THE Bitcoin Podcast Lyn Alden | The Bearish-Bullish Case for Bitcoin: Vibes, Quantum, Cycles, and Sci-Fi
27 snips
Feb 26, 2026 
Lyn Alden, macro strategist and author of Broken Money (and a new sci-fi novel), breaks down why this Bitcoin cycle felt underwhelming. She covers weak retail and sovereign demand, OG selling vs top-line demand, quantum vs AI narratives, lightning and merchant adoption, and what might finally spark broader retail interest.
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Medium Of Exchange Progress Is Real But Small Relative To Market
- Lightning and merchant integrations are meaningful but still small relative to overall market scale and ownership concentration.
- Alden highlights optionality value: ability to spend Bitcoin like gold even if most holders don't use it frequently.
OG Selling Is Cyclical Not Catastrophic
- OG selling is a recurring, expected force each bull cycle and not uniquely elevated this cycle.
- On-chain metrics show high shares of long-dormant coins, meaning selling patterns align with past cycles rather than signaling mass disillusionment.
Quantum Fear Changed Allocation Assumptions Not The Market Alone
- Quantum risk mattered to institutional allocations as a perceived left-tail risk, but it wasn't the dominant driver of price.
- Alden cites institutions where quantum concern rose from ~5% to ~30–50% of investor questions ahead of the peak.
