Post #24826

Arthur Hayes has introduced his essay "Frowny Cloud" Quick take: In 2025, Bitcoin turned out to be the worst-performing asset, drawing criticism from traditional financiers and gold advocates alike. However, Bitcoin fulfilled its core function—it declined in tandem with dollar liquidity, which is logical, since Bitcoin is a monetary technology dependent on fiat issuance. Gold rose because central banks around the world began aggressively accumulating it instead of U.S. Treasuries, driven by fears of asset freezes. This trend is pushing gold back into the role of a global reserve currency. Nasdaq climbed due to the “nationalization” of AI promoted by Trump, who made artificial intelligence a state priority. This guarantees capital inflows into the sector despite potential economic inefficiencies, a situation comparable to what has been seen in China. https://cryptohayes.substack.com/p/frowny-cloud