The narrative surrounding Bitcoin has rotated through approximately a dozen different framings (deflation hedge, inflation hedge, financial adoption story, etc.) over 15 years, each persisting until disproven or falling out of favor, demonstrating that all currencies and assets are surrounded by narratives rather than fundamentals.

factualpending

Speaker

Barry Ritholtz

Evidence Quote

we've had I don't know dozen different narratives over 15 years all of which have eventually kind of fallen out of favor

Source

Why Money Isn't What You Think: Barry Ritholtz on the Meaning of Money and How NOT to Invest ItExcess Returns
Created: 8/11/2026, 5:35:27 AM

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