The largest force in macro is "nothing stops this train". The dollar's relevance as an objective measure of value is diminishing. Gold will begin to fill that role again. Bitcoin still trades like equities, not as hard money. Too many people remain skeptical of bitcoin, for now. Pricing things in gold is startling. Both the SP500 and the Nasdaq100 are in a deep -30% bear market, with a top set at the end of 2021. Even as equities are breaching USD ATHs, they have only really bounced off a major bear market low from the tariffs drama in April. Bitcoin fared better but not by much. Bitcoin is currently down 20% from its gold ATH set in December 2024. It is down about 15% from its top in 2021. I've said this before, but it really is time to start looking at the gold price of bitcoin (currently 31.5 troy oz). This is increasingly the "real price" in the era we're entering.