Been a really interesting two months. This price action is confusing and uncorrelated to pretty much everything. I can’t wait to learn what’s actually driving it

@jack mallers Jack, always enjoy the pod. How do we reconcile what feels like a liquidity spell these past few months, with what is objectively an ATH in global M2? FWIW, tons of liquidity in the commercial banking space. Spreads extremely thin and all credits oversubscribed, it seems.

Gold is clearly a massive beneficiary of central bank buying. It’s the right asset for the current time: history of monetary use, embedded in the existing system, large market cap, easily and demonstrably controlled in the past. Bitcoin may never receive the same benefit. But it’s clearly a huge upgrade for the sovereign individual: easily transferred, divisible and verified, not easily seized or controlled. For these reasons, central banks may never buy and accordingly we may continue to trail gold in market cap for a long time. But who cares?! We have a near-perfect currency for humanity that will protect us from government debasement and theft. That’s more than good enough for me.