Bitcoin’s adoption curve has continued to grow, as evidenced by the ongoing influx of capital entering the scene via the various ETPs. Whether these flows are from true believers or “momentum renters” is hard to tell. The Bitcoin chart shows a clean stairstep process of new highs followed by consolidations followed by new highs. As such, bitcoin has continued to follow both the Power Law curve of its wallets as well as my demand model based on the internet adoption curve from a few decades ago. We are right in the middle.