Bitcoin: A Complex Animal

In the world of macro investing, there are different environments where assets perform well. Where does Bitcoin fit into this framework? Because if Bitcoin is like gold, you would expect to do best during sort of stagflationary times when growth is slowing down but inflation is very high. Environment like the 1970s where gold outperformed almost everything. And yet in your work, you've noted that it's not that simple. James Curnow: Bitcoin is a complicated animal and it's not just that it does well in one environment.