Given recent developments I think the most likely scenario for the next year or so is a healthy and steady #Bitcoin bull market while alts slowly bleed.

Reasoning?

Bitcoin has found product-market for as an emerging inflation hedge for institutions.

They will not FOMO in the same way retail did in 2017 but will buy on pullbacks.

Meanwhile, we are probably only at the beginning of a long and nasty recession, and retail simple won’t have the money to gamble on alts the way they did in 2017.

Stablecoins will do extremely well but I still haven’t made my mind on whether or not on balance they will be beneficial for the underlying platform. https://twitter.com/QWQiao/status/1210284534085902337?s=20

This will be the first institutions-led bull market.

But years of infrastructure and narrative building by mission-driven early adopters paved the way for this.

One last thing on Bitcoin vs. gold.

Everyone who wants to own gold have already bought it.

But the same cannot be said of Bitcoin. Especially after PTJ made the news.