@ODELL on recent RHR, were you serious about attempting to convert some BTC to gold? Was surprising to hear, but I’ve often gone through same thought process. How to buy, validate it, store it, fees on buying and selling, etc. I either stop there or buy GLD (warts and all). I just keep scratching my head here

Seems crazy to suggest…but are we seeing a rotation out of Bitcoin into precious metals? When is the last time silver or platinum were EVER up 10% in a day? This is just nuts

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.

I am not an ultra-high-net-worth individual, but I spend a lot of time with this community given my profession. I have about a dozen instances in the past month of such folks finally getting off zero, or substantially increasing existing bitcoin positions. Mostly ETFs, but about 1/3 self custody. A key theme has been unsustainable govt debt and increased distrust from the recent shutdown. But I think there’s also a feeling that Bitcoin is about to get started on a run. Interesting times.

@primal how do you turn off notifications for people “going live”? I checked Settings / Notifications and don’t see that option anywhere. Thanks!

@cuban I detest Instagram, but I would highly suggest you create a burner account and check out Land Cruiser Heaven. Incredible restoration shop, and they sell some vehicles too

So much energy seems to be wasted on the “is Bitcoin a SOV or currency” debate. When merchants or wholesalers with pricing power—due to unique products, scale, service, etc.—start demanding Bitcoin for their goods and services, the people will use Bitcoin. Until then, it will be the weaker currency. What we can do to speed up this process is orange pill more merchants and wholesalers, and build the tech rails on which this system can thrive.