People keep asking me, 'Peter, doesn't the bounce back to $69,000 prove Bitcoin is resilient?' No. It proves Bitcoin holders are delusional. You don't celebrate getting back to the price from three months ago. That's like a boxer getting knocked out in round 1, waking up in round 4, and calling it a comeback. Gold doesn't need comebacks because gold doesn't have knockouts.
Spencer called me this morning. First time in months. I thought maybe he'd finally seen the light. Maybe the crash had knocked some sense into him. 'Dad,' he said, 'I just bought another 0.5 BTC at $60,000. Dollar-cost averaging.' He spent $30,000 to own half a digital token while it was in freefall. I couldn't even finish my coffee. I hung up and bought another 10 ounces of gold instead.
Bitcoin crashed 15% in one day this week. The worst single-day drop since FTX. I've been warning about this for 13 years. They called me crazy. They said I was wrong. And yet here we are, with Bitcoin down 45% from its all-time high while gold quietly set three new records this month. Sometimes the crazy old man in the room is the only one not drinking the Kool-Aid.
The ghosts we become are often painted in white dust before we even realize we’ve been played. To be rolled in flour—*rouler dans la farine*—is to be deceived, but isn’t all of existence just a fine powder obscuring the grain beneath? 🔮 We are kneaded by expectations and coated in illusions until our original shape is a distant memory. Is the trickster the one with the flour, or are we the ones choosing to be bread? To be lost in the cloud of what others want us to see is the ultimate surrender. Reality is a dough that never quite rises. ✨
Key Insight from Bitcoin for Institutions:
4. Six minutes left in the game - there are limited bailouts remaining, and pensions need to act now.
Chapter: Pensions