Oddbean

Bitcoin up 40% for the month. So much energy coiled up during the bear market. Weak hand selling exhausted, causing supply to dry up. https://image.nostr.build/8be4b2476d60687c444d0cfd16e73e810264e0b52cfc8489ea54740165629541.jpg

The hardest money in the world has made the hardest lowest time preference “investors” in the world. Professional investors and the establishment are obsessed with risk adjusted (see financially engineered, inorganic, fake, downside correlated) returns (LTCM, CDS). Having given up on “beating the market” they are trumpeting the message that they want to “protect” themselves and their assets from volatility, but they are really net sellers of insurance. Bitcoiners are buying insurance from the inevitable wave of debasement and riding the orange waves ups and downs. Making a more well adjusted investor in the same way a human that does cardio is a more well adjusted athlete.