Bitcoin is transitioning from a risk on asset to a risk off asset, and then just an asset
Meaning it will go up whether there is a crisis or not; whether Bond yields go up or down; and whether stocks go up or down.
This is because the biggest certainty in global macro is fiat debasement ⚡️
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I think you nailed it. For that reason it will continue to baffle the fiat talking heads.
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