110 sats \ 2 replies \ @kepford 27 Sep 2023 \ on: If we stop thinking in Fiat, what does even bull-run mean? 📈 bitcoin
It can mean many things. First one that comes to mind is more people realizing the value of bitcoin. The market if you will. We truly don't know what the market value of bitcoin is in fiat because the vast majority of people do not yet understand it.
1 sat = 1 sat but we dont know what the exchange rate will be with other assets.
I should add that in bull markets you get many new bitcoiners as well. Some will stick and others will not. What I've learned about bull markets is that be prepared for a big pull back. Stay humble and stack sats. Don't kid yourself. Don't get FOMO. Now is the time to stack hard before the bull. People will FOMO in and they won't really get bitcoin. They will sell at the first sign of a market turn. I believe this process will repeat until a critical mass begins to understand bitcoin's utility.
reply
Yes, I agree since most people use bitcoin as a way to invest (like they invest in land, gold, business etc.) and convert to fiat as soon as they see profit.
Also, I always had this basic question-
If we think in fiat terms, whose money are people/we really earning in bull run?
reply