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This time feels different.

AI is a real “once in a species” event.

The energy has shifted, I’m obsessed with AI building.

@jack is obsessed with AI building.

@nvk is obsessed with AI building.

@callebtc is obsessed with AI building.

@MartyBent is obsessed with AI building.

@gladstein is obsessed with AI building.

@americanhodl8 is obsessed with AI building.

@saylor is obsessed with AI building.

The entrepreneurs, Austrians, libertarians, cypherpunks & freedom maximalists are obsessed with AI building.

Bitcoin has never had to compete with something like this.

AI is the new electricity.

Digital intelligence is something that will change how the entire world works.

Similar to life before electricity, life after AI is going to be much easier.

Bitcoin has had lots of competition from crypto (ICOs, NFTs, DeFi, Altcoins) but Bitcoin clearly and confidently wins against that.

Bitcoin even wins against Gold on a long timeframe imo.

I’m not worried about bitcoin winning in a a long time frame.

The thing that’s worrying me is the sentiment behind AI.

All of the entrepreneurs are seeing the value of AI coding.

It’s like the new electrification.

During the period of the Industrial revolution and into electrification, gold mostly held its value.

It was only after the productivity gains from the Consumer Electrification Era which lasted ~50 years that the gold standard was ended and Gold finally ripped.

However, I’m not sure it was all tied to money printing…

In the early 1900s there was a crazy stock bubble in industrial and electrification stocks (similar to what we are seeing now with AI stocks.)

If you’d held Gold during that period you retained value…gold was a great savings technology (like Bitcoin.)

If you played the stock market, you either got Rich if you were a good trader and sold on time (most people got rekt.)

However, electrification was REAL and entrepreneurs and wealthy people who used productive capital to build out & back REAL companies (not just speculate in stock bubbles) gained massive wealth from the Post-war Consumer Boom.

Microwaves, cars, stoves, air conditioners, dish washers, TVs…none of this existed and it changed the lives of everyone.

This is AI.

Gold only started ripping again after this period because the gains were had and the monetary situation (monetary inflation, increased debt) became the primary driver again.

AI gains are coming - real economic gains.

Money printing of course comes along with it because “nothing stops this train.”

Bitcoin as a mimetic force is being drowned out by the very real force of AI which is bootstrapping by sucking energy from everyone and everything.

Bitcoin may be a blackhole of money but AI is a black hole of human capability.

What happens when 2 blackholes compete? Eventually they merge and become a bigger force.

I’m not concerned with bitcoin long term.

The rate of acceleration of growth of AI is going to become the dominant narrative for likely 10 years.

I’m not smart enough to know what this means.

I’ll leave that to the experts.

I’m just not so sure bitcoin is going to quickly recover anymore with all of this capital competition and energy competition from AI.

We haven’t even seen the start of the Consumer AI Boom yet.

I’m starting to mentally prepare for a 10 year period where bitcoin is like gold during electrification, a boring savings vehicle to preserve wealth, not the 30-60% top performing asset it’s been.

I have been planning to borrow against my bitcoin to fund my lifestyle and my investments.

That’s what I’ve been doing since 2023.

I decided I was no longer going to sell BTC, that I would be comfortable just borrowing and doing the annuity strategy where I keep rolling loans over as bitcoin appreciates.

Now I’m starting to question the viability of that strategy if we’re in a 10 year AI blackhole where the competition for mindshare and capital is consumed by AI gains.

Probably smarter to not leverage BTC here.