When Bitcoin Falls, I Finally Understood the Cathedral and the Casino
【2026-02-01】When Bitcoin falls, it becomes easier to distinguish between the casino and the cathedral. As Bitcoin dropped from its $120k peak to around $70k, panic swept through the market once again. During previous major stock market crashes. Price volatility is the casino's noise, while what truly determines long-term returns are those cathedrals that require a century of devotion yet continuously create structural value.