Dr. Bitcoin, MD

So you know how there are markets for either borrowing against bitcoin you have (Ledn, for example) or to borrow fiat to buy bitcoin (like what Saylor is doing with STRC, for example)? Have you ever looked at the equivalent for gold? Gold backed loans are barely a thing for regular humans. I mean, it kind of exists, but not for personal use. Every gold collateralized loan offer I found was shocking similar to Ledn except with higher minimum loan amounts but with similar term lengths and rates, except the gold lenders required you to at a minimum state that the loan is for business purposes, not personal purposes, and all gold lenders specifically require you to attest that the loan is NOT for the purpose of buying more gold. I suspect there is something in bankruptcy laws that make a big distinction between funds for living vs. funds for expanding a business. Or perhaps they know people only borrow against gold at exactly the wrong times. I’m not sure. But maybe bitcoin will eventually fix this weird market too.

I know gold has performed amazingly well over the last two years. We are talking multigenerational abberation in gold returns. And you know what? Good for the gold bugs. Their once or twice in a lifetime bull run has allow the gold price to recover to being only 50% down in bitcoin terms when compared three years ago…Bitcoin is twice as expensive in gold today than it was 3 years ago. I’m cherry picking over the last three years, because if you pick 1 or 2 years gold clearly is the winner…but the last two years of massive gold gains only rewound the clock 1 year… It is only polite to let the Peter Schiffs of the world to have their 15 minutes.

You know what bear market really sucked? 2013-2017…it was long and the corresponding bull market was less impressive than the one we were recovering from.