That is a valid point. But I would argue that inflation when it is reasonable has essentially no impact on price - how else can we explain these big swings like when Hive did a 30x in 2021 or lost 95% of it's value? Betting that Hive won't make gains in an alt season seems very risky to say the least. The breakout will come and has already happened. The question to me is how high will it go. Long term Hives price in relation to BTC might not go up a lot. But there are so many catalysts that could catapult our blockchain to higher spheres
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