Congrats to every fence-sitter on the spam issue.

Bitcoin is now officially used predominantly for non-financial purposes.

If you’re economically illiterate — which I suspect most Bitcoiners are — this means Bitcoin’s monetary premium is now being heavily diluted. We can’t comfortably call Bitcoin digital gold anymore when gold’s monetary premium sits around 90%.

In a little more than 3 years, Bitcoin went from ~99% monetary premium — almost perfect money — to arguably below 50%.

We’re heading straight toward the digital silver narrative. If the trend holds, even digital copper won’t sound preposterous.

Still wondering whether we need BIP-110? Keep the blinders on, plebs. You’ll never be free.