Thread by @IIICapital

1/ Few people understand the idea of #Bitcoin denominated exit liquidity.

With the current macro environment, exponentially growing government, and rapid embracement of MMT, USD denominated prices can go to ∞.

This DOES NOT mean they can be cashed in for their $BTC equivalent.

2/ The most obvious example of this is a stock like $AAPL.

Its market cap sits at $2.5T, which is roughly 41.8M $BTC. Of course if all apple shareholders decided to cash out to #Bitcoin today, they would not end up with 41.8M $BTC, as there are currently only 18.8M that exist.

3/ $AAPL and many other large $USD denominated assets have very poor #Bitcoin denominated exit liquidity.

The global bond market probably has virtually ZERO $BTC denominated exit liquidity.

4/ Not only does this apply to tradfi assets, but this applies to crypto assets as well.

Your NFT, and $DOGE bags may temporarily outpeform $BTC, but you're still relying on greater fools to buy your bags, AND you're hoping nobody else cashes out into #Bitcoin before you.

5/ $DOGE is currently worth about $31B ≈ 517,000 BTC.

This is worth more than half of ALL the $BTC on coinbase. Trying to cash out $DOGE into $BTC will not work out well.

6/ TLDR: There is no #Bitcoin exit liquidity.

Stack as many sats as you can while all other assets are still priced in USD fantasy land.