I’m not avoiding the USD conversation. I’m pointing out that switching monetary standards takes time, and that time is measured by adoption.
A unit of account does not emerge overnight. Until ther...
Yes we all know that Bitcoin becoming the unit of account will take time.
And we all know it’s not the unit of account.
We all know that the USD is the current unit of account.
That’s why it’s critically important to continue measuring Bitcoins performance in USD.
Bitcoin is not broken. It’s functioning as it should.
But it’s currently under performing (the NGU component) compared to other assets like gold and silver and it’s healthy to scrutinise Bitcoin by looking at its historical performance.
2013 - 2017 (cycle top to cycle top was 20 x! A great epoch :)
2017 - 2021 (cycle top to cycle top was 3.6x! A healthy epoch!
2021 - 2025 (cycle top to cycle top was a 1.8x! Not so good!)
2021 - NOW (last cycle top to current price is a 1.28x! Very shitty!)
And we all know it’s not the unit of account.
We all know that the USD is the current unit of account.
That’s why it’s critically important to continue measuring Bitcoins performance in USD.
Bitcoin is not broken. It’s functioning as it should.
But it’s currently under performing (the NGU component) compared to other assets like gold and silver and it’s healthy to scrutinise Bitcoin by looking at its historical performance.
2013 - 2017 (cycle top to cycle top was 20 x! A great epoch :)
2017 - 2021 (cycle top to cycle top was 3.6x! A healthy epoch!
2021 - 2025 (cycle top to cycle top was a 1.8x! Not so good!)
2021 - NOW (last cycle top to current price is a 1.28x! Very shitty!)