- Author’s highest-conviction long-term thesis is BTC repricing much closer to gold’s market cap, from a current ~$1.7T base.
- Gold’s 1971–80 institutional adoption cycle rose 24x nominally over 8.4 years despite a 47% bear market; the author sees BTC as scarce digital capital repricing against fiat amid debt and inflation fears.
- ETF cumulative flows are only 8% below peak while BTC is ~30% below its peak, suggesting a sticky institutional base; the thesis is measured over decades, with diminishing returns already consensus.
Investment pitches
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