Crypto Macro

bitcoin above 80k still feels euphoric to some people. it shouldn't.
when you price btc in 2020 dollars accounting for dollar debasement and global m2 expansion, the number looks very different. the dollar lost roughly 20% of its purchasing power between 2020 and 2024. that context changes the conversation.

this is why Micheal Saylor's thesis never really changed. he wasn't calling btc a trade. he was calling the dollar a liability. strategy (formerly microstrategy) now holds over 500,000 BTC. that's not a hedge. that's a conviction bet on currency failure.

you can disagree with the thesis. but you have to engage with it seriously before you dismiss it.