Great writing as usual, Nic. You are a treasure to this space.

I’m bullish on the price, but not because I think the market is inneficient. Rather, I believe most people simply underestimate Bitcoin’s long term value as many people did of Apple when it launched the iPhone or when the dotcom bubble burst dashing utopian Internet visions. It’s (over)optimism and nothing more on my part when viewed from and EMH perspective.