As we probably know scarcity is priced in in bitcoin The real forward looking narrative is collateral migration. Global capital right now is quietly searching for neutral collateral in a system where Sovereign debt keeps expanding Trust in fiscal discipline erodes Treasury supply crowds markets Geopolitics fragments settlement networks It is programmable, globally transferable, politically neutral base collateral. Digital collateral. ETF phase was access "normalization." Corporate treasury phase is balance sheet optionality. Sovereign experimentation phase is geopolitical "hedging." Derivatives + repo integration phase is capital efficiency. Once an asset is accepted as collateral, it stops being “invested in.” It gets used. Usage drives structural demand. Bitcoin integrating into collateral markets, treasury strategies, and cross border settlement systems as a non sovereign reserve layer. That is more durable than “number go up.” This is the future of bitcoin the Unit of account of the entire world.