Bitcoin only truly has hedging properties after all major commodities have risen and then fallen, because at that point stocks are uninvestable, bonds are being questioned, and the yuan is facing credit challenges. If not Bitcoin, then what else will rise? There is also a narrative that agents will use USDC for payments in the future, under the x402 protocol. However, if the US dollar fails in the future, the issue of insufficient computing power will eventually be resolved. Once resolved, Bitcoin will also become a true store of value like stocks. When agents have autonomy and computing power is sufficient, then the excess will flow to Bitcoin. These are the two major new narratives that have emerged this year.