#Bitcoin without @Strategy is doomed... it is missing the "permanent bid" that @Saylor once gave it... actually, the lower the price goes the worse it gets due to all cost being in fiat. Let me explain: Every asset class, be it stocks, gold, oil, etc. has a permanent bid, that actually gets stronger, the lower the price goes: The cheaper gold gets, the more attractive it becomes for its electrical use, in phones, computers, etc. the lower its price, the more companies buy it. It is a permanent bid, that gets stronger the lower its price gets. The same applies to stocks, where the lower the price goes, the more attractive it is to buy a stock that gives you ownership to the underlying assets. The cheaper oil goes, the farther you can go with your car for the same money. Bitcoin doesn't have it. It has no utility aside of its price. It is pure speculation. The only reason someone would buy it is to hope for the price to go up. Zero other reason. Bitcoin lacks the permanent bid. Saylor changed that. He raised fiat, and bought Bitcoin with that. Every week. The lower the price of Bitcoin went, the more he could buy. But now that Saylor is out of dry powder, his MSTR, STRC, etc. all unsellable and in discount, Bitcoin is missing that bid. On top of that Miner, Exchanges, ETFs, etc. have to sell off their fees for fiat... and the lower the price goes the more they have to sell in order to cover salaries, server cost, etc. that are all priced in fiat - it is the exact opposite of all other asset classes. Now, I know Maxis will brush that off and say: "It was fine in the past, it will be fine now!" Maybe, but there is a good chance that the chickens keep coming home to roost... until the tower collapses. To use the metaphor from "The Big Short" when Steve Eisman asks "The tower collapsing... what is that?" Then in bitcoin the answer will be "This is Strategy going insolvent and having to sell off over 650,000 in a fire sale!"(Dr. Julian Hosp)