Saylor, Bitcoin has ZERO intrinsic non-monetary utility. It’s only valuable if you can find another buyer, which means it NEEDS a denominator (BTC/USD).
At this point, synthetic IOU’d paper claims (fractional reserving) is inevitable/already happening because
#Bitcoin bitcoin:native can only get PRICE exposure. So ETFs, Treasruies, Stocks, etc… are the result. There’s no incentive to cold storage on the base L1 at this point (which also drains security budget incentives).
Programmability (such as smart contracts) would help because it gives industrial utility as a settlement layer, but we know bitcoin can’t handle this.
The solution?
Study & Build on Kaspa
#Kaspa kaspa:native