The recent surge in gold prices has caused panic in the crypto because of a new narrative surrounding gold: digital gold is inferior to real gold, and a knock-off is just a knock-off. Sure enough, Bitcoin (BTC) is slumping like a knock-off. From a narrative perspective, BTC has encountered a genuine correction. Wall Street is now the biggest player in BTC's market, so BTC's anarchist and rebellious narratives have collapsed, as has its liberalism. The IFR can arrest you whenever it wants; what freedom is that? Just look at the narrative to explain why it's falling. It doesn't mean BTC is finished, or that it has no future; it means BTC is in a period of narrative bankruptcy. A new narrative may emerge later, and the old narrative may be repaired. P.S. Notes on reading *Narrative Economics*