It is absolutely astonishing to me that the market capitalization of the #Bitcoin network is only $500B, given our current clown world monetary and fiscal policies.
This steep discount to reality won’t last much longer.
That’s definitely worth considering.
But remember that there is also $2.2T of ready liquidity sitting in the overnight reverse repo market… which could go a long way to offset a rising TGA balance.
My current macro opinions:
There are TONS of reasons to be bearish about the economy and risk assets right now.
I get it. I talk about them often.
But there are also a couple of reasons to be crabbish-to-bullish about risk assets:
1. Net liquidity is essentially trending sideways
2. A looming Fed pause rally
Also...
In the near term, #bitcoin daily price action looks like it's on the cusp of flipping from short-term oversold levels to the next leg higher... Possibly to ~$40k by late June or early July.
(For infotainment purposes only. I am long $btc so I am obviously biased. Not individual trading or investment advice.)
I lose sleep over typos and grammatical errors.
A gentle reminder that traditional bank "savings accounts" is an oxymoron.
Savings and checking accounts is where your hard-earned purchasing power goes to die.
Defund Devolving Democracies and Demented Dictatorships
#Bitcoin
Month-end mark-up underway.
Liquidity materially contracting.
The month of May is setting up to be *interesting* for risk assets.
Consider the recent divergences and increasingly probable reversions to the mean.
In general, don't use leverage.
That is all.
It's official... The US political machine has defeated democracy.
Unpopular fact: Hamburger (beef) does not make you unhealthy.
Hamburgers, french fries, and Coke do make you unhealthy.
Understand the difference, make some changes, and you will do well.
The world would almost instantly become a better place if two falsely demonized entities were suddenly (and logically) accepted as net positives:
1. #Nuclear energy
2. #Bitcoin
Defund Debt-ceiling Debacles
#Bitcoin
#Bitcoin acceptance is not a matter of belief, it’s a matter of understanding.
Believe it or not, #Bitcoin is better money for a better world.
An inflationary currency requires an ever-expanding monetary and credit supply for the underlying economy to survive over the long-term.
Deflationary pressures are the primary adversaries to such a system and, if and when they occur, they must be quickly resolved or removed.
In light of this, the Federal Reserve (and other central banks) attempting ongoing quantitative tightening in an inflationary system is akin to driving 70 mph down the highway and shifting the car into reverse.
The engine will eventually reject this paradox...
And quantitative easing will be forcibly resumed.
It's permissionless money.
It's freedom money.
It's decentralized money.
It's transparent money.
It's auditable money.
It's scarce money.
It's debasement-free money.
It's portable money.
It's durable money.
It's apolitical money.
It's money for the people.
It's #Bitcoin.
#[2] speaking would/will be the highlight of the conference, imho.
Happy State Subservience Day. 💩
#TaxDay2023