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I think more than one factor is at play here. The strongest is the lack of retail adoption due to aggressive tax policies and the stablecoins placebo. Few have long enough investment horizon and balls to say "fuck you" to the surveilance state.
That too, but the tax policies have always been the same, and greater acceptance by merchants mean less worry about taxes, for the more ballsy types anyway.
Stablecoins are subject to taxation too. In practice there may not be any tax to pay, but they still need to be kept track of and declared.
And they don't protect from inflation, while bitcoin has been seen as promising to do that.
All shady business, like sanctions evasion, is done with USDT or A7A5 nowadays. No one likes value uncertainty when they pay to a business partner. The merchants I spoke with hated the idea of CGT accounting for every coffee cup. The only room for Bitcoin is off-the books retirement fund, but then again, few are motivated enough to learn self custody.
Yes. I used to be all in on it in my tax-advantaged accounts (had no other option for BTC exposure in those) but now a part of me can't wait for it to collapse, because it has to happen and better sooner than later.
Once bitcoin has been flushed of what's been dragging it down, it can rise again, and come out stronger.
It was interesting to watch in 2023 and 2024, but it's clear it can't continue forever. In a world where 90% of BTC supply is held by one entity, I want to hold neither MSTR nor BTC.
Some people are blinded by their faith and won't examine their conviction in light of new data. They will live in denial, and dig their heels in by coming up with increasingly more absurd rationalizations.
I admire those who are able to take a sober look and admit publicly they were wrong.