Very insightful article.

Economic agents work on a system of incentives, and given the lackluster rate of return offered in the stock market over the past couple of decades-- which looks even more mediocre when you factor in the real rate of inflation throughout most of the developed world -- the incentive to save and invest simply isn't there for most people.

Myself included.

I'm not entirely sold on the theory that Bitcoin is in a bubble, though. Market analysts, professors, and a whole array of so-called "experts" have been calling it a bubble since at least 2011. And they've been proven wrong, time and time again.

These individuals often showcase a very shallow knowledge of how Bitcoin works, or its history. They keep repeating the same cliches about the Tulip Mania or the South Sea Bubble, without ever addressing more plausible doomsday scenarios brought upon the market by things like Tether.

Tether really is the other thing that keeps me up at night, but you don't read or hear anything on the issue from the mainstream media.

You have to go on YouTube (which is how I found out about this channel, incidentally) to learn about these things, which attests to the slipshod nature of the analysis provided on more mainstream media outlets and publications.

If Bitcoin can outlive Tether, then there's a very high degree of likelihood that it'll be around for many, many decades more to come. This simply because it derives a lot of value from its ability to allow nearly instantaneous (with the Lightning Network and similar scaling solutions), frictionless payments across borders.

Like gold, its scarcity means it's immune to degenerate money printing courtesy of vertically-integrated structures like Central Banks, which means that -- all other things being equal -- it must inevitably appreciate against inflationary fiat currencies.

All of the aforementioned characteristics make it desirable to hold as an investment, and markets normally associate the long term desirability of an asset class with value.

How much value exactly is anyone's guess, but I think it would be premature to say it can't grow, say, another 1000% from here, and hold on to that value long term.