Bitcoin is one of the only multi-trillion dollar markets that trades 24/7, so during a geopolitical event on a Sunday at 2am, it's the only thing you can sell. This creates short-term correlation with the S&P 500, but over longer periods it has low correlation with risk assets and has been appreciating for 15 years.

Agrees Bitcoin's role will change. Once all equities are on the blockchain, people won't have to sell Bitcoin during off-hours crises; they can sell US stocks instead.

AI is trading about 20% above its four-year log trend. Bitcoin is the polar opposite, trading 50% below its long-term trend. For investors who can't stomach AI valuations, blockchain is a good proxy. AI agents have to use blockchain, increasing demand for blockchain assets.

AI agents aren't going to get normal bank accounts and transact in paper money. They have to use electronic money. As they become more impactful, they have to use blockchain assets.

It's already happening. AI agents are doing commerce. They have to use crypto because they won't be backed by entities that can get bank accounts.

We've been through four massive cycles. This downturn is shallower than previous ones. This is the best time to put money to work in venture companies and protocols.

Previous big cycles averaged about 380 days. The market could go down until the end of the year. Previous cycles were deeper, so there might be another 10% or maybe 20% downside. However, buying something 50% below its trend stacks the odds in your favor. Anyone who has owned Bitcoin for four years has always made money.