Saylor has an interesting thesis about Bitcoin that’s worth considering. He’s comparing Bitcoin’s journey to that turbulent period of the iPhone back in the beginning, you know? Like, when the iPhone was released, some people thought it was too expensive, impractical, full of limitations. Many asked: why would anyone spend so much on a phone that basically does the same as a BlackBerry? It was truly a valley of despair.

People are starting to see Bitcoin similarly now. After so much hype, many are disappointed, questioning its true value. It’s like asking how much a dairy cow costs when you’re used to seeing everything in speculative numbers — sometimes we lose sight of what really creates long-term value.

But here’s the thing: Apple managed to get out of that valley. The iPhone became not only viable but transformed everything. Saylor believes Bitcoin is on the same path now. It’s at a point where speculators have left, the hype has died down, but the technology and use case are stronger than ever.

For those closely following, this changes the perspective quite a bit. It’s no longer that asset everyone wants to speculate on. It’s more about understanding that Bitcoin, just like the iPhone back then, is being underestimated precisely because it’s outside the hype cycle. Those who can see beyond this valley of despair might be in an interesting position.

It’s worth paying attention to how this narrative evolves in the coming months.