https://medium.com/swlh/making-sense-of-bitcoin-2bb5f0b2c2a9very interesting read, from Ryan Tavakol, and he points out something that is pretty obvious, but must say that I did not could articulate it better, so there were different narratives connected to each halving round, and they were (I joined BTC fan club somewhere in 2019, so could not witness first two, but from I have read so far, seems that those narratives existed):
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First Cycle - BTC
BTC as an electronic cash, and that narrative brought parabolic rise in 2013, which ended with large correction, that coincided with Mt.Gox hack
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Second Cycle - BTC
BTC as a commercial payment network, and ever increasing fees brought down that narrative, with hard-to-use BTC for everyday purchase, especially small amounts and gave rise to Lightning Network, but that is still in early phase, and all this brought another large correction down
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Third Cycle (actual one) - BTC
BTC as a Store-of-Value, and at the moment it is hard to find an important factor that could brought down this narrative, there are several threats explained in the article, but neither one so severe that could brought large correction, and this could mean that eventual correction (that will probably be there) will be less severe than previous ones
what is your take on this one?
