Good article and thoughts as usual. My biggest concern around Bitcoin price, NOT Bitcoin the network, is the existence of Bitcoin futures.

The gold and silver markets have been manipulated, to the downside, for years if not decades using futures. There has been talk about the physical and paper prices of gold/silver decoupling but that hasn't happened YET.

As you said, the BTC market is tiny compared to gold. As long as there are futures contracts the price can be messed with by the same people who are messing with gold and silver prices. Same is true for ETH.

We all can decide, of course, the value of the BTC we hold and whether we want to sell at a given price. Gonna be interesting to see if there is a decoupling as things get crazier.