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The Importance of Risk Assets in Cryptocurrencies
Gold does really well in absolute terms in both inflation and deflation. It's just that it's excess returns relative to other stuff is actually tends to be amplified deflation because you have more stuff going down. Gold becomes more of a shining beacon of safe haven in deflation than it is in inflation, but inflation, you definitely want to be long gold as well. And so to me, I think the big kind of, it changed in November, in early November, our models start at the price and the rising probability of an inflation regime. That coincided with the transition to inflation and economic standpoint as well. You started to see the material underperformance of cryptocurrency relative to gold bullion. We would expect