Asking if Bitcoin move is part of broader macro case or Bitcoin-specific
speaker1
Barry Bannister
Bitcoin is not digital gold - behaves like highly liquid, speculative financial instrument similar to big tech stock
If Bitcoin is like tech stock, you can value it with cash flows and earnings - continue analogy
speaker1
Barry Bannister
Bitcoin behavior has shifted - used to rise with dollar weakness and global money supply growth, now moves opposite direction
Is crypto a liquidity story given stocks at all-time highs?
speaker1
Barry Bannister
Market's need for ever cheaper rates drove PE multiple expansion and crypto. Only reason to own Bitcoin is betting on dollar oblivion
Why 38k target for Bitcoin?
speaker1
Barry Bannister
Based on previous cycles - three major drawdowns in 15 years stopped at roughly same percentage point
Where should worried investors feel more comfortable?
speaker1
Barry Bannister
Market betting on broad cyclical rotation into industrials, financials, materials, but it's too early