Lyn Alden

Lately, Bitcoin is almost perfectly correlating with like the software stock indices.

Really no way around it.

There's just not been a lot of retail demand for Bitcoin this cycle.

I'm pretty bearish on the broader crypto space structurally.

And I think if anything, they are weighing on kind of the quote unquote brand of Bitcoin.

That's going to weigh down probably for a period of time.

There's still something like a trillion dollars in crypto market cap that I think is overvalued.

Well, I think in recent times, the changes we're seeing with the balance sheet and rate cuts, that's not fueling inflation because it doesn't really fuel money supply growth.

Even things like tariffs, they're not particularly inflationary in the broad sense because they're not impacting the money supply.

They can just around the margins show up.

They can obviously increase the price of one thing.

They can also reduce the demand and therefore reduce the price of other things.

So it just kind of shifts things around.

I think right now we're in a transitional phase in macro, which is we're exiting balance sheet reduction.

going toward balance sheet increases, but the numbers are not large, that this isn't, you know, COVID printing that people think of now when they think of QE.

It's more of a steady state.

And then we're also in this, because we're in a period of fiscal dominance,

a lot of the traditional metrics just work differently now.

We have these larger average fiscal deficits, which injects capital constantly and apart to the economy.

So senior spending, basically anyone who's on the receiving side of the deficit.