While I’m sure David Bailey is a smart guy, he really has to pump the breaks on all of these “China is buying BTC” posts.

Much as I shared last week, I’m fairly confident that China has been buying BTC for a number of years. Not in any size mind you, but to provide optionality. To borrow a phrase, China has been STAYING HUMBLE AND STACKING SATS. This is just how the Chinese decision makers do things here.

What I can promise you is that no one is waking up anytime in the near future to find “China bidding Bitcoin in size”.