What will the next wave of Bitcoin adoption look like. 1. it will be decentralized ... but it will also be centralized. Decentralized because mining is becoming more distributed as it chases cheap energy, OG whales are distributing and small nations are moving faster to adopt bitcion than large ones. But centralized because centralized entities can make faster decisions: in El Salvador, Bukele can simply tell Congress what to do because of the way power is structured. At MSTR, Saylor can direct the board what to do, because of his large shareholding 2. It will be grassroots ... but it will also be top down. Grassroots because small countries (like Bhutan) and grassroots projects in local communities bypass large power structures like IMF and gain rapid traction. But it will also be “top down” through key influencers such as Larry Fink and others. It will continue to be both, with more small communities adopting Bitcoin, but also more large Sovereign and Pension funds, particularly in the MENA region. Stay alert to what works: adoption will be contradictory, it not follow a predictable pattern, it will not conform to our expectations or beliefs. The only thing certain is that it will break our theories and models.(Daniel Batten)