The investment world is not dominated by retail investors. It's dominated by institutions with mandates and heavy regulations. You and I may not perceive Bitcoin as a risk asset, but those institutional investors certainly do. When inflation is high and interest rates are high, institutional money managers go risk off. They sell off their risk assets to buy cash or cash flowing equity.
We live in a world where cash is still king. Bitcoin only has 10 years of network effects. The dollar has about 60 years of network effect. It takes time for people to understand what kind of money Bitcoin is, especially when everyone only knows money as government debt that can be created at infinite.
It took me about 5 years before I took Bitcoin seriously. Bitcoin is a CDS on government liability. Think of it as insurance against government created moneys
Edit: Thanks for the award stranger(s). Remember, liquidity is what people need when the total number of dollars in the system is shrinking.
2nd Edit: I hope this helps new hodlers to ask the important question of what is money. The world is becoming digitized. Money will be no different. My bet is that BTC is the best option we have for a secure, digital money that allows the users a degree of sovereignty to hold their own wealth without counterparty risk. Banks are counterparties, New York stock exchange is a counterparty, Fidelity is a counterparty. You own claims to the assets not the underlying assets themselves. You hope that the counterparty will uphold their end of the obligation and give what is owed to you when you need to liquidate them. Bitcoin flips this on its head using encryption, finite tokens, and a network that anyone can participate in.
3rd and final Edit: New hodlers please familiarize yourself with the works of Jeff Booth, Saifedean Ammous, Preston Pysh, Luke Gromen, Lawrence Leppard, Jeff Snyder.
These individuals are among the best and brightest minds of macro economics. BTC is now a contender in macro economics and should be studied as such. Don't be lazy, do your research and know what you own. You all have unlimited potential and BTC will help you unlock that potential by giving you a lower time preference.
Making money is not the goal.
Retaining purchasing power is the goal. Increasing your purchasing power comes after retaining your purchasing power.
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