pretty much the same way it worked on gold:

it's just a bank with a bit of branding at the end of the day. people trust the government enough to loan it money, or maybe they don't. it goes like it goes.

Relevant, and a bit of counternarrative from 2024:

#829052 All Your Models are Destroyed — The Rise and Future Fall of MicroStrategy

Onerous taxes also deter sales, making it more scarce.

I hope they get rid of the tax also, but there is a good chance making bitcoin easier to spend will actually be price negative, at least initially.

I think eliminating the tax will be like allowing the ETF. Lots of resistance, and then when it finally happens it will seem beyond obvious that it was going to happen for a good few years before it finally does.

of course Peter Todd doesn't really want tail emission.

he's trying to throw people off the idea that he is the real satoshi.

next step is wirehouses like JPM demanding to custody the Bitcoin.

why let Coinbase take all the profits from rehypothecating custodied Bitcoin, when you can do it in house?

“Bitcoin-backed lending is the most mispriced credit instrument in the world.”

so he says.

in what direction is it mispriced though? rates too high or rates too low?

the only big fund packager house without a Bitcoin ETF.

lol!