Bitcoin’s multidisciplinary investment case results in a wide array of perspectives on its potential value. While the minutiae of the rabbit hole’s various tunnels are important, it’s worth zooming out to consider bitcoin’s addressable market & its plausible price ceiling.

🧵👇 Bitcoin is more than a currency; it's a novel store-of-value asset akin to “digital gold.” Importantly, bitcoin isn’t just competing against gold, but all store-of-value assets (bonds, real estate, equities), challenging conventional mental models of asset appreciation.

BRICS nations & central banks are accumulating hard assets and diversifying away from the USD. As macro analyst Zoltan Pozsar explores in a recent interview with @IGWTreport, the concept of commodity-backed money is in the midst of a resurgence.🧵👇



1/21 ingoldwetrust.report/wp-content/upl…






In recent years, Pozsar has garnered attention for introducing the concept of Bretton Woods III -- “a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Euro and also contribute to inflationary forces in the West.”

2/21

Bitcoin's 4-year price cycles have historically exhibited two unwritten rules:

1. The bear market low never dips below the previous peak
2. Each bull market delivers less upside than the last

In 2022, we broke rule #1. Now, it's worth exploring if rule #2 might also break.

1/9 The 2021 bull market saw unique headwinds: a China ban, significant use of undue leverage, "paper bitcoin" issuance, and the Fed's shift to Quantitative Tightening. These factors likely led to a softened bull market peak, inhibiting a blow-off top.

2/9

BlackRock's new #Bitcoin Trust is half good & half terrible.

It's imperative that every Bitcoiner know what they've created & why it's a threat to Bitcoin's values.

As an investment vehicle, this is the BlackRock Bitcoin Trust: On June 15th, BlackRock filed an S-1 with the SEC, a registration statement detailing its intended Bitcoin Trust product.

This is not technically an ETF, but it is functionally equivalent to an ETF because it allows for daily subscriptions and redemptions.

Poor custody has resulted in ~$120B in crypto losses.

A thread on what to watch out for & how to keep your assets safe... DeFi (decentralized finance) is the broad category of crypto projects and protocols aiming to replicate traditional finance functions through exotic blockchain applications.

But safety is lacking, with $5B in assets hacked in just 3 years of history