It’s pretty simple.

Rates are coming down
Clarity act will be passed
Money will be very cheap
The tokens will send.
In 2022 after we topped we had
- 9% inflation
- had expanded the money supply by $3tn
- been in business cycle expansion for 18 months
Contraction was imminent.
Today, inflation is 2.4%, we finished the longest period of QT ever and the business cycle has just started expanding again.
The situation we are in could not be more different to 2022 and to expect this year to play out the same way, is folly.
The underlying market foundation could not be more different to last cycle.