~snip~
But even as a speculative asset I think it can succeed for several years more. Eventually, the hype will however die down, and we'll see "the mother of all bear markets" in this case, or a Super Bear Cycle. This will be the case when nearly all those who would buy speculative assets also own Bitcoin, and there's no "bigger fool" who would buy it.
Interesting thinking, would that mean that maybe in the next 5 years we will experience a super bull run, followed by what you call Super Bear Cycle? My thinking is similar in the sense that things could
"cool down" after the miners have done most of their work (which will happen in the next 5-6 years) and when we only have 1% BTC left to mine. Is it realistic to expect that things will not be the same as they are today when miners start to slowly exit the game?
Such a "Super Bear Cycle" could however work also like a healthy reset. People which are into Bitcoin for the tech and the censorship resistance maybe won't leave it and create slowly the base for "true" mass adoption.
I wonder how many people like that there are today and how many there will be in a few years, because it's no secret that most people are only interested in BTC for one reason. The base of those who are here for the technology and who believe that BTC is primarily a cryptocurrency is, in my opinion, very small.