The Shiny Object Problem

It's Bitcoin Tuesday!—Jun. 23, 2026

Jun 23, 2026

The Shiny Object Problem

Last week, I wrote about the cost of overthinking. More recently, I wrote about the importance of patience. Neither topic was just about Bitcoin.

At least not on the surface.

Both were about what happens when markets become noisy, uncertain, and filled with competing narratives. That’s exactly where we find ourselves today.

Bitcoin is stuck in a bear market grind.

The summer months continue to look difficult. Price is hovering around levels that are near or slightly above the average market cost basis and around prior cycle highs. For many investors, that’s not exciting. Excitement lives elsewhere right now.

Capital is flowing into AI and robotics. It’s flowing into data centers. It’s flowing into anything that promises to be part of the next great technological leap.

And perhaps most notably, it’s flowing into SPCX.

The company’s public debut attracted enormous attention, enormous capital, and enormous expectations. Then, as markets often do, volatility quickly followed.

The lesson isn’t that investors are running out of money. It’s that they still have plenty of money to deploy. They’re simply choosing where to place it.

Follow the Capital

One of the more interesting narratives developing today is that many investors still view Bitcoin and AI as separate stories.

I don’t.

In many ways, Bitcoin miners helped build the foundation for the AI boom before most people realized it was coming.

Bitcoin + AI.

A match made in heaven.

Learn More

Bitcoin mining operations spent years sourcing power, building infrastructure, negotiating energy contracts, managing cooling systems, and operating large-scale computing facilities. Those same ingredients are now essential for AI data centers and high-performance computing.

Many of the most nimble mining companies recognized this early and pivoted aggressively. For some, Bitcoin mining is no longer even the primary business line. High-performance computing and AI infrastructure now generate a significant share of their growth opportunities.

The overlap isn’t accidental.

The same investor looking at energy, computing power, data centers, robotics, automation, and artificial intelligence increasingly finds themselves staring at Bitcoin somewhere along the way.

SPCX may be one of the clearest examples of that convergence.

The company represents a future-facing vision built around space exploration, robotics, advanced manufacturing, computing infrastructure, and technologies that many believe will define the coming decades.

Yet SPCX also holds more than $1 billion worth of Bitcoin on its balance sheet. Meanwhile, TSLA holds hundreds of millions of dollars worth of Bitcoin.

That’s an important signal.

Not because these companies need Bitcoin to succeed, but because some of the most ambitious organizations in the world continue to view Bitcoin as a strategic asset worth holding alongside their broader technological bets.

The lines separating these industries are becoming less distinct every year.

The Patient Capital Advantage

This is where patience becomes so important. When capital is chasing the newest story, the strongest hands often become the floor underneath Bitcoin.

The tourists leave.
The traders rotate.
The attention shifts.

What’s left behind are the people with longer time horizons and that’s typically where the most important work gets done.

While headlines focus on AI valuations, space companies, geopolitical tensions, inflation concerns, or the latest market obsession, Bitcoin continues doing what it has always done.

Blocks continue to be produced.
The supply schedule is tightening.
The network continues to grow.

Adoption continues to spread across corporate treasuries, investment products, and global capital markets. None of that feels dramatic on a day-to-day basis.

That’s the point.

Most of Bitcoin’s progress occurs quietly while everyone is looking somewhere else.

Looking Toward 2028

The current environment remains volatile.

Stock markets sit near all-time highs while sentiment changes overnight. Inflation concerns continue to linger. Global conflicts and energy markets remain uncertain. Capital rotates rapidly from one narrative to another.

Bitcoin may continue chopping sideways for months. Without a major influx of new capital, that wouldn’t be surprising. My attention remains focused further out.

The next Bitcoin halving is expected in 2028, likely around April. Beyond that sits another halving cycle shortly after.

The world is still adjusting to what a permanently fixed supply asset actually means. Every four years, the flow of new Bitcoin entering the market gets cut in half.

Demand doesn’t need to explode overnight for that to matter. It simply needs to continue growing gradually while supply growth keeps shrinking.

Bitcoin is becoming increasingly embedded within the financial system. It now exists inside retirement accounts, ETFs, corporate treasuries, custody platforms, public company balance sheets, and institutional portfolios.

At the same time, new supply is becoming radically scarcer. That combination has not fully played out yet. We’re watching it unfold in real-time.

Which is why I continue to believe this period is less about prediction and more about preparation.

Build your strategy.
Strengthen your security.
Improve your understanding.

The market will continue to present shiny new opportunities. Some will undoubtedly be successful. Some may even outperform Bitcoin over certain periods.

But every investor eventually has to answer the same question:

What is your time horizon?

Because once you know that answer, the noise becomes much easier to ignore. And in markets, as in life, patience often looks boring right before it looks brilliant.

Thx for reading!

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