Bitcoin's Biggest Risk: A Multi-Year Sideways Market

Ki Young Ju, founder of CryptoQuant, has stated that Bitcoin's biggest long-term risk is not a crash but rather a prolonged period of stagnation. According to him, this would cause investors to lose interest and weaken the narratives that have always played a notable role in adoption.

Ju notes that many core Bitcoin narratives feel exhausted or diluted, including digital gold, freedom money from cypherpunks, and similar ideas. He believes institutional adoption will likely continue, but his main concern is that the narrative is running out of steam.

In an X post, Ju mentioned Michael Saylor's increasingly complex financing model for Strategy, which includes preferred stock products like STRC. These products raise money to buy more Bitcoin and are pitched as yield-generating investments indirectly backed by its Bitcoin stash.