don't ape in expecting 2017 or 2021 multiples without reassessing the setup.