I agree that HODLing is a real test of conviction, especially during 50% or larger drawdowns. That said, I think that in the long run, greed can't be the only driver. It can be a powerful motivator in the first cycles, but at some point, there needs to be a higher, more moral goal that goes beyond just accumulating wealth.

As for diversification, I'm aligned with your view (or is it Pierre Rochard’s or Saif’s?) that Bitcoin in self-custody is probably the best ETF for the global economy. Still, diversification can make sense—not so much to improve the risk/reward ratio in the traditional portfolio sense, but more to build resilience against different kinds of "attacks" whether they're tax-related, legal, or more personal (like the $5 wrench attack or an unexpected family need combined with some offramps being locked).

On hyperbitcoinization (I bring it up because I believe that this rational conviction is probably the only one that justifies HODLing at all costs) unfortunately, while it might be the ultimate goal, I’m afraid it might be still far away and current price action might show that the suddenly phase is not happening tomorrow. That doesn't mean we shouldn't work towards it, even if the path might be longer than we’d like