ETF demand is insatiable.

Now holding 1.3M BTC ($150B).

Great overview from @HODL15Capital

Mises (1949):

Crack-up booms are fiat’s final act.

“But then finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears. Everybody is anxious to swap his money against ‘real’ goods, no matter whether he needs them or not, no matter how much money he has to pay for them. Within a very short time, within a few weeks or even days, the things which were used as money are no longer used as media of exchange. They become scrap paper.”

Fritz Machlup (1931):

Credit expansion *always* leaks into assets.

Bitcoin will continue to benefit greatly.

“As soon as credit expansion sets in, practically every credit becomes a stock-exchange credit. Whoever receives additional funds makes use of them in such a way that stock-exchange quotations are strengthened. It is therefore absurd to believe that one can expand credit effectively while at the same time preventing its use on the stock exchange.”

“Wherever credit is created beyond the amount hoarded, the additional means of payment will press on the stock exchange. They can create no new productive capacity; they can only raise the prices of securities already outstanding.”

Carl Menger (1871):

Bitcoin is the most saleable good.

It will be global money.

“It is the most saleable commodities which primitive men gradually learned to use as a common medium of exchange; and, out of the several commodities which were found to be pre-eminently saleable, the one which was found to be the most saleable of all eventually became money.”