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Brendan Bernstein @BMBernstein
, 9 tweets, 2 min read Read on Twitter
Many BTC-ers are living in a naive echochamber. The narrative needs to be refined for BTC to win.

We’re on the precipice of a monetary regime change where central bank confidence is eviscerated.

Theoretically, BTC should shine due to its scarcity. But as it stands it wont
As it stands today, large financial institutions will not allocate to bitcoin in a crisis. The unfortunate truth is that gold is still the schelling point for global monetary instability

And the real monetary oracles will continue to beat the gold drum when this comes to bear
Yes, people have heard about bitcoin. But largely for the wrong reasons. Frankly, the real money in the world still largely thinks it’s a joke

It's still being lumped in with the 99% of other shitcoins and real money doesn't consider it a macro hedge.
Bitcoin has survived and grown in a world of cheap liquidity and free $$.

The only way BTC performs well during the next crisis, is if a priori people understand it as an important monetary diversification tool and as a macro hedge
Naively assuming it will win simply because it's scare, without a requisite narrative change, is sure to lead to failure

Swiss bank in your pocket narrative won’t do it either. It needs to be properly presented and understood as a scarce asset immune to monetary manipulation
Bitcoiners need to be proactive in pushing this narrative. Too many assume that the scarcity will naturally draw people in. The problem is that doesn’t scale.

@saifedean’s bitcoin standard is a great first step. We need more similar economic / macro proselytizing
Unfortunately, almost everything else in crypto is a distortion of the thesis and a distraction. Many people assume all other assets are "inflationary to BTC", for example

The "new internet narrative" is confusing

People need a new form of money. Let's take one step at a time
To hedge with an asset during a crisis, you need to have massive confidence in it

There's a chicken & egg problem too--BTC in a way needs to first survive a crisis for it to be a crisis hedge.

For it to survive the first, the narrative needs to be bootstrapped by its holders
If it fails to protect the downside in the next monetary crisis, it will have a hard time ever winning

BTCers need to be extremely proactive about this narrative and somehow break it out of the telegram / twitter echochamber
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