Arthur Hayes

Do you agree?

Do you read it all into stocks, gold, bonds, everything sold off since the war started and Bitcoin was kind of flat to up?

And what is your thought process as to why Bitcoin did not outperform gold or stocks, et cetera, over the last couple of years?

What's interesting is the first time I heard anyone talk about this was Elon Musk.

And he basically presented the idea in terms of, look, AI is so deflationary that the people are going to beg the government to print more money.

And coming from more of a Bitcoin or sound money perspective, you're like, that's insane.

Why would we ever do that?

Like, obviously, money printing is bad.

But as I thought about it more, I'm like, well, maybe one of the big reasons why Bitcoin sold off so hard starting in Q3 last year is because Bitcoin.

Bitcoin, as you say, is like the smoke alarm.

And it just realized that everyone was expecting inflation from the tariffs.

We didn't get that.

And actually, we were going to have this like deflationary period.

And so then that begs the question, like, do does Bitcoin not go back up until the deflationary pressures go away?

What is your current ownership of Bitcoin in terms of like portfolio percentage?

Are you have Bitcoin exposure?

Do you do you sell your Bitcoin?

Have you sold Bitcoin to buy other things or are you just not deploying more dollars?

And the reason I ask that is I think that there's a lot of folks that I talk to that own a lot of Bitcoin or have held Bitcoin for a long time.

Many of them are saying what you're saying, which is like, I'm not deploying new dollars.