Bitcoin Doesn't Need You to Be Right. It Needs Everyone to Agree.
The most common question about Bitcoin is whether now is the time to buy it. It is also the question with the shortest shelf life. Ask it in a green week and the answer feels obvious. Ask it in a red one and the same answer feels reckless. Nothing about the asset changed in between. There is a question underneath that one, and it does not expire. It is the question of what the thing rests on. Every asset rests on something. Understanding which foundation you are standing on tells you more about how a holding will behave than any view about next month, because the foundation is what decides how the price gets made in the first place. Three Things an Asset Can Rest On Strip away the vocabulary and there are roughly three answers. It can rest on a cash flow. A business earns money and some of it belongs to you. A bond pays interest because a borrower is contractually obliged to pay it. An apartment collects rent. The value is not free of opinion — people argue endlessly about what...