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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Discussion

I think you nailed it. For that reason it will continue to baffle the fiat talking heads.

Even if fiat doesn’t debase, Bitcoin goes up because of its (other) superior monetary properties.