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Why isn’t bitcoin up 50% if in fact it’s a protest asset? Well, it isn’t, so I don’t know. If we’re worried about disinflation and we say that maybe people, if they’re scared of their own currency, there’ll be this huge rush into bitcoin. Well, where is that happening? It isn’t. So I would love to be able to answer in the affirmative and say, “Yes, bitcoin has now taken its place among the Pantheon of asset classes that people can use to express a macro view.” But it just isn’t, there’s no evidence for that. So my answer to you is no it isn’t, but maybe that’ll change at some point.
Nolan Bauerle: (04:57)
Yeah. And that you’re focusing on the behavior I think is the important part here. A lot of people get caught up with what they want it to be and they sort of will fall into kind of a bubble, where they see it behaving in ways that maybe it isn’t actually, given the facts, and that you underlined here that the behavior of it, given all these conditions is pretty clear. It looks like a speculative asset that people are interested in making some money on, and certainly there needs to be a high risk tolerance to get exposure even to this day.
cool one

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