I get why people *want* to believe this. It’s an exciting narrative to believe that people are rushing into bitcoin and exiting the banking system towards the safety of a sovereign financial life. But I’m not sure the data really supports that being the nature of these price moves.

Further, if the CPI comes in above expectations, you’re going to see a whiplash effect here, and the price will likely ratchet back down, as the market sloshes around trying to predict the Fed’s next move.

I get a lot of people desperately don’t want this to be the world we’re living in. But it just kinda is.