What, me worry? I’m frightened -- more so than in 2000 or 2007 -- about the potential for post-inflation deflation. I’ve been wary (some say wrongly) of the US stock market for too long, but Bitcoin and other cryptocurrencies were an excellent alternative -- until 2024. Yes, I fell off the horse early, but the pile-on into ETFs and the reelection of President Trump shifted cryptos into what looks like a peak bull-market euphoria cycle, prompting my shift to gold as a better alternative. What’s fundamentally changed is that an investment in Bitcoin or other cryptos now directly benefits the Trump family and administration -- and depends on them. In the past, Bitcoin and cryptos were viewed as attractive alternatives to the system. Gold at 4,000 appears as frothy as Bitcoin at 100,000 -- first reached on December 6. Since then, Bitcoin has languished, and the Bloomberg Galaxy Crypto Index is down 10%, even as the S&P 500 has risen 14%. That’s poor performance despite greater risk exposure. Many risk-management VAR systems might not pick up on this divergence until it’s too late. Gold’s parabolic rally in 2025, concurrent with crude oil’s decline, the worst in history -- surpassing 2008 -- might be signaling something significant. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/t4j2q7gpwcpf {BI COMD} Bitcoin, Gold, Long Bonds: 2024, 2025, 2026? #gold #bitcoin #stockmarket #bonds(Mike McGlone)