I think the first leg of the bull run happened, and it was a tease of what is possible but far from the main card we love to play. Those thinking we have months left in the bull run will be surprised I suspect. 1) There’s still $7T+ in money market funds, waiting on the sidelines. A record high. 2) M2 money supply is expanding again. 3) Trump is pushing for a full 100bps cut. The Fed is leaning dovish as recession risk and political pressure mount. This is not the end of the cycle — this is liquidity repositioning. Capital will rotate out of cash. It will chase growth. Bitcoin is the only truly scarce asset that can be owned globally, 24/7, with no counterparty risk. No one is ready for what happens when the wall of money starts flowing into that. Fiat is imaginary, Bitcoin is forever. I’m bullish Bitcoin and Bitcoin alts.
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