Oddbean

I like Larry a lot, but posts like this make me question his intellectual discipline. He was a gold guy for so long that he can’t help but indulge in the gold delusion when price goes up. Gold isn’t replacing bonds. Bitcoin is replacing bonds…and gold. And equities. And real estate. And base fiat money. Even if there’s some component of a “trade” for Luke and Larry, Bitcoin is the best trade…and to boot, it saves humanity. Gold is a loser for both a trade and salvation. The fiat hellscape is a tragedy for everyone on Earth and it needs to end immediately. Gold doesn’t fix the problem. No half measures. nostr:note15cqj6pyerhjdalwfeme860awc25e2cvqz5ndzflpcrjczyz40xhqwakhce

I agree with you. But the central banks buying of gold is a real thing. I also think he agrees with us deep down. But his self-assigned role is to appeal to gold bugs who are even more stuck in their ways than him. On balance, he's easily a positive influence on the movement. I know he's helped me a lot

My view - both of these guys have some interesting macro stuff to say, Luke Gromen especially, but incentives matter. Both of them essentially get paid for not being a Bitcoin maxi, like all investment professionals. Why? There’s not much of a career in it - and never will be - as the strategy never changes, until everyone starts to switch from saving in Bitcoin to investing again in equities that can return a positive outcome vs Bitcoin. Until that point, Saylor got it right - there’s no such thing as diversification when the solution you’re after is the answer to an engineering problem.