Even after years of “digital gold” hype, Bitcoin has failed its most important macro test. Despite geopolitical jitters and enduring dollar weakness, gold and silver have staged volatile rallies this year, while crypto has only gone down.

IMO this stings me the most. Bitcoin is supposed to be the most desirable assets during periods of geopolitical instability and financial censorship from the dollar system. Why isn't there enormous Bitcoin demand from places like Iran, Ukraine, Russia, and Venezuela?

Is it because their capital controls are super effective? Or is it because their demand is not finding its way onto international exchanges? Or something else?