The core secret of Bitcoin is actually the positive feedback loop between 1/ the value increase brought by network effects (price increase) and 2/ the increase in the number of users due to the price increase (the promise of digital gold being effective).

This positive feedback has remained effective until better competitors for Bitcoin emerge.

In the last round, Ethereum once became a competitor to Bitcoin, which led to the term "flip bitcoin," but now no one mentions it anymore. It can also be said that Ethereum has exited the value storage race.

Therefore, the decline of Ethereum is a positive for Bitcoin, as Bitcoin once again proves its uniqueness.

The only competitor to Bitcoin is gold.

When does Bitcoin encounter problems? It is when the above positive feedback is broken - when the number of users stops growing, that is when Bitcoin's value begins to shrink.

Under what circumstances will growth stop?

Currently, there are only 13 million addresses with more than 0.01 BTC (800 USD), while the estimated number of middle-class individuals on Earth is around 1.5 billion.

So, we are still early.

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