As usual, Mark Helfman has something interesting to say.

In a nutshell, he is arguing that, over extended periods of time, Bitcoin has always come back and then moves beyond the past high. In our view, that will continue to be true -- until it isn't. When that pattern fails, it is likely to occur for a reason that we don't currently see.

Put another way, what could happen in the future that would affect Bitcoin's ability to be a store of value? Authoritarian control of miners (currently 80+% of miners are located in authoritarian countries)? The inevitable elimination of minable Bitcoins? The electrical costs of maintaining a system in the absence of mining incentives? The emergence of a less volatile alternative? The imposition of government regulations?

Don't get me wrong. I'm not opposed to a good ride. The secret to a good ride is not to be afraid to get on and not to be wedded to staying on. Mark is telling us to get on now; I hope that he is willing to tell us when to get off.



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