What Bitcoin Did The Bitcoin Bull Market Hasn’t Started Yet | Eric Yakes
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Dec 12, 2025 Eric Yakes, an investor and Bitcoin-focused analyst, shares insights on the current state of Bitcoin. He argues that price is determined by fundamentals rather than cycles. Yakes explains the impact of marginal supply and demand, and how institutional groundwork precedes significant Bitcoin price shifts. He discusses the potential for nation-state adoption and why liquidity constraints hold back Bitcoin's growth. Additionally, he explores the looming threat of quantum computing and the importance of developing quantum-resistant technologies.
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Dubai Party With Sheiks
- Eric describes social scenes from Abu Dhabi, contrasting poverty in Africa with wealth in Dubai.
- He joked about a sheik saying they would buy $100 billion, highlighting cultural contrasts.
One Announcement Can Reprice Bitcoin
- Bitcoin is one major headline away from massive repricing because institutional and government conversations are already happening.
- Small sovereign or institutional allocations could drastically change marginal demand.
Liquidity Is The Reserve Hurdle
- Gold currently outperforms Bitcoin for nation-state reserves because gold markets have far deeper liquidity.
- Bitcoin needs larger market cap and broader liquidity to become a true reserve asset.
