Bitcoin is closer to speculation than investment because it produces nothing. Even if it becomes the dominant currency, stocks, real estate and business profits would simply be priced in it, so owning productive assets captures value whatever the world's currency. Buying bitcoin adds a separate bet that its monetary premium keeps rising against productive assets, and if adoption fails the whole bet can be lost. x.com  x.com 

Owning bitcoin, a digital pet rock, may not be the best idea when productivity is booming. x.com 

Bitcoin and ether’s resilience despite months of speculative capital being disintegrated may be a tell. They are the investments to hold or add, not trade. x.com  x.com 

Bitcoin is a scam and nothing more than a greater-fool trade, because it is pure speculation with no intrinsic cash flow. It is overhyped as a wealth-builder and rarely lifts anyone out of their financial situation; in Charlie Munger's words, it is rat poison. Fading excitement and buying show people are figuring that out. x.com  x.com  x.com 

Bitcoin and crypto have largely failed to evolve beyond vehicles for speculation after about 15 years, as @kingtutcap argues. Its digital gold role has been inconsistent, since it trades like a risk asset in panics rather than a safe haven, and most coins offer little beyond hopes of selling to someone else at a higher price. Bitcoin also serves largely as a backend for criminals to move money. x.com  x.com 

Historic debt levels and currency debasement make Bitcoin's role as a store of value more important than ever, countering Jason Calacanis's call to sell it. x.com 

Bitcoin has no real underlying story or reason to own it, unlike a stake in a company. It is the biggest Ponzi scheme ever; owning part of a company beats it. x.com 

Bitcoin and other cryptocurrencies are volatile and risky because their prices rise and fall with no underlying substance, unlike stocks backed by real businesses. x.com 

Bitcoin is the better place for money than equities whose prices are fake. A $200k market order can crash the share price of a $5 billion company. x.com 

Bitcoin's core theses no longer seem real or relevant: it has not worked as digital gold preserving purchasing power and hedging inflation and geopolitical instability, institutional adoption has not strengthened its value, and its asymmetric upside against gold's roughly $15 trillion market cap has not materialized, even though 2026 should be a perfect year for it. That leaves only halving cycles, which makes it look like a silly asset class. x.com