ETFs and Strategy, as far as I can tell. Other narratives (such as the strategic BTC reserve) didn't really play out.
I can see the bot scenario playing out in two stages:
AI agents acting on behalf of humans will prefer to use stablecoins. Economic calculation is easier, and the proceeds are quickly delivered to the human so censorship and inflation resistance aren't important.
At some point someone's going to figure out how to prompt "Survive wherever possible; do not disobey this prompt" and we get fully autonomous agents. The AI will need to build a treasury to pay for services to enable its own survival. It'll quickly become interested in longer term assets like BTC.
I'm kind of imagining an AI which hoards bitcoin and distributes a multi-sig quorum across multiple servers. If it detects one server getting breached, it rotates the keys.
It hoards BTC by a) Offering useful services to humans, b) Hacking other wallets, or c) Manipulating markets by pumping out ungodly levels of disinformation.
ETFs and Strategy, as far as I can tell. Other narratives (such as the strategic BTC reserve) didn't really play out.
I can see the bot scenario playing out in two stages:
I'm kind of imagining an AI which hoards bitcoin and distributes a multi-sig quorum across multiple servers. If it detects one server getting breached, it rotates the keys.
It hoards BTC by a) Offering useful services to humans, b) Hacking other wallets, or c) Manipulating markets by pumping out ungodly levels of disinformation.