4/ None of this changes the long-term view: BTC remains core and blockchains are becoming integral global infrastructure. AI agents will need permissionless, programmable rails; incumbents won't finish negotiating protective moats before the early agentic economy is visible. Cycle pain is real, but the thesis remains intact. Credit to other analysts who applied different frameworks and were early/right—disagreement among diligent analysts tests robustness and improves the craft.