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It took me a little while, but I completely agree. Price is a language, it tells a story. Here's the story I see below: image Gold has been the superior money for thousands of years. It is currently being repriced in Bitcoin (more slowly than some of us would like). Bitcoin failed to sustain a level above 1KG per coin (right around 35oz) and then fell. The fiat chart doesn't tell much of a story. It's just noise. Paper money is a short and tragic glitch in the long history of sound money.

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It's wild to me that we thought we had 2 bull markets when really we've been going sideways since the 2017 top. Completely hidden because we were using a fiat currency to measure value. It's like trying to build a new civilisation with a measuring tape that's constantly shrinking. The real supercycle will be denominated in gold!