Anthony Pompliano

They need to hear from you.

What is going on and should we be worried?

I'm losing money with everyone else.

Is that because Bitcoin is serving in the US market and for sophisticated investors as a speculation tool, and it's all about like max alpha or max return?

Or is there something else as to why they're looking at Bitcoin versus, you know, max seven or other, you know, kind of asymmetric type assets?

These are like the crossover funds you're saying?

Yes.

They have a large hedge fund where they're buying public stocks, but they also have private investments they're making like a VC, but it's a crossover.

So you think institutions may be going long private tech companies or software companies and short Bitcoin as a way to hedge against the privates?

All right.

So on the Bitcoin side, this like severe sell off, I think that there's a lot of people who are trying to figure out why and why may not matter in the long term.

You know, if you just dollar cost averaging to Bitcoin over time, regardless of it's up, down, sideways, you've done very well if you just hold.

But people still want to know why.

And so the two theories that I have seen that I think are worth talking about.

The first is I have seen people who I think inaccurately describe the fact that Bitcoin's scarcity no longer exists because of the creation of options and ETFs and kind of all the financial instruments around it.

There's a difference in my mind between like scarcity and access being increased, but talk about the financialization of Bitcoin and could that be having an impact on why the price is going down?

This is interesting because when people see GDP exploding, they think stocks all go up.

I went back this week and I found an interview.

1992, Stanley Druckenmiller talks to Jack Schwager in the new Market Wizards.

And Ty Kim is actually the one who found it.