When given the choice between disappointment and appreciation, make sure you choose appreciation.

A 30% drawdown from ATH and a mediocre 2025 in general has been dismal for spirits, but the outlook is still overwhelmingly positive for bitcoin:

Institutional adoption remains robust: BlackRock accounts for $25 billion worth of buys in 2025 alone.

Supply dynamics are getting even stronger: strongest it’s ever been and the weakest it’ll ever be again.

Long term performance is strong: we are still up 5x+ from the lows in 2022…

The only asset that had similar performance from similar size in my opinion was NVIDIA.

Nvidia outperformed Bitcoin, but I have no exposure, because an unstoppable company is still infinitely more vulnerable to total failure than Bitcoin is.