Another metric where Bitcoin is obviously losing adoption (and didn't have to) to stablecoins outside of western countries. Despite being (mostly) permissioned systems, stablecoins are still very useful and popular in Asia, Africa, and South America (majority of the world). Why is Bitcoin losing in all these different markets? It fell behind and didn't offer a helpful alternative for all these users. I still don't think Bitcoin is going anywhere, but it will continue losing in these areas if it doesn't provide any competitive alternatives. Potentially fatally over the long term.