I think @ColeMacro is spot on. Lately I have been getting flashbacks to the 2018 bitcoin bear market. As I refined my BTC thesis back then, my conviction increased even as price moved against me all year. Today, the fiat debasement thesis and the global shift toward scarce, permissionless, neutral assets with no counterparty risk feels increasingly clear. Gold’s strength reflects that shift. Bitcoin represents a structurally better version of the same idea, with perfect scarcity, internet portability, and cryptographic auditability. Short-term price action remains disconnected from fundamentals. Bear markets can always extend further. In 2018, bitcoin fell from ~$6,000 to ~$3,000. But from a modern value investing perspective, bitcoin looks extremely compelling here.(Joe Burnett, MSBA)