Thanks to @168X for the invite! Had a great chat this time—here’s a quick recap of the key points: Right now might be the closest $BTC has ever been to gold. There have only been 21 days in history where $BTC’s 60-day rolling correlation with gold exceeded 0.6, and 17 of those days happened in the past month and a half. $BTC breaking out of the bear market coincided with U.S. Treasury bonds being continuously sold off and long-term yields rising rapidly. Normally, rising real interest rates would put pressure on $BTC, but the market isn’t behaving that way. Connecting these dots, here’s my personal take: This $BTC cycle seems to be gradually shifting toward a Debasement Trade (a hedge against fiat currency devaluation). If the marginal buying pressure shifts from risk-on capital to more long-term Store of Value allocations, then the trajectory, duration, and valuation logic of this bull market could be very different from previous cycles. 168 did a great job summarizing everything—check out the full article if you’re interested