Safety is in the eye of the beholder

To get a better idea of what this forward thesis looks like to these bulls, I decided to take the past week getting closer to what some of the louder bitcoin macro pundits have been throwing down lately, whether that's Real Vision's Dr. Doom 2.0 Raoul Pal's interview with Anthony Pompliano this week, or a pair of op-eds in CoinDesk. From my understanding, the core bitcoin bull macro thesis at the moment revolves around the Fed needing to be overly accommodative to support asset prices amidst a broader global contraction, leading the Fed to need to expand asset repurchase programs (QE), attempt to prop up risk assets, and just maybe finally resuscitate inflation back to life. Last decade, these actions pushed gold to all time highs as capital flowed into the "hard, scare asset". And since bitcoin is vying to be digital gold 2.0, this inherently is "bullish" for the asset as well.

I'll end with a recent memo from Howard Marks who offered his take on what all these large degrees of uncertainty mean for broader markets. In Mark's words: