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The $BTC rally has returned, bringing back a debate that never fully resolved: whether a decade of building in crypto produced the wins that early believers were actually building toward.
The market is showing signs of life. The wins arriving now look different from the original vision. That distinction is where the accounting gets complicated. A rising $BTC price reads as validation.
It is also the type of headline that can obscure what actually happened over a decade of building: what shipped and what survived. The early believers had a specific picture in mind.
The biggest wins in this cycle look different from that picture. That gap has always been present. The rally makes it harder to ignore, because it forces the question of what, exactly, the market is pricing.
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