Def agree
Bitcoin is most certainly “cheap” based on every macro liquidity metric in my models.
On net we are not at a point where gold isn’t pulling capital out of Bitcoin now. The positioning and flows have normalized so that even the smallest change in the regulatory backdrop or amount of cuts getting priced in the forward curve are likely to have an asymmetric impact on Bitcoin to the upside.
If the regulatory environment shifts enough to create a shift in tokenization laws, it will be the largest flight into crypto we’ve seen in history because tokens can actually be linked to real world cash flows.
We have an administration who’s certainly focused on this from the tokenization and stable coin perspective.
Everyone hated America's bailouts and QE, but the fact is, we got our real estate bust behind us in 4 years. China tried the old "extend and pretend" thing instead...