Interesting take: What if $BTC hasn't actually had a proper bull run since 2021?

Sure, it hit new USD highs in 2025. But when you price it against gold, it couldn't hold above ~15 oz/BTC and fell back.

Now overlay QE/QT cycles and factor in the Treasury's recent "liquidity support" moves...

Maybe we're not late to the party. Maybe the real bull run is only just beginning.

This reframes everything if you're thinking in terms of actual purchasing power vs just nominal USD gains.