X @Nick Szabo

Bitcoin's Price Dynamics - Bitcoin's price action resembles that of high-growth NASDAQ companies due to its ongoing learning curve and increasing adoption as a store of value [1] - Debt-funded speculation contributes to Bitcoin's price volatility, similar to hot stocks [1] Signals Influencing Bitcoin - Bitcoin's primary signal is driven by its increasing adoption as a trust-minimized and dilution-minimized store of value [1] - Secondary signals, such as global money supply, gold price, and real bond yields, are currently overshadowed by the dominant adoption signal and volatility [1] - These "debasement trade" signals are expected to become more prominent as Bitcoin matures and completes its learning curve [1]