Raoul Pal: The Journey Man The Bull Case vs. the Bear Case ft. Chris Burniske
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Nov 20, 2025 Chris Burniske, a partner at Placeholder and crypto investor, shares his insights into the current crypto market cycle. He discusses the impact of liquidity on Bitcoin and outlines why a bear market perspective is prevalent. Chris describes the psychological toll of recent flash crashes and stresses the importance of probabilistic thinking for investors. He also explores strategies for portfolio management, emphasizing a balanced approach with Bitcoin as an anchor. Finally, Chris reflects on evolving venture capital flows and the enduring power of long-term compounding in crypto.
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Bitcoin As The Market's Center Of Gravity
- Bitcoin often acts as the market's center of gravity and dictates alt behavior.
- Liquidity cycles, halvings, and miner economics all interact to shape Bitcoin's path.
When Market Feel Signals Danger
- Market structure and feelings matter; Solana's weak bid felt anomalous despite ETF anticipation.
- Such deviations can signal underlying distribution or selling pressure across the long tail.
Use A Regret Matrix Before Acting
- Use a regret matrix to decide whether to sell or hold by imagining future feelings for both outcomes.
- Choose the action that minimizes anticipated emotional regret to avoid impulsive mistakes.
