It’s funny how "macro experts" stop being "macro experts" when it comes to explaining the performance of Bitcoin :P

Source: Luke Gromen Tweet (X) ????

???? Bitcoin Bull Market that outperformes every other asset class:

• Macro Expert: "Oh, that bull market is fed by leverage! (derivatives!)"

???? Bear Market of "80% downturn"

• Macro Expert: "Oh I told you, this bear market are the liquidations of all that leverage positions (derivatives!)"

TL;DR Zero macro factors behind the 4-year cycle, for these guys! ????‍♂️

They don’t understand it! or they just want to make it look like that 'they don’t understand it', because Bitcoin leaves the "mechanisms of modern economy" (MMT) as a fucking joke! :P

edit:

Luke attributes the CAGR slowdown of BTC/USD to derivatives ???? typical! "speculative asset, only moved by leverage, bla bla bla!"

If you change the denominator (BTC/XXX):

How would you explain the CAGR growth of BTC/ARS or BTC/TRY in the last 5Y? Also derivatives? ????

Come on!