Geopolitics reprices Bitcoin as miner centralization risks mount

The weaponization of energy chokepoints has invalidated central bank models for good, repricing Bitcoin as the sanctions-proof reserve asset that absorbs capital flight from both inflationary shocks and evaporating trust in coordinated fiat responses. Price holding near 72k through extreme fear confirms this shift. Short liquidations cleared speculative froth while whales and Lightning developers doubled down on conviction the on-chain data reveals but sentiment ignores. The risk markets refuse to confront is miner attrition concentrating over half the hashrate in two pools. This creates centralization failure points that geopolitics could target long before the next halving restores balance. Central bankers lag reality by quarters. Their soft-landing rhetoric clashes with gold breaking records and a yield curve that prices higher neutral rates. This leaves Bitcoin holders in an asymmetric spot where adoption momentum collides with security budget erosion. Exactly how much hash rate must vanish before the network's economic incentives break is the question with no comfortable answer.