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5 sats \ 0 replies \ @HardMoney 3 Apr \ on: Bitcoin "Gold 2.0" My Ass. bitcoin
You understand the alpha with bitcoin is that:
  • the assets characteristics are very much a risk off asset (bearer asset, no counterparty etc)
  • the market trades like it’s a risk on asset because 90%+ of the market doesn’t understand it
As that understanding increases the volatile upside price action will decrease because it’ll be priced in. Short term price action is all over leveraged speculation BS that doesn’t matter.
The only time I can remember when BTC traded like risk off was the Silicon Valley bank run which is an interesting data point.
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