Crypto news

The cryptocurrency market is accustomed to volatility. We have seen Bitcoin drop by tens of percent in a matter of days many times, and each time the industry has recovered. However, as my observations show, the real danger for the leading cryptocurrency lies not in a sharp decline, but in prolonged stagnation. It is a lengthy sideways trend, not a crash, that can slowly but surely kill the market's main engine—investor faith.

Why Stagnation Is Scarier Than a Correction

The key risk, in my opinion, is tied to the financing mechanisms used by the largest public holder of Bitcoin—the company Strategy (formerly MicroStrategy). Its founder, Michael Saylor, raises capital through perpetual preferred shares (STRC), and this structure becomes vulnerable precisely during periods of stagnation. The market endures a sharp price drop relatively easily as long as hope for a quick rebound remains. But years of price movement within a narrow range destroys the very narrative that underpins demand. When the story that "Bitcoin is an asset that will inevitably rise" stops working, the premium on Strategy's shares contracts, and Saylor's capital-raising machine falters. His task today is not just to buy coins, but to give the market a fundamentally new reason to believe in the asset.

Old Stories Are Losing Their Power

Over ten years working in the industry, I have drawn an important conclusion: the essence of Bitcoin hardly changes. Only the story around it transforms. These narratives explain why the price should rise. However, most of the old narratives now appear completely exhausted.

• Digital gold? In crises, Bitcoin trades like a tech stock, not a safe-haven asset.
• Freedom money? Many crypto industry veterans are now choosing other coins.
• Quantum computing threat? The development of AI constantly intensifies these concerns.

At the same time, I still believe in long-term growth. My past predictions—on the launch of spot ETFs and the arrival of a pro-cryptocurrency U.S. president—have fully materialized. But now, the feeling of an inevitable powerful catalyst is noticeably weaker. Institutional capital is coming, but the former enthusiasm is absent.

In Search of New Meaning

I am genuinely saddened to see the original ideas fading. The concepts of "freedom money" and "energy value" are gradually disappearing. Saylor promotes ideas of Bitcoin banking and digital lending, but such concepts are too complex for ordinary people. I genuinely miss the times when the main Bitcoin message was freedom.

My expert opinion: The market urgently needs a new, simple, and understandable narrative to replace the outdated stories. Without it, even the most powerful institutional inflow may not save it from long-term apathy, which is far more dangerous than any crash.