In this podcast, Kyle Chasse and Arthur Hayes analyze in depth the logic behind why Bitcoin could break through $1 million by 2028. Arthur believes that the world is currently entering a stage of disintegration of the dollar-dominated order, and the continued expansion of the US fiscal deficit and debt structure will drive long-term inflation and asset repricing.
In this process, Bitcoin will transform from a "Nasdaq high-beta asset" to a "hedge tool for the decline of American exceptionalism." He pointed out that the US Federal Reserve and the Treasury Department have supported the market through operations such as Treasury bond repurchases, which has formed a new round of impetus for risky assets. In addition, Arthur also talked about the Sino-US game, policy response speed, trading strategies, Altcoin rotation, and how institutional funds indirectly increase their Bitcoin holdings through listed companies. The overall view combines global macro perspectives, political games, market structures and narrative evolution.
The Sino-US trade war is essentially a long-term trend, and the increase in volatility supports the price of Bitcoin to break through one million
Kyle: Arthur, three weeks into the recent tariff measures, have the markets priced in these changes?
Arthur: I think people are still under the illusion that, “Oh, it can’t be that bad.” They don't really take the restructuring of the global monetary, trade and capital landscape seriously. They don't believe that China and the United States will really decouple. But I think this trend towards a dualistic world is inevitable. Countries will try to play it both ways or choose camps, and we don’t know how this game will ultimately evolve.
Trump has simply accelerated a trend that was already underway. He launched a trade war in 2018, and Biden continued and intensified it. Although he made some concessions, if you understand Trump's negotiating style, you will know that he always makes the maximum demands at the beginning, then makes some concessions, shows some kind of conciliatory gesture, and then puts pressure again to get the most favorable agreement. So I think this pattern will continue to happen and the market will be more volatile as a result. But the core of our understanding is that a MOVE (U.S. bond market volatility index) of 140 will immediately trigger a policy response. So there is no need to worry about Syria or any other events.
When MOVE reaches 140, volatility is high enough to trigger a direct response from policymakers. For example, one day MOVE reached 172, and the US Treasury Secretary went on CNBC to complain about tariffs, saying that there was a problem in the bond market, and Trump immediately announced a 90-day suspension of tariffs. You'll hear them talking about Treasury buybacks and Susan Collins at the Federal Reserve saying they're "prepared to do whatever is necessary." Markets are showing that the U.S. can't handle volatility, and neither can other countries. Bitcoin thrives in this environment, so we have nothing to worry about.
Arthur: I don't think the United States can afford the pain that would be required to achieve this deglobalization transition. This transition will happen eventually, but it won’t happen in six months as Trump hopes. It might take twenty years.
Kyle: That’s really interesting. Trump came into office winning the popular vote and a majority of the vote. My gut feeling is that right-wing candidates should win in the upcoming elections in Canada and Europe. But in the election we just saw, the left-wing parties won. Many people say this is related to Trump’s policy style, such as economic turmoil and uncertainty. Do you think this is the main reason? If the situation does not improve before the midterm elections, what do you think Trump and his administration will think?
Arthur: I think Canada’s current victory is more due to a backlash against the “51st state”. It's like the United States is saying, "Hey, Canada, listen to us." It's a gesture of "solidarity." A similar situation exists in Europe. European elites actually do not agree with Trump's approach of reaching a compromise by ending the Russia-Ukraine war.
So they united under the slogan "We are Europe", emphasizing that we act in the interests of Europe, emphasizing sovereignty and autonomy. As for Trump, they see him as a "rude American." Therefore, I do not think this is an opposition to the specific content of his policies, but more of an instinctive aversion to the way and attitude he shows in implementing his policies.
Review of the speech theme: Macroeconomic policy drives asset repricing, the logic of Bitcoin's 6-fold growth
Kyle: You just finished your presentation at TOKEN2049. I didn't catch it live, but hopefully we can find some playback later. Can you summarize the main points of your speech for the audience?
Arthur: In the third quarter of 2022, everyone was very pessimistic about cryptocurrencies and other risky assets. Why? Because interest rates were rising, the bond market was collapsing, and the stock market was falling, FTX was in trouble. No one wanted to touch cryptocurrencies. Bitcoin fell to $15,000, and everyone thought it would fall to $10,000. That was the atmosphere.
Then, suddenly, Yellen launched the so-called "non-quantitative easing" policy, which is an aggressive Treasury bond issuance strategy - issuing a large amount of Treasury bills and long-term bonds, and injecting the $2.5 trillion that had been "sterilized" on the Federal Reserve's balance sheet back into the global market. From December 2022 to early 2025, risk assets as a whole soared, Bitcoin increased sixfold, stocks doubled, gold also doubled, everything performed well. During this period, the Federal Reserve did not actually ease its monetary policy significantly. What really drove the market was the operations of the Treasury Department.
Although the environment today is different, the problems we see still exist. For example, the new tariff policy, the continued collapse of the bond market, the stock market crash, and people are worried that inflation will rise because China will no longer export cheap goods, and the market is full of uncertainty. Many people will say, “I don’t need to hold Bitcoin, and I don’t need to hold these assets.”
But the key is that when volatility rises, policymakers respond quickly. Finance Minister Bessant went on TV and began talking about Treasury bond buybacks, which is actually a way to ease the pressure on bank balance sheets, allowing banks to lend more funds to hedge funds, allowing them to buy Treasury bonds at auctions and engage in so-called "basis trades." This is what I consider to be the bottom signal for this cycle - when the Treasury Secretary goes on Bloomberg and says he will do buybacks to support the Treasury market, it's a "long everything" moment.
These hedge funds have bonds. They structured a transaction: buying bonds and simultaneously selling bond futures contracts. Then they take the bond to the bank and say, "I don't have money to buy this bond, can you lend me some money?" The bank sees that it is a U.S. Treasury bond, which is a very liquid collateral, and will lend them money and require them to pay a certain percentage of margin.
But for this carry trade to be profitable, the hedge fund would need to use a lot of leverage. The lower the banks' leverage requirements, the more leverage hedge funds can have, and the more active they will be in such trades. At Treasury auctions, they don't even care about the price of the bonds, they only care about the spread between the bonds and derivatives.
These deals are happening even though the U.S. debt has reached $36 trillion. As long as they can earn a 10 basis point difference and leverage 100 times, they will be satisfied.
Kyle: Is this similar to the basis trading when ETFs were first introduced?
Arthur: Not exactly the same. This is a trading model in the bond market and has little to do with cryptocurrency.
Kyle：So you don’t think they’re going to buy a Bitcoin ETF in a similar way?
Arthur: No, it's all about dollar liquidity. Hedge funds buy newly issued Treasury bonds. The problem is that as a bond matures, it becomes less liquid and no longer matches the benchmark maturity. At this time, the Ministry of Finance can carry out "budget neutrality and supply neutrality" operations - that is, issuing new bonds and repurchasing old bonds. As a result, the price of old bonds will rise, the spread between them and futures will narrow, and hedge funds will make a profit. They also got rid of the high capital requirements of the old debt, gained more leverage, and continued to engage in arbitrage trading.
I also mentioned in my speech that although everyone is talking about Dogecoin and Musk's budget cuts, based on current data, the U.S. Treasury's spending increase in fiscal year 2025 will be 22% higher than in fiscal year 2024. We are only in the first two months of the Trump administration, but the trends are already clear.
Kyle: What aspect of spending growth do you mean? Could you explain it in detail?
Arthur: It's the size of the fiscal deficit that's growing. The US fiscal year begins in October.
Kyle: So you're saying the deficit is bigger this year?
Arthur: Exactly. Even with budget cuts, a falling stock market will lead to lower tax revenues. This structural reality makes it difficult for the government to quickly cut fiscal spending. Even if the budget is cut, it may cause an economic recession and trigger automatic stabilization mechanisms such as unemployment benefits, which will lead to further expansion of government spending. So the expansion of the fiscal deficit is almost one-way.
The Treasury needs to find someone to buy these bonds. One way is to provide more leverage support through relative value hedge funds and cooperate with the government bond repurchase mechanism. Although this mechanism itself does not directly bring new liquidity, it indirectly creates more US dollars by increasing borrowing and leverage.
Kyle: We haven’t officially entered into quantitative easing yet, right? It's just that the pace of quantitative tightening is slowing down. Are there other similar “non-quantitative easing” tools that can help the market?
Arthur: Yes, such as the Supplementary Leverage Ratio (SLR). According to new regulations after the global financial crisis, banks need to allocate corresponding capital when holding US Treasury bonds. The regulation was intended to be responsible risk control, but it also restricted banks' ability to buy bonds.
During the epidemic, after the bond market circuit breaker, the US Federal Reserve temporarily exempted the SLR, allowing banks to purchase Treasury bonds with unlimited leverage. This allows banks to absorb 1%-2% interest from depositors at a low cost, and then use unlimited leverage to buy government bonds with a 4% yield, earning the interest rate spread and making extremely high profits. That exemption was later rescinded, but now people like Jamie Dimon (CEO of JPMorgan Chase) and Treasury Secretary Bessant are calling for it to be reinstated.
If the SLR is exempted again, US commercial banks will be able to purchase Treasury bonds without restrictions, which is actually another disguised "non-QE" method. Although it is a regulatory change, its impact on the financial system is no different from real quantitative easing.
Finance is the protagonist: Trump's policy stress test and Bitcoin's path to a million dollars
Kyle: What do you think about the Federal Reserve and the drama we've seen between Trump and Powell? At first he said Powell was too slow and a fool, but then he retracted some of his statements as you said, and there was even discussion about whether to fire him. Now of course the goal is to lower interest rates. Do you think we'll see a rate cut in May or June next?
Arthur: I don't know. But I think it doesn’t really matter. The key lies not with the Federal Reserve but with the Treasury Department. Ultimately, what Trump is doing is testing the bottom line of the market. He said he wanted to fire Powell, but bond yields soared, so he said, "Okay, then I won't fire Powell." He knew that this was the market's tolerance limit. He said he would impose the highest tariffs, and as a result, the stock market plummeted 20% and bond market volatility soared. This is another boundary. So he is constantly testing how fast the market can withstand changes, and then adjusting his strategy accordingly and moving forward.
Kyle: This is very interesting. I can’t remember any recent president who really “tests pressure points” with a businessman’s mentality like him and operates politics like a business.
Arthur: There really is no precedent. But what he is doing is not more extreme than what the Democrats would do — the policy direction is the same, the difference is only in tone and speed of execution. This is why Bitcoin is so valuable. Because we don’t care who is in power, we know they will all print more money. And Bitcoin is the asset that performs best when money is printed. I can't tell you which stocks are going to go up, but I know Bitcoin is going to go up.
Kyle: In your speech you mentioned that Bitcoin will reach $1 million in 2028, right? So, what is the path to achieve this goal?
Arthur: During Biden's term, the U.S. Treasury issued approximately $7.1 trillion in net debt. Bitcoin also surged, right? As of now, the fiscal deficit in the first few months of Trump's presidency is already 22% higher than that during Biden's time.
Kyle: Does this refer to government spending? Or other indicators?
Arthur: It's the fiscal deficit. More specifically, it is the accumulated net fiscal deficit. Current data shows that the Trump administration's fiscal deficit continues to expand. Although they claim to cut spending, it is just a drop in the bucket and is not enough. Coupled with the structural aging of the U.S. population, social security and medical spending will continue to increase, which is inevitable. The defense budget will only continue to rise, for example, you need to reallocate production capacity to manufacture missiles, ammunition, and so on.
So the fiscal deficit is going to go only in one direction - higher and higher. Even if Trump really reduces the deficit ratio to 3% in 2028, due to the large debt base, interest expenses alone will grow exponentially.
So unless you decide to shut down the government, it's impossible to spend less than Biden. And obviously this is not what Trump promised. We already know what’s going to happen, and we know how Bitcoin will respond. Now that there are ETFs, the narrative for institutional investors has changed — Bitcoin is no longer just a “high-beta asset for the Nasdaq,” but a “hedge against the decline of American exceptionalism.” They might think, maybe I should hold some Bitcoin because I can't predict what will happen next in the Sino-US situation, Trump's policies, etc.
Kyle: Hearing you say that reminds me of a point someone else made - the government will continue to expand spending in the future, and a perfect reason is to "make America great again", which means moving all manufacturing back to the country and building nuclear-powered ships that we haven't built in recent years, all of which will cost a huge amount of money. So they might propose a "multi-trillion dollar economic stimulus package" to rebuild America, subsidize manufacturing, and encourage reshoring. Do you think this is another way of saying "we need a massive fiscal stimulus"?
Arthur: Yes, this will be packaged like Biden’s previous “CHIPS Act” or “Green New Deal”. At the end of the day, politicians need to go back to their districts with results, they need to say, "Hey, I got you something good." It could be a new factory, some jobs, or a new chip manufacturing center. If Trump said, "I know you don't like deficits, but I got you a bill that will allow you to build an aircraft manufacturing plant or a wafer fab," do you think the congressmen would refuse? Won't. If they want to be re-elected, they must boost the economy of their constituencies.
Banks will be more willing to lend when they see these government-guaranteed projects. "Is there a government project to back it up? Then I'm willing to lend." Credit is expanding, the economy is turning, everyone has a job, has income, and is willing to consume. Yes, there will be inflation, but if everyone has a job and a good income, will they really care? This is what I think the script for future medium- and long-term fiscal expansion will be: the government spends, the people support, and the economy runs.
Liquidity frenzy could push Bitcoin to $250,000 in 2026
Kyle: Do you think the peak of this bull market will be in 2025? If so, what price do you think Bitcoin will reach in this cycle?
Arthur: I still think the target is $250,000 for Bitcoin by 2025. I think the real liquidity climax - the stage when money creation reaches its peak - will occur between 2026 and 2027. Because in the United States, the term of the Chairman of the Federal Reserve will end in May 2026, and if Trump is re-elected, they may not be able to fully control the political institutions, but they will definitely let someone who supports "printing money" and promotes the "Make America Great Again" agenda take over. By then, we may have an extremely dovish Fed.
So starting from May 2026 at the latest, we will see an extremely loose cycle, and it may be extremely crazy from 2026 to 2027. All tools may be used at the same time: QE, leverage ratio relaxation, Treasury bond repurchases, yield curve control, etc. With everyone siding with Trump, the market will start to overprice future easing, and then we will experience a correction.
Kyle: That is exactly the moment when we should “live and participate in the market”.
Arthur: Yeah, absolutely.
Kyle: Let’s say things really develop as you said, that is, the “crazy phase” you mentioned earlier. This will happen before 2028, so do you think it’s possible to achieve the million-dollar goal earlier? Or do you think that's when it happened?
Arthur: The market may peak in 2026-2027. We then realize that market expectations were too high and returns may be lower than expected. Perhaps the Republican Party will encounter electoral difficulties at that time and will have to adjust its policy direction. Furthermore, we cannot predict what will happen in China as there are too many variables. But I think the world as a whole has embarked on the track of printing money. Once this narrative is deeply rooted, the market will over-extend its expectations for the future and eventually return to reality.
Kyle：What is your current allocation ratio in liquid crypto assets? Distribution between Bitcoin and mainstream currencies?
Arthur: About 60% is Bitcoin, 20% is Ethereum, and the rest is other tokens.
Kyle: Everyone is talking about Ethereum right now. For me, it is the only chain where you can safely deploy $500 billion of DeFi positions without worrying about major problems. Solana doesn’t seem to have stood the test of time yet, what do you think of Ethereum’s current position?
Arthur: I think Solana is the most undervalued Layer 1 network in the market. From a fundamental perspective, it is very secure, it is a PoS network, it has a large number of developers, and a high amount of locked funds. These are real advantages. We focus on the rate of change and market expectations. Solana’s rise from $7 to $300 was due to a surge in meme coins and on-chain transactions, and its adoption was extremely fast. But even if it rises to 300, its market value still does not exceed Ethereum. What we do is price trading, not total market value trading.
So of course the price of Solana will continue to rise. If there is a massive monetary easing and investors move from Bitcoin to Altcoin, we may see Ethereum outperform Solana, but it may also be the other way around, especially if prices start to rise and the narrative changes. People will say, "Ethereum is great again, it has the most developers," and the price will rise accordingly.
Kyle: So everyone will say, "We want to build real DeFi, let's go to Solana." If meme coins are popular, Solana will be popular. What other projects do you think deserve special attention?
Arthur: We invested in Pendle and are also an investor and advisor to EtherFi. I think the next phase of the narrative is the “fundamentals season”: do you have real users? Did they pay for the service? Are these revenues and profits returned to token holders through the protocol? There are indeed some projects that meet all of these conditions.
I have been trading Altcoin for ten years and have seen too many worthless coins. Now is finally the time when I want to see "money in my pocket". I'm tired of all those VC games and shitty ICOs. I want to see projects that actually have users, are online, and have started to make profits. If it’s a new narrative that hasn’t been launched yet, you can hype it up for fun. But if it is a project that has already been launched, I will not buy new coins with high FDV, low circulation, and prices that will only fall.
We are very bullish on Pendle, the largest on-chain fixed income platform that is already profitable and passing profits back to PENDLE holders. We are also very optimistic about EtherFi, which is building a crypto "new bank".
I recommended EtherFi's crypto card on Twitter. I've seen a lot of similar products, but this one is reasonably priced, has useful features, and can be tied to Apple Pay. I think they're going to build up a very sticky user base. This card is like the “American Express of crypto.”
They also promised to use the proceeds to buy back tokens and return the repurchased tokens to ETH stakers. So if it is a project that has already been launched and can do this, we would be very interested.
Kyle: So for the audience who are watching this video, whether they are newcomers or experienced veterans, do you have any advice? Especially in terms of asset allocation, rebalancing or entry strategies?
Arthur: First you have to define your “income threshold” — who are you competing with? At Maelstrom, our benchmark is Bitcoin. I can buy Bitcoin directly without paying you wages. So you have to tell me, why is your performance worthy of me hiring you?
We invest in Altcoin, early-stage projects, and act as consultants in order to outperform Bitcoin. In other words, this is our "hurdle rate of return".
Of course, for another person, the threshold may be 5% annualized because he is investing with borrowed money. Then he has to ensure that the annualized return exceeds the cost of borrowing.
Or he may be a long-term investor who believes in the Bitcoin and currency depreciation narrative and wants to buy Bitcoin and hold it for ten years to outperform fiat currency. It all depends on your personal situation and goals.
So before investing you must define your goals, and then you can check whether your investment has actually achieved your goals. If not, then you need to adjust your strategy. Don't make excuses for a bad investment after the fact by saying, "I bought it for that goal." Then it will be too late.
Bull market rotation logic: Bitcoin breaking the peak triggers the signal of the start of the Altcoin season
Kyle: I think you and I are the same. Sometimes we play in this casino and buy some high-risk coins. It is really exciting. When the price skyrocketed 50 times, it was like a shot of dopamine. But what do you think is the appropriate proportion of this high-risk, high-return Beta investment in their asset allocation for those who are watching, if they also want to go to the casino to have some fun?
Arthur: If you can’t sleep at night because of price fluctuations, it means your position is too large.
Kyle: Totally agree. I've experienced this too, especially when using Aave or Avalanche for leveraged lending, borrowing and then investing. Then if Bitcoin drops a little, you become so anxious that you can’t sleep. That state is really bad.
Assuming Bitcoin returns to its all-time high, what signs would define the arrival of the “Altcoin season”? — — But before we move on to the next topic, I have to say something. I have recently been using a Bitcoin automatic accumulation trading strategy, and it has been working very well. In just 45 days, I have turned 1 Bitcoin into 1.033. If the trend continues, I expect a rise from 1 bitcoin to 1.27 or 1.28.
For example, if you start with 0.1 bitcoins and stick to this strategy without interruption or withdrawals, you will have 1.16 bitcoins in ten years. If Bitcoin rises to $1 million by then, the initial investment of only $9,500 will become an asset worth over a million.
If you haven't seen the interview I did with Ash from Sequence, the video link is in the description below. I will also put a jump tag at the end so you can click to watch. This is probably one of the most powerful and robust wealth building strategies. Okay, back to the interview.
Arthur: I personally believe that Bitcoin Dominance will return to the level before 2021, which is approximately in the range of 40% to 70%. Once Bitcoin returns to its all-time high, people will start rotating. “The bull market is back? Then Altcoin should outperform Bitcoin, right?” Although this “should” is just a theory, this is how market sentiment is ignited.
So people started to get back into the ecosystem. "The bull market is established. We rose from 70 to 110, then fell back to 70, and now it has broken through 110 again, perhaps even rising to 150 or 200." If the rising trading volume appears and the technical chart is beautiful, then typical fund rotation behavior will occur. The market will enter the stage of "mining shit coin and looking for 100x coins", and risk appetite will recover comprehensively.
Strategic reserve fantasy shattered: The United States cannot "print money directly to buy Bitcoin"
Kyle: Do you think there is a possibility? For example, I sometimes imagine such a scenario: a certain country's "strategic reserve" begins to buy Bitcoin on a large scale, and then other countries see that this is true and follow suit. The market experiences a serious supply shock, and Bitcoin begins to soar by $10,000 or $20,000 a day, quickly absorbing liquidity in the market. Just like the phenomenon we occasionally see - Trumpcoin (TRUMP) suddenly becomes popular, all the Altcoin in the market fall by 80%, and all the funds are sucked in. Do you think it is possible that there will be an adoption cycle where Bitcoin’s dominance rate skyrocketed, causing everyone to abandon Altcoin and leaving only Bitcoin far ahead? Of course, I think that funds will eventually rotate back to Altcoin, but do you think there will be a stage in the middle where Bitcoin will be the only one to stand out?
Arthur: We’ve actually been through this a little bit. But I personally don’t believe in the saying “buy Bitcoin for strategic reserves”, especially the country that everyone likes to mention the most - the United States. The United States is a deficit country, and the only way it can hold Bitcoins as a "strategic reserve" is to not sell the part that they have seized from law enforcement agencies - such as the 20,000 Bitcoins.
But I really can’t imagine an elected politician publicly saying, “We’re going to print money to buy Bitcoin.” This is too hard for voters to accept — not to mention that Bitcoin is often portrayed as a “geek club” and a “coin meme” in public opinion. Do you really want the public to think you are supporting these people? I don't think it's possible.
What is more likely to happen is the "Made in China Model": if you have excess electricity production capacity, then you can mine it, and the mined bitcoins will be stored in the national treasury, but they will not be bought on the market. Or, like the UAE, use surplus hydrocarbon energy to convert it into electricity, mine Bitcoins and store them. But you wouldn’t directly use the fiscal deficit to buy Bitcoin. You are more likely to just "print money and give out cash checks" because that can buy votes. Simply put, the fantasy of "strategic reserves buying large amounts of Bitcoin" will never happen.
Kyle: I agree. We actually talked about something similar last time. Now more and more companies are beginning to imitate MicroStrategy's way to buy Bitcoin. While there will not be a national strategic reserve program, we do see that companies are buying more Bitcoin than even ETFs. Do you think this trend will continue? In addition, Howard Lutnick’s son has also launched a fund similar to 21.co. Will these factors combine to cause a real supply shock?
Arthur: We participated in the UPXI transaction, and their company will also include some Bitcoin in its balance sheet. Ultimately, there is a group of investors in the market who cannot invest in Bitcoin ETFs but want to have a crypto asset position. Their institutional rules do not allow direct holding of cryptocurrencies, but they can invest in U.S. stocks. So Michael Saylor jumped at the opportunity.
He said to these people: "You can't buy Bitcoin? It doesn't matter, I'll buy it. My company's balance sheet is all Bitcoin. When you buy my stock, it is equivalent to indirectly owning crypto assets." As a result, their stock prices were pushed up, and the trading premium was far higher than the net assets. This is the model they play, and they will continue to do so as long as there is demand.
Essentially, these investors know very well: "I want crypto assets, but I can't buy them directly. So I'll buy the stocks of companies that are already compliant and allowed to hold them." So these companies use "quasi-treasury strategies" to boost their stock prices. I think this will continue for some time.
In particular, Michael Saylor's "MicroStrategy" is now one of the components of the S&P 500, which means it has the ability to continuously take money from the market to "increase its holdings." Of course, this pace may stop once Bitcoin volatility decreases. By then, these stocks will no longer fluctuate significantly, and the market enthusiasm may naturally subside.
Kyle: Recently we have also seen that Bitcoin’s trend is getting closer and closer to gold, and it is beginning to decouple from the stock market. In the past, Bitcoin and the stock market were strongly correlated. Do you think the current decoupling is really happening, or is it just a short-term phenomenon?
Arthur: I think we've seen a degree of decoupling. But I still think there will be another wave of massive selling - when Trump once again declares that he will increase tariff pressure on China in order to show his tough stance, the market will react violently. Bitcoin may also experience some volatility.
But now everyone is finally beginning to understand: the truly key indicator is "bond market volatility." Whenever bond market volatility soars, it is time to flood the market with money, and this is exactly the environment in which Bitcoin performs best. Therefore, I think it still needs an actual market verification to allow the public to fully understand this logic.
You asked me if Bitcoin and Nasdaq will be highly correlated again like in early April? I don't think so. Bitcoin should perform more steadily this time around — not necessarily skyrocketing, but not crashing like the stock market either.
Kyle: Indeed, this kind of trend has hardly ever appeared in the history of Bitcoin. It has always been traded as a "tech stock", but now it has finally gotten rid of this label.
Arthur: That's a good thing, it's really great.
