69
286
1K
229K
330
Download Image
@TaviCosta I love Druckenmiller’s take on Bitcoin vs. Gold. To paraphrase, Bitcoin is a risk on expression of a dovish Fed (so are equities)! Gold is a risk off expression of a dovish Fed.
@SpencerHakimian @TaviCosta Ergo, during the next recession Gold shall likely outperform both stocks and bitcoin.
@SpencerHakimian @TaviCosta I take his point but I don’t think it’s accurate. 5.25% and declining repo balances isn’t dovish. It’s the Treasury and Congress that’s the problem. Even the Fed is begging them to reverse course. Deficits are the problem, not the current SOFR.