Bitcoin expectations and the search for equilibrium:
Bitcoin is the rare asset that it’s impossible to be truly neutral about. The worst possible one-year price target for Bitcoin is the current price (as of this writing, $354). $0 is a fine and sensible price target for most people. But if you can’t get your price target down to $0, getting it down to $354 is harder than it looks. A world with widespread Bitcoin adoption looks weird, sure, and a world with no Bitcoin use looks pretty normal. It’s anything-in-between that’s at a minimum temporary, and probably impossible.