In King’s view, high fees, limited throughput, and declining real-world use pushed supporters to adopt new perspectives that kept enthusiasm alive, even if those narratives had no connection to what Satoshi Nakamoto, Bitcoin’s creator, outlined in 2008.
Satoshi explicitly described Bitcoin as a peer-to-peer system for online payments. The idea of Bitcoin as a form of digital gold was manufactured by maximalists to attract fresh waves of retail buyers.
The decline led to liquidations, weakened sentiment across major altcoins, and raised new doubts about Bitcoin’s defensive qualities during periods of stress.
At the time of writing, Bitcoin is trading at $84,130.
Featured image from Unsplash, chart from TradingView
