Original Author: Meltem Demirors

Original Translation: Riley, ChainCacher

1. It all started here. Everything we discussed when we began building the world's first Bit investment company Blockworks ten years ago has now been realized. So, why isn't the Bit price a million dollars?

2. If we exclude Bit and Ethereum, this is the state of the crypto market over the past five years: the currencies may have changed, but the overall data hasn't. This is a big problem - no growth.

3. The market in 2024 is mainly supported by two continuous buyers - MicroStrategy and BlackRock, but these buyers are not evangelists, they are mercenaries. MSTR (MicroStrategy)'s buyers are arbitraging convertible bonds, IBIT (iShares Bit ETF)'s buyers are arbitraging basis spreads. These two have held 6% of the Bit supply. This is our black swan event.

4. Despite the promise of innovation and endless public chain hype on Twitter, Bit's market dominance is rising, not falling.

There is only one Bit industry, one Bit story, one Bit market.

5. Let's look at Bit. We've experienced many amazing rebounds driven by narratives and capital flows. But what narrative or capital flow could push us beyond the high point of "the US government using Bit as a strategic reserve"?

6. While DeFi shows amazing potential, traditional finance (TradFi) is winning in terms of revenue. In the 2025 fiscal year, stablecoins and ETFs are expected to generate $9.1 billion in revenue for institutions. In comparison, DeFi protocols are expected to generate $9 billion in the same period, but this figure largely depends on the trading activity of meme coins.

7. Institutional investors are pouring in! Yes, they see an opportunity to make money, and they want a piece of the pie. It's not about personal grudges - it's just business. For Trump, he came to DAS (Digital Asset Summit) because he could make a big buck. No personal grudges - it's just business too.

They are mercenaries, not evangelists.

8. Those talking about institutional innovation in crypto on Twitter and those talking about MEME coins on the front lines have more in common than you might think.

We need to stop blind worship and start thinking.

Stop the nonsense. (By the way, this includes me too)

9. Do you know what's most profound in cryptocurrency?

Proof of Work.

Bit showed the world how to build a value chain from energy to computation and created $60 billion in public equity value.

10. I've said this many times: Bit has accelerated AI development by at least ten years. Bit created a new data center business model, including post-meter hosting, flexible load, demand response, and hedging with underlying assets. This is profound change.

11. I've never expressed this view publicly before, but now is the time to say it: Proof of Stake is a wrong decision. Ethereum could have developed into a trillion-dollar protocol with a strong energy-to-computation ecosystem. However, the reality is that MEV (Maximum Extractable Value) mechanisms have extracted billions of dollars in value from users and applications.

12. Ethereum once led Nvidia's surge, but now it can't drive market growth.

13. We need to return to basics. Many markets are at a liquidation moment, and cryptocurrency is no exception. You can't defy the laws of physics. But where do we go from here?

14. Our redemption is: energy, computation, cryptocurrency.

It's that simple.

The rest of the story is unfolding - this is our work.

15. Ten years ago, I believed in Bit and invested all my time and energy. A group of internet crazies made a global reserve cryptocurrency a reality through meme. Imagine what else we can do.

Having faith is important.