https://hughhendry.substack.com/p/bitcoin-and-the-problem-of-hardness?triedRedirect=true

every cycle, people search for external explanations. leverage. regulation. china. quantum computing. the excuse does not matter. what matters is that the moment price falls hard enough, belief collapses. not because the thesis changed, but because the human brain cannot tolerate certainty paired with delayed reward under stress. when the future is clear but distant, and the present is painful, we choose relief now over reward later. always.

this is where monetary ideology dies and psychology takes over. under threat, we rewrite reality to avoid pain. we call it cognitive dissonance if we want to sound clever, but it is really just survival instinct. beliefs are luxuries. when belief becomes dangerous, it is abandoned instantly. peter denies jesus the moment belief threatens his safety. bitcoin does the same thing to its disciples. the king of hard money is worshipped right up until holding him becomes intolerable.

bitcoin is not failing. we are. gullible, imaginative, hysterical creatures who can glimpse the future but cannot emotionally survive the path to get there. the asset does not break. the holder does.