Many pizzas have been eaten lately as a celebration of Bitcoin Pizza Day, but how many of those who have done so have actually paid for their pizza with Bitcoin? I bet it's less than 5%. I have already shared my thoughts on this matter in this post, so I won't ramble on about it too much anymore.
Bitcoin is already around fourteen years old, and we are approaching its fourth halving, which will further reduce the scarcity in mining rewards from 6.25 to 3.125. In my opinion, this is one of the most important catalysts for Bitcoin in the current bull market.
Many people are eagerly awaiting this event, and speculation is rampant. Bitcoin likely hit its bottom around $16,000 (in my opinion) for this cycle, and despite the ongoing correction, I believe the bull market has already begun.
Predictions about its future all-time high (ATH) are starting to emerge once again, and once again, many individuals will miss out on lifetime opportunities by buying high and selling low, or falling prey to deceptive forecasts and ending up with underwater bags during the next bear market.
Personally, I believe BTC will peak at around $100,000 or thereabouts. I don't see it reaching $150,000, and I don't believe Bitcoin will surpass $200,000 in this bull market. I wouldn't mind being proven wrong, but from my perspective, the incredible rallies we used to experience in the past are probably a thing of history now.
In 2015, BTC spent a significant amount of time in the $200-$300 range, and I really wish I had known about it back then, but luck wasn't on my side. There are quite a few lucky individuals who bought Bitcoin when it was dirt cheap; we call them Bitcoiners.
However, despite identifying as Bitcoiners, to me they are nothing more than fanatical HODLers. In my opinion, simply holding onto a cryptocurrency that was not originally created to be a store of value and not actively participating in the mass adoption of crypto doesn't contribute much to the industry.
How many Bitcoiners from the media do you know who actually engage in debates about gaining adoption, challenging governments, and focusing on building within this industry? Not too many, I would say. Most of them only care about their wallets and the value of their holdings in dollars, while still relying on the fiat system without being bothered by it at all.
Do you think any of these whales are actually spending BTC on gas, food, or vacations? I doubt it. They don't even encourage businesses to accept crypto. The only mainstream company that accepted Bitcoin for any type of merchandise was Tesla, and it quickly backed out of the Bitcoin game because Elon Musk sensed the bear market was coming and wasn't interested in selling his cars for cheap.
In one year, El Salvador has accomplished more than these maximalists have in a decade. Was Nayib orange-pilled by a maximalist? I don't know, but I haven't seen a single Bitcoiner opening up a business and accepting Bitcoin as payment or living off such currencies. Most of them are focused on accumulating more and more bitcoins, but that's not mass adoption.
To me, this is "minority adoption." Hive, in this regard, does a much better job than Bitcoin. This isn't the first time I've made this claim, and I stand by it. That's all from me for now. I hope you all have a great day, and I'll see you next time.
Thanks for your attention,
Adrian
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