Every move up in #Bitcoin price does not move us closer to a terminus. In fact just the opposite. It erases the signposts of where price has been. It increases the appetite and the increments for advancement. And it does this in a non-linear way.

Pumps only beget bigger pumps.

So will #Bitcoin 's rise ever end? In fiat terms no. It will continue to rise until the concept of legacy dollars are meaningless. Because what comes after a Trillion. A Million Trillion? A Billion Trillion? Denominators become pointless.

But in real terms #Bitcoin will find an equilibrium against assets. At this point it will have absorbed a share of the entire monetary premium in the global economy. Fiat moneys will be recalibrated and reissued. They will exist alongside BTC with new names and units.

Power producers, both private and state sponsored, will compete in open market operations to exchange electrons and BTC for local sovereign currencies. These currencies will all float against #Bitcoin .

The small bit of float that local currencies will be allowed to have against Bitcoin will give governments a tiny bit of leeway, which they will need to print money in times of crisis. But they will only have so much room.

Meanwhile Bitcoin will function as a derivative on the wholesale price of electricity + the industrial cost of computation, at its apex of complexity, efficiency, and longevity, + a variable percentage of the world's SOV, or monetary premium.

Bitcoin will not function as money in the old sense, as no one will ever spend it unless they have to. It will mostly function as collateral for loans against it, and change hands primarily in the event of default, or through short-sightedness, or desperation.

Every time this happens BTC will fall into more capable hands. These entities will becomes stewards of their coins, pledging them as collateral and borrowing vast sums to execute their vision, fortify their nations, or expand civilization.

The framework for this process is established today. The die is already cast. Overcollateralized Bitcoin backed loans, in the model of @unchainedcap, @BlockFi, @MakerDAO, and others will build a system that is always solvent.

Whereas currently we live in the era of Fractional Reserve Banking, this new model will bring about Fractional Liability Banking. In other words, the obligations of the "banks", which won't resemble banks in their current form, will always be less than the assets that back them.

If more money is needed in the economy, then the economy will have to grow enough to allow the value of the underlying Bitcoin to grow with it. If the value of the underlying Bitcoin is bid higher in real terms, then there will be more real wealth to loan into the economy.

If real wealth and real capital in the economy is destroyed, then the value of the underlying Bitcoin will fall, loans will be liquidated, and the coins will once again be relinquished into more capable hands. This cycle will repeat.