That's pretty interesting. But here's the thing. Speculation (manipulation?) is driving the price up. The cost is driven by inflation. And that's completely detached from current price. Which means for speculation to drive it up wards means they expect energy costs will never come down. Think about that. On the other hand, if you speculate energy costs will come down in the future, and the corresponding cost of making them will follow, then the futures will fall. No idea if that's what we're actually observing. But this also assumes a rational market and no manipulation. The market is not rational else it wouldn't be priced as it is. And market manipulations are obviously observed. Not to mention, large numbers are owned by China, making it very vulnerable. You can add however many additional factors you want, but you can't escape the reality of it. If you can profit until the real hand is played, then great! But every writing on the wall says bit coin is riding a massive bubble and is heavily manipulated. Think about the Great Reset. If the market tumbles and the hedge is completely destroyed (trivial if bit coin is that hedge), where does that leave most investors who are not tangibly hedged (real estate, metals, and so on)? The truth is, ALL governments have been quietly hedging with metals. Under Trump, the US accepted the largest single gold shipment in American history. What's your hedge of choice? A heavily manipulated fiat currency, within a massive bubble, completely detached from rational markets, or what all governments are using for their hedge? Separate your hedge from speculation and figure out which you prefer. Remember, a hedge is wealth protection, not necessarily market investment. When they are one and the same, think hard about it.