Just caught something interesting from Michael Saylor about Bitcoin that actually makes a lot of sense. He's comparing Bitcoin's market journey to Apple's early days - specifically that 'valley of despair' phase where everyone doubted the company would survive.

Think about it. Apple faced years of skepticism, price crashes, and people writing it off as a failed experiment. The FUD was relentless. But the ones who understood the long-term vision kept building. Fast forward and Apple became one of the most valuable companies ever.

Saylor's point is Bitcoin is in a similar pattern. We've had multiple cycles of FUD, regulatory concerns, exchange collapses, and declarations that crypto is dead. Each time, the narrative shifts from 'revolutionary tech' to 'it's all a scam' depending on the market mood. That's the valley of despair - when sentiment is darkest and most people have given up.

But here's what's different this time: institutional adoption. Unlike Apple in the 90s, Bitcoin now has serious capital and infrastructure building on top of it. The FUD still hits the same way, but the foundation is stronger.

What makes this comparison compelling is the timeline. Apple spent years in that valley before breakthrough adoption. Bitcoin has been doing this for over a decade. Each FUD cycle has actually strengthened the network and brought in more serious participants.

The question isn't whether Bitcoin survives the FUD - it's whether we're finally moving past that valley phase. Institutional flows, regulatory clarity, and actual use cases suggest we might be. But the FUD will probably keep coming, and that's actually part of the pattern.