Agreed. It was a cycle of incredible buzz and lip service but little actual understanding, conviction, or revolutionary spirit. Beginning my journey in 2022, I had no idea how thin my cohort was.

No mention of the spam?

One correction to the framing: an adoption wave did arrive, just not in self-custody. What grew this cycle was balance-sheet exposure, meaning funds, ETFs and corporate treasuries, and none of that produces a new person who can spend without asking permission. Price averages both together, so each s...