Bitcoin thoughts.
People are focusing on the Bitcoin price, but this is not the actual story. There's way too much to cover, but Bitcoin is basically inserting itself into the financial system, specifically into credit markets. Ultimately, it's aiming for a large portion of bad credit instruments ($300T) but also the monetary premium on all assets, aka the margin above an asset price which is used as a savings vehicle since USD sucks (think people yeeting into real estate). This is a somewhat controlled process, BUT bitcoin liquidity is being pulled from the market in 5-10x faster than the miners can produce it. The demand for the BTC Treasury products is only increasing, so a squeeze is coming. Imagine a stable money market fund with the highest liquidity in the market but paying 11.5%. Every pension, company, fund, retiree, etc. in the world is starving for this yield, and it comes from the safest balance sheets in the world. Plus, the dividends are ROC, i.e. no tax for ~9 years until your basis is zeroed out. NO TAX FOR A DECADE WHILE RECEIVING 11.5%!!! That's basically like a ~22-25% interest bond for most people.
On price, what's actually happening is actually the arbitrage opportunity between the low MNAV multiples on the BTC treasury equity stocks. These stocks are more volatile, but they allow for the possibility of a much safer tax-free BTC/yield. This is why OGs are selling at $70k rather than waiting for the rebound. The arbitrage is better at these values. There will be NO further drop in a meaningful way. There is an infinite buyer at this level and there is a window of time for OGs to cash out and move over to the corporate treasury stocks for a better gain long-term.
As for the anti-BTC peeps, neither Gold or BTC will likely be a large retail market. BTC is mostly going to be the backstop for savings and A.I. Gold is a sovereign asset and the US will reprice it when that time comes. It really won't offset the debt all that much, but it'll be something. It'll be important to strengthen the dollar when that time comes though. These things are two different beasts that will both do fine. BTC is the growth asset though. Gold has mostly run its course and is ready for its next role, IMO. BTC has decades to go. You can get ahead of the curve or not, but once MSTR gets included in the S&P 500 index, it's going to be off to the races. Soon, VERY soon.