Supply Shock Bitcoin to $1 Million: The Stairway to Heaven | Adrian Morris
Aug 12, 2025
Adrian Morris from True North delves into the evolving landscape of Bitcoin, emphasizing how current market dynamics differ from past cycles. He argues that institutional investments and corporate treasuries are creating a more stable market. Morris introduces his 'Stairway to Heaven' thesis, suggesting a steady ascent for Bitcoin rather than extreme four-year boom-bust cycles. He also discusses the influence of macroeconomic factors, the resilience of long-term holders, and a shift in institutional sentiment from speculation to strategic investment.
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Stimulus Drives Speculation
- Adrian Morris distinguishes stimulus from liquidity and says stimulus fuels speculation.
- He argues past boom-bust cycles were amplified by government stimulus more than halving timing.
ETFs Create A Persistent Bid
- Morris says ETFs and corporate treasuries create a persistent bid that reduces rotation out of Bitcoin.
- He links lower volatility from ETFs to broader mainstream adoption and staying power.
How He Was Orange-Pilled
- Adrian recalls a college friend who orange-pilled him using monetary theory rather than mining.
- That conversation shifted his focus toward macro drivers like stimulus and monetary policy.
