David Hoffman

It's a wartime asset.

And look, the U.S.

is sanctioning Russia on SWIFT and freezing T-bills.

And so there was a narrative accompanying this price pump.

But what ended up happening, of course, is that relief rally did not last long.

And it took two more years into 2024 to reach those highs yet again.

So by default, this kind of looks like last cycle and is probably my base case as well.

But I'm like deferring that to Michael Nadeau.

He's been right too often for me to dispute his take on this.

Yes, yes.

Undefeated, I got to say.

The four-year cycles are undefeated.

But somebody who is trying to defeat them, I will say, this is kind of news on the week in markets, was Michael Saylor.

So did you know, David, Michael Saylor bought roughly $3 billion of Bitcoin over the past two weeks?

Yeah, so if you look at this chart, these are in orange, these big orange dots, these are all of the Michael Saylor purchases.

So the strategy purchases all the way since 2020 when he started this whole thing.

And you could see last bear market in 2022, he wasn't doing very much buying.

And that's because he didn't have any cash.

No one would give him money to buy.

So the little amount that he was buying, he was doing this with excess cash from, I think, the MicroStrategy balance sheet.