Ryan

Yeah, this is a Michael I talked about on the DeFi report actually earlier this week, which is right about, you know, 12 or so now on the Bitcoin gold ratio.

And we've hit lower lows just as recently as 2023, which was below 10.

Okay.

So from a ratio perspective, Bitcoin versus gold, it's kind of normal for a bear type market.

It's getting closer to that, right?

And you might wait for a 10 or a 9 on the ratio or something like that, but we're getting pretty close to that as of now.

And look, it's up from 1 10 years ago.

All right?

That's all you got to do.

Is the Trump administration worried about this?

Because more than crypto's loss, it's actually the dollar as a reserve currency's loss that we're seeing here.

Here's another chart showing institutions reducing dollar exposure.

This is the global foreign currency reserve as a percent.

The US dollar is now down to about 56%.

OK, from the 2000s, dollar reserves were 71 percent.

So this is institutions, central banks reducing their dollar asset exposure, right?

Buying other currencies and certainly also buying gold.

And Trump has asked a little bit about this.

Here's what he said.

It's hard to know with Trump.