Anthony Pompliano

That's $70,000 ran up to $126,000 in less than a year.

And so there was a belief that, oh, wait a second, tariffs are coming, and if tariffs are gonna actually get implemented, then there should be high inflation.

If high inflation shows up, then this Bitcoin thing should serve as a great store of value and an inflation hedge, and therefore the market repriced it higher.

There was also the belief that the strategic Bitcoin reserve, a friendly government, many other factors could be a huge tailwind for Bitcoin.

So it's not that Bitcoin didn't work, it's actually that Bitcoin did work.

Bitcoin went up quite a bit in a very short period of time.

But then in October, it peaked and it started to come down.

And so one of the aspects that I think is happening is I think the market is looking forward and they realize that inflation is not going to be a problem.

Instead, the bigger risk is deflation.

And if deflation is going to be a problem, then your store of value assets, they actually lose value.

And you don't have to worry about your inflation hedge.

Instead, you've got to look for things that are productive and are able to actually benefit from that deflationary force.

And so you can make a very strong argument.

I think I would make an argument.

that one component of the reason why Bitcoin's price has gone down is because the market understands that the high inflation that we were promised is not coming.

It is not gonna be a problem for the next couple of years.

And in fact, deflation may be a bigger risk.

And so it's simply pricing in that scenario.

I think that if that is true, which I believe it is, if that is true, then you can start to put together a couple of these factors.

There is the four-year cycle.