This is Not Bitcoin’s Cycle

With a new cycle seemingly underway, there are legitimate concerns around Bitcoin worth considering, and I do not just mean quantum vulnerability.

I, and it seems some others on the timeline, have been turning over the possibility of BTC underperformance this coming cycle, similar to how most alts failed to make meaningful new all-time highs last cycle.

With Bitcoin already ripping higher, you may think me crazy. But hear me out.

Bitcoin Is Mainstream

Last cycle was, more than anything, about "mainstreaming" Bitcoin.

It kicked off with the approval of spot ETFs, which opened Bitcoin to institutional capital and did so with tremendous success, as BlackRock's IBIT became the fastest ETF everto reach $10B in assets. Then we had Trump run, and win, on a platform that included creating a Strategic Bitcoin Reserve, another catalyst that helped push Bitcoin through six figures. Meanwhile, we had Saylor buying millions of dollars of BTC each week, a shopping spree that inspired other companies to become digital asset treasuries and join him in these weekly purchases. The point is that Bitcoin spent the cycle dramatically expanding the number of people and institutions that could own it. No other crypto asset received anything close to this breadth of support, in or out of the markets.