Bitcoin is not money. It is a way to move money and a way to hide money. Money is credit. There must be as much of it as there is obligation. It must have a stable, or, better yet, slightly eroding, value. If it doesn't, Mr. Gresham will hoard it and it won't circulate as money, i.e., it won't be money.

Trump wants to trade gold for bitcoin? I want to say even he isn't that stupid. But, of course, he is. What is El Salvador doing with its Bitcoin gains? Selling them (to whom?) and then not having them anymore? Borrowing against them and creating inflationary dollars?

The claim that MSTR's being in the Nasdaq 100 somehow "validates" anything reminds me of the guy who jumps off a tall building and can heard to say as he passes each floor "So far, so good." I don't know what Bitcoin will sell at when it dawns on people that it is effing up the capital markets where real investments in real outputs are made. But that will happen.

Bitcoin ownership will eventually be banned. It's just a matter of what event brings people to their senses and when that will happen. Until then, I am along for the ride. I do options collars with 95% leverage that yield 100% per annum at virtually no risk. If they fail, i.e., if Bitcoin stops rising for several months, they will yield the cost of the borrowed money, and I will move on. What will HODLers do?