Bitcoin and the Dollar Milkshake

Bitcoin has moved on this kind of four year cycle-ish basis, but now perhaps the bigger factor is more about what's going on around the rest of the world. Now I wanted to contrast some of the different views that are out there. So do you want to maybe start with the dollar milkshake firstly? How would you characterize it? And how would you agree with that thesis? Yeah, I think actually all of those thesis you named, I think I'd take parts from them. I think they're all very... Actually, I don't think most of them disagree with one another. They're more a matter of timing, to be honest.