Just came across an interesting take from Michael Saylor on Bitcoin that's worth thinking about. He's comparing where we are in crypto right now to Apple's famous 'valley of despair' moment - you know, that period when everyone thought Apple was done for before they came back stronger than ever.

The comparison is actually pretty compelling. Michael Saylor's point is that Bitcoin and the broader crypto market might be going through a similar phase - a period where skeptics are loudest, adoption seems slow, and people question whether this whole thing actually matters. Sound familiar?

What Saylor is highlighting here is the pattern: Apple spent years in the wilderness. Products weren't revolutionary yet, the company was bleeding money, and plenty of smart people wrote it off. Then the iPhone changed everything. The 'valley of despair' wasn't a sign of failure - it was the setup for exponential growth.

Michael Saylor sees Bitcoin in a comparable position. We're past the initial hype cycle, but we're not yet at the point where Bitcoin is truly woven into everyday financial infrastructure. That gap - that's the valley. It's uncomfortable, it feels uncertain, but historically these periods precede major breakthroughs.

The interesting part is thinking about what happens next. If Saylor's framework is right, then the boring years of 'nothing happening' might actually be the most important ones - the foundation-building phase before mainstream adoption kicks in.

I've been watching how institutions are quietly accumulating, how tech infrastructure is improving in the background, and honestly it does feel like we're in that unglamorous middle chapter. Not the exciting startup story anymore, not yet the mainstream victory lap.

Michael Saylor's been pretty vocal about this thesis, and it's one of those takes that either ages really well or looks silly in hindsight. But the Apple parallel is worth sitting with - sometimes the best opportunities hide in the valleys.