Bitcoin Live with the Power Law & Minotaur Team, #26 11/27/2025

I am here with the Minotaur team. I represent the Power Law team, uh, and, uh, we are going to discuss today what is happening with Bitcoin. You know, recently we had very interesting moves in both directions. We had very strong corrections. We had an episode recently where we discussed that, you know, it looks like what happened and so on, uh, in the last few days You know, this is what happens with Bitcoin. Every time people say, oh, Bitcoin is dead, Bitcoin comes back to life. This happened for 16 years. If you have been around, it's nothing new. But so we are— yeah, we had a very nice bullish days. We recovered some of the lost ground. And so we are going to use some of the tools that we have developed to understand the market. So I will, I will start, um, and I'm going to show this chart. So these are the overall power law. You can see how elegant and beautiful it is. This is actually one of the simplest forms of the power law. We have an old trajectory. People are also sometimes say, oh, the power law is dead, and we discussed this last time. It's not dead at all. At all because you have actually, you can see that, see almost, uh, this, this what, like, uh, March of '24, right? Now we are March '26. So for almost 2 years, look at this, right? Uh, for a long, long time we follow very closely the power law, actually hugging the power law more than we ever done, you know, because usually We are above or below it. Also, for a long time we follow it and then we have this correction, right? It is more in line with things that we saw in the past. Usually these corrections came after a big, huge deviation, positive deviation, these bubbles that we observe sometimes, you know, 5, 10 times away, uh, from the power law itself. From the red line. And then we went down to this white line. The white line is what we call the power loss support. It, it can be calculated many different ways. A simple way is simply to take a fixed percentage deviation. It's about 60% relatively to the power law. And you can see it has been very useful in identifying extreme bottoms. Like here, here during COVID for example, when we were at $16,000. I even called this live and they said, you know, Bitcoin never went below this region. And while it was happening, I called it. I called this bottom. Many people were worried that we were going to cross the bottom. This time we came very close. We didn't go below it. Uh, there is a reason why this support is there. We think we have some evidence it has to do with the cost of production of Bitcoin. So basically you can get these by looking at the power law between price and hash rate, and you can reproduce something very close to this. This is kind of an idealization of that process. So with that bottom, just to give you an idea when we had some of these lower values in the recent past, was sitting around 55. Now it's a little bit higher. We're talking about, so okay, so here it was, yeah, maybe like actually all the way to 53, and now it's more like 55. So we are far from it. And notice also what is interesting, that even when we have correction, right, I could draw parallel lines to this behavior here, right? So, um, I don't know why I made it so long, but, uh, see, it's kind of parallel of this red line. Right. What am I— maybe ray. Okay. I want more like a trend line. Yeah. Yeah. You see, this is kind of parallel to these and that. Right. So even when we change and this is not unique, this happens often. Look at this parallel to the power law. Right. Parallel to the power law. Because basically, if we really follow the power law, we are supposed to do power law things. Right, is how I describe it. So most of the time we move, even when we see— seems that we're not going anywhere, we are actually still moving in the general direction that the power law says. Now we are far away from the middle ground, that means, right, we will have to do the equivalent of going down, we need to go up, but in between we kind of move along the power law in parallel paths, but it's really cool and interesting. This is actually also described by this, this is actually a new indicator that I developed recently. It's kind of along the line of this idea of calculating daily slopes. So basically it's a normalized log return. Return in this case is the ratio between the price at any given day, so the price of that day and the previous day, right? So the log of the ratio of the price between two consecutive days. Now you can consider the decay of the returns because we went all the way to, you know, 10x a year or whatever, and now there is actually a formula that the power law gives you of what are the expected yearly returns. Right now we are around 40%, something like that. And so if you correct these returns by, uh, the decay that is calculated by the power law, you get a very stable quantity that is basically kind of like an average slope of a daily— so instead of having like, like an overall slope for these line, right, because it's curvy on a log, on a log-linear graph like this where you're taking the log of the price, but it's a straight line in a log-log, right, a log-log graph where you take the log of the time. So the, the, uh, steepness of that, uh, straight line, uh, the slope of that straight line, uh, it's close to 6, and, uh, it's a measure of you know, how fast we are going up in time. And you can do it on a daily basis. And sometimes, of course, we go faster than that, so that number is higher. Sometimes it's lower, but, uh, and it's kind of like a random number. And if you look at the distribution of this number, it averages around 6. That is what you measure with this regression technique. And you can actually plot it as a function of time, right? You can calculate it over a small window, this slope. And I have already shown that indicator that is just the slope itself. Here I'm doing something slightly different and taking both the average of this value of a slope, but also the deviation, right? How big the distribution is, the variance of this distribution. So if you do that, if you take that ratio, it's very similar to this quantity that people use to determine how good a trading system is. It's called the Sharpe ratio. It is basically how big your returns are relatively to how much they change, right, in time in both directions. So this is what is actually showing here, is this normalized Sharpe. Using the slopes. So I think it's actually one of the most stable quantity we ever seen on Bitcoin. You see, if you go all the way back to the early history of Bitcoin, simply oscillating around an average value. So it's very, very stable. Even just the average itself is stable. But if you take this ratio between the average and the deviation, It's really interesting because you have two pieces of information now, and it's really cool because you can identify very strong periods of bullish behavior, which are the green areas, bearish behavior, and in between. I tested this signal to actually do like an active trading strategy where maybe you go all the way to cash, or maybe you rebalance when you have red You get a little bit of leverage. Our days we have, uh, uh, things like futures, for example, that the Minotaur Group is using in their trading strategy. And it was fun to see that using this strategy, if you started from when the exchange is open, you could end up with 800 Bitcoin. It's a little unfair because there were a lot of inefficiency before this paper Bitcoin was created. So it's not fair to say, oh, you know, if you started with these early on, it's probably this inefficiency will not have existed there, you know. And it's still interesting because it's a measure of how well this quantity picks bullish behavior and bearish behavior. So if we go all the way to what is happening right now, That is what is interesting. Um, you know, we, we added this kind of bullish behavior after— so correction, this big first correction, it identified it as a— remember, this is not even the price, it's, uh, the returns themselves, so it's a, a deeper measure. Um, okay, bearish, it was a little bit of a recovery, right? We went up there, it seemed that we were going to believe this bearish behavior. And then we had this other strong correction, and now we kind of bottomed out, you know. So if you want a little soundbite, we can say that we bottomed out and we are recovering. We are not quite out of the depths because this correction was so big that it's taking time. This, this is calculated over a rolling window of 30 days. I still think that we are in a bullish— in a bearish region. There is actually this table that confirms all these, give us a bunch of stats, but it's a very good sign that we're almost on the border between kind of not yet in the bullish area but kind of in transition area. So it's— it looks good. It looks like possibly we did reach kind of a bottom, at least locally, and we are going up and maybe we even go in this greenish area. Let's see how, you know, how long we stay in the greenish area. So this, this is a kind of a summary of where we are now. Yeah, and I'm sure Marcus will have many more interesting things to say when it looks at the liquidity charts. Guys, do you have any questions about this?

No, actually, if I could, I wanted to jump in and just show one of my charts because it lines up really well with what we're looking at on yours.

Yeah, absolutely. Yeah, I will stop sharing my—

Yeah, so I'm just going to bring up— yeah, this is the Paolo algo that we actually use as a combination between what Minotaur does and what Giovanni does. Yeah, and you can see here we've got exactly the same, pretty much exactly the same floor that you just have set around that 52 to 54. And what we're getting is that we call it the power law mode. We're getting a value of 23.92. But what's interesting to see is, you know, we had the pink band or purple band, whatever you want to call it, was a potential extreme high. So that would be a deviation beyond statistical probability. And, and the support again is the same on the flip side. But you can see when you scale that up really how far away we are from that still. If you actually put in a— we're still around 25% from here. Yeah, 26%, which just shows that from a Minotaur algorithmic perspective, we're still trading well, well, well within safe ranges. So if anyone had been running the algorithm with the power law support in mind, with liquidation levels below the power law support, everything is completely on track. Everything is performing how we set out our strategy from the beginning and how it's also performed in all our tests, all our backtests, and all the work we've done with Giovanni. And you can see it visually here how, okay, we didn't go the other way, we didn't go like this, but we went like this., but it's still well within the range that we set out to begin with. So I just wanted to show that there because it really does line up. It's minotaur inside what we're looking at with you there, Giovanni.

Yeah, very good.

That's all I wanted to add to that, actually.

I'm happy for Marcus to jump in. Yeah.

Let's take a look and see what's going on in the land of liquidity. As far as I'm concerned, this— you see that? Let me, uh, got it. Yes, better. Okay.

All right.

Yep. Okay, so liquidity and volume, right? You can't have price action without liquidity, and you can't have liquidity without price action. The two are bound together. Okay, uh, so what we're looking at here now is the big picture. We can see all the liquidity from 3x, and we're tracking from 3x, 25x at this resolution. Um, we are, as we all know, we are in this lower area right here currently, down here far right. Giovanni, remember we had that problem last week where someone couldn't see the bottom? Is that visible now? Or do I need to move it up, like up a little bit more, like here?

It's better now.

It's better. Okay, I'll move it up a little bit. All right, so yeah, uh, so there's also— we know that we need liquidity, and as you can see, uh, visibly we are kind of at a point where we have a liquidity void now. We've taken just about all of the long liquidity. There's not much left. And there's some older liquidity down here from 2024, early in 2024. Uh, that is probably a low probability that we come down here. And the reason being is if the asset is going to follow the power law, which it's doing, and it's going to continue to appreciate, at some point some liquidity is going to be left behind. You can't continue to generate liquidity and take it out. You won't go anywhere. So the higher probabilities are we've taken all the liquidity off the board and price needs liquidity to continue to go down anyway. There's a tremendous void here with no liquidity to take us there yet. And one other observation here is we had a profile that goes all the way back to April of 2024, a long time ago, and we left that profile. However, we're back in it now, and we found support at the profile, uh, point of control. But the reason I bring that out is I believe that probabilities will say that typically when you enter into one of these volume profiles, you, you rotate through the profile. There's a high probability that we test this lower value area, low area, of about anywhere from 50 8 to 56K in there, and we do have some liquidity to back that up. So I'm going to zero in here a little bit. So price action is based on distance and time, right? So each are— one is not more important than the other. So we— everybody gets really captivated on how far a market drops. You also have to look at the time, time impacted So now I'm just going to back out the 3x, which pulls a little bit clearer. I'm just going to look at the 5x to get an idea of just from pool to pool, right, zone to zone. Uh, one of the things that we want to look at is the time that we spent in the previous zone, or we went to this lower leg here and got into this bear market phase. So we were here about, uh, That's, uh, 70, 70, uh, days, more or less, 71, 72 days. So the market structure is incredibly accurate, the timing and the structure. So we'll add this in here. So 71, 72 days puts us at about mid-April. So I'm going to mark that off. It's about this area here. That's what we're looking for. So at that point, as you can see here, there's liquidity, what we call exit liquidity, external liquidity. We have a range here. As you can see, we're inside of this consolidation range. Whenever major liquidity is taken out, it creates a range. Market consolidate, have a major liquid— liquidation event.

Consolidates.

So that's incredibly reliable. So we're in one of these consolidations that we expect to last, you know, it could last another month to mid-April, maybe end of April, somewhere in there. So what we expect to happen is this price action generates the next exit pool that we need. As you can see, there are pools being generated. This price action encourages or induces other traders at all levels of leverage— 3x, 5x, x— the higher, the higher the leverage, the closer it is to price. Here's the 10x coming in. We have 25x, show you that in a minute. 5x. So at some point, once this liquidity gets to be sufficient and price makes a move to liquidate that liquidity. So the question is, when we get to this point, are we going to go this way or that way? Um, the probabilities say that the ideal situation that I'm looking for— probabilities back this up— is when we get to the dead, the time frame, this pool will be relatively significant by then. So the perfect, the best scenario, the healthiest scenario would be to enter back in here, sweep this liquidity, flip the point of control, and then we can resume the bullish phase. We can start recovering and get out of the bear. So that would be the ideal scenario. And then this liquidity will also be prepared by then. And now we have the fuel to get back in range and we're off to the races again. Let's take a closer look at what's happening here. I want to show you, um, how, how predictable these moves are when you look at price and volume. Let's zoom in here. You can see how reliable all this information is. We're just going to look at the 25x now. I'm going to zoom in, and all the market did— when everybody— when the price Uh, when the price was in this area here, everybody was scared again, very fearful. But all the market was doing was just taking this, uh, external liquidity out. And then when it sweeps the external liquidity out of the bottom, it came for the long side, right? I mean, short side. So all we did was sweep the short side liquidity almost to the dollar, and now we're entering back in. So these are sometimes called bull traps. Everybody gets very bullish in this area, uh, and then it reverses very hard. So if you just keep an eye on what liquidity is doing in price, you won't get caught up in these, uh, out of sync or out on the opposite moves. Now really quick, I do want to mention that there is the possibility that we could work our way up here to a higher, uh, level of resistance, which is 81. This will be a massive— we— if we happen to work our way up here this would be a massive bull trap because, uh, we're still expecting to put in this lower low either from here or from higher up. So don't get too crazy, just wait, let price do what it needs to do. Uh, we do come down in this area, this would be a very healthy— come down here, sweep the 5x, 25x, and then, oh, let's move to higher prices. One other thing, let's take a closer look at this on the 4-hour. You can get even more detail here. This is the 4-hour, same thing. You can see, uh, that, uh, we're in this range and all we did is this liquidity in this area here. Let me back some of the density in. All right, so everything that's inside the range is internal. This is all internal. It's going to be very choppy, but the liquidity that you keep an eye on is the external side of the range. That's the exit liquidity that gets you out of the range. So all we did to this point is we just swept the external liquidity on the long side.

They swept it on the— I see. So, Marcus, um, kind of related but a little bit, uh, side topic. Yeah, so we have been recently a lot of talk about these Jane Street company, right, this trading company that supposedly kept the price of Bitcoin down. You know, that is what many people claim that they were doing. In particular, they were mentioning, well, you know, they got in trouble in India, for example, and then there is a lawsuit going on where there is some claims that they did some dirty things with Terra Luna. But also they say that on a regular basis at 10 o'clock in New York, they did some very, very big shorts because we have these huge positions in iBit. So they were doing the short to create some kind of a market-neutral position for themselves, right? But Also, they benefited because, uh, given they had the short, if the market went down all of a sudden, um, because of the short, they could rebuy at a very low price, right? Plus, they benefited from the short themselves. So what do you think about that? Do you have any opinion given your experience with understanding liquidity, but also, you know, in a Wall Street traders and so on. What is your position about that?

Yeah, um, real simple. Uh, they're a business, and businesses are in business to make money. So yeah, Main Street, Citadel, all these market makers, they all have proprietary trading desks. So they provide a number of different services. One is liquidity for the market participants. But in doing so, they have advantages to information and order flow information that most retailers or other smaller commercial traders don't have. But at the end of the day, it's kind of like the regulators are kind of in a catch-22 because kind of let them get away with it because they provide very, very essential liquidity so we all can get in and out of our trades. So, yes, they take advantage of that information. Because they're in business to make money. However, Jane Street is not the entire market. They're just one of many participants, which Wyckoff refers to as the composite operator. When you have a number of big players or whales or market makers running the same business model, they all tend to do similar things where, yeah, they may— they might make a lot of money, but then they have risk too. And, you know, these things We might not like it, but you know, they have their own risks that they have to deal with. So they make money sometimes and sometimes they can lose money as well. Uh, but it's just one another, it's just another player on the board. You know, people get mad at Donald Trump's sons because they sometimes they believe that they might know when he's gonna make a crazy tweet and they can get ahead of the market's knowledge. Or, you know, Nancy Pelosi, they believe she might know something, but at the end of the day, whether they know something or not, it's just a small blip on a bigger radar.

So to add to that, my thoughts, I think that Jane Street can't do much if the liquidity is not there to be taken anyway. So the reality is that the trade, the high leverage trades are being placed both long and short. Jane Street, what they were doing in this way Mark is saying is taking advantage of these existing positions. So those positions needed to exist before Jane Street could do any anything anyway. And, um, there's just a huge amount of leverage in the market, which is what we've seen.

Yeah, it's just a— it's a business model. People try to say it's predatory, and it's like— it's like, Giovanni, you're in San Diego, right, near LA. If you step out in front of a bus, commercial bus, without a ticket, right, and it runs over you, is the bus trying to get you, or did you just step in front of the bus? You know, it's It's doing its thing. Yeah, it, it killed you. It took you out, but you stepped in front of it. You know, it's not— this is how the business works. You're in the wrong place and your, your positions are inside of exit liquidity. You're going to be stopped out. You're gonna be hunt— you're gonna get— is it hunting? Well, that's according to your perspective. You step in front of a bus, it's technically hunting you, right? But no, it's just part of business. Yeah, it happens. Learn to not step in front of buses, you know, position your trades better.

Yeah, you're on mute, Giovanni.

You're on mute, Gio. Yeah, maybe sometimes they do things that they should not do, in particular if they use, uh, you know, like insider information, like it seems that they did with the Terra Luna, but, you know, opening a bunch of shorts, it's part of what markets do, you know, and it can go right for some time, it can go wrong other times, you know. So, and if— and that, you know, the beauty of Bitcoin, I think, yes, maybe they can, can be even influenced temporarily by things like these, but the long-term proposition remains., right? When you look at that beautiful trajectory, that it doesn't care in the long term if we are up, down, you know, the middle. That is really what counts.

I like— it's kind of like the crash, right? It happened a while back where we— $19, $22 billion was liquidated. That was, uh, influenced by commercial traders, uh, but at the, at the end of the day Next year we won't even remember that, you know, Bitcoin will be just doing its thing, you know.

Exactly. So yeah, this is good. Um, Kosta, you already mentioned the algorithm and what it's doing, etc. Um, so do you want to say anything else about that? I don't know what, uh, what are some of the smart—

yeah, I'd say one of the things is that the, the biggest danger when it comes to algorithmic trading is, is, is really buying the top and having to sit on your hands and do nothing. Well, that time's over. If you start right now, you have probably years of upside. Um, we've seen that before when we first started running the algorithm. It was actually around the $40K price, and for 2-3 years, uh, it, it does what it does. It captures volatility. Now it's still capturing volatility. The only difference is is it's waiting to get out of a drawdown. In some cases it already has depending on the settings, right? If you had a tighter take profit on a shorter, on a lower time frame, you know, there's a good chance that you're out by now, especially with the recent rallies we've had from, you know, if you bought 59, you'd probably be getting out at around 69, 70. So some people have already reset. Some bigger trades perhaps you're still stuck in a drawdown. However, a lot of people are scared of drawdowns, but I want to point to the fact that if you if you create a system like ours which deploys most of its capital when the market has already suffered the most, right now longs are almost getting paid, right? The funding rate is actually extremely low and in some cases longs are even getting paid. So the concern of funding rates is nominal. And all we see is a potential 10-20% from here. And upside for a very long time. So in my opinion, the algorithm's done what its job is supposed to do, and that's survive a pretty bad market crash. As long as people were able to manage their collateral, yeah, then they should be fine.

Good. All right, let's see if we have some questions. We are trying to keep the episode relatively short. We have one main question. Any thoughts on how long we will be at the bottom? I mean, I expressed my opinion that I think at least, you know, we're going to say this is the bottom of the cycle because right now there are so many theories about what is a cycle for Bitcoin. And, you know, like yesterday when we did the physics of Bitcoin, my colleague Steven is going back actually to something that I proposed myself a long time ago, that the cycles are log-periodic instead of being periodic. If they are log-periodic, the main idea is that they become longer and longer with time. So he actually thinks that the top is going to be 27. Um, and so I don't know if this is the bottom of this long extended cycle or it's just a local bottom, you know, and we are going back in a few weeks. You know, it's very difficult to determine these things. Yeah, it looks like we are, we are in a more bullish behavior right now, and you can see that what, uh, and Marco can correct me with that, you know, that maybe there is some more liquidity to catch, but we are maybe going up and taking some liquidity up and then going back and then I stand up again. Um, right now it didn't look like there is a lot of liquidity, right? Is that correct, Marcus?

Um, yeah, there wasn't— there's, there's some, but there's a big void between where we are now and where it is at located.

Um, I think, uh, you mean on the upside now?

We're talking about the top side, downside, the downside. Yeah, talking about the downside. We have to look at things also in the perspective of time. You know, there's a time for these larger time frames to play out and cycle out. So we're probably looking at the end of probably the summer time into around the midsummer is the time. And then I would say we're definitely not that much more to go. We're definitely near the bottom. If we're not there, we may sweep that, that last little bit of liquidity down at around 50, $859, $857. That might be it from time and distance.

So I think the geopolitics is one thing that we haven't discussed. And the idea that the bull run or a bull run will resume quickly, I think that's kind of passing with what's going on geopolitically. Because in order to push price into those higher zones, $80,000, $90,000, $100,000, it's going to require a lot, a lot, a lot of spot buying, right? Not futures trading, which is what we're seeing, liquidity moving the price. But we need a lot of spot buying, a lot of volume coming in, and we're just not really seeing that at the moment.

I'm not.

I don't know if Marcus can add to that. And I think until that storm passes or it becomes like other wars recently where it just becomes protracted and ignored because it just becomes last week's or last month's news, I don't think anything in the very short term is going to push the price up. That's my personal opinion, just looking at the way things are right now.

Okay. Yeah. So this BTC gold already broken? No, it's not. So that is something that so many people repeat simply because they think that there is a one-to-one correspondence between between the power law in US dollars and the one in gold, right? It's just a very deep misunderstanding. There is a reason I already discussed this in different episodes, but maybe we need to repeat it every single time, right? So if you use gold, if you use real estate, if you use oil, there are power laws, power laws, power laws. The only support that we ever mention as a valid support is the one in US dollars. Why? Because it's associated with the price of production, and people don't use oil to pay for the price of production. We don't use gold, right? So if gold has a little bit of an advantage, right, like recently that is actually catching up with inflation. It's not really doing anything extraordinary because gold, for the— for at least over the entire history of Bitcoin, has been more or less flat. And now it went up by a factor of 3 in the last few years. That seems a lot, but when you compare with Bitcoin, it's absolutely nothing. But that support is so tight in comparison with what the power law is because we are talking about only a factor of 60%, so it's a factor of 2 basically, that if gold goes up relatively to USD, of course that support is not going to work for gold. So that is what people say, oh, you know, the power law is broken for when you, when you express it in BTC/gold, but it's not true. Is still valid. All the other parameters are working very well. It's just that that little factor of 2 is breaking the support line. But we never say that support line was valid for gold. You know, that is something that people added. It's a misinterpretation. No, it has no— overall has not broken, because if you're looking at the the main parameters, right, like R-squared and whatever, it does not. A factor of 2 is not going to break the power law. To break the power law, you will need factors of 10 and sustained factor of 10, right, because the power law is all about scale, scale invariance, right, big changes over factors of 10. So, and I think that will still be there, you know, Bitcoin Bitcoin is going to go up a factor of 10 in the next 8 years. Gold, I don't think gold is going to go up a factor of 10. Probably it's going to up a factor of another factor of 2 at most, 2, 3, uh, while Bitcoin is going up a factor of 10 and then a factor of 100 in 20 years. And gold is going to be left behind because gold physically cannot be there is no— maybe there is not enough gold, or at least the gold that we can reach economically, you know. And if it does go up, then people will start to mine it, and that in places where right now is not economically feasible to mine Bitcoin, like the bottom of the oceans, and that will make the price crash. So gold is, you know, what it's doing is kind of I don't know why people are so fascinated by gold, right? It's mostly China buying a ton of gold until everybody is going to realize Bitcoin is really the way to go, you know. Uh, so it's more China trying to get more independent from the dollar, and they don't like much Bitcoin, so they are doing gold. But eventually they that liquidity will go to Bitcoin. No, it doesn't make only sense to measure Bitcoin in gold terms. It doesn't, because the entire story of a power law is how we beat inflation. We want to show that even if a dollar is inflationary, Bitcoin beats that. That is the entire point. That is what you're trying to show. You're trying to show that the growth of Bitcoin is so fast relatively to the dollar that actually the inflation we observe in the dollar, it's around the narrow. It's the only way you can beat inflation if you think about, right? How do you beat inflation? You need to grow much faster than inflation. And the reason why some people like to express it in gold is they think that gold is an edge against inflation. It's not gold. If you look at the overall trajectory of gold and actually the nature of gold, gold is supposed to be stable. You know, there are certain goods like some people calculated if you want to buy a cow, what a cow, maybe a cow, you know, cow is cheap now, but let's say good, good, that require human work by hand, like for example, a suit made by a tailor, right? You don't use a factory. Now maybe the fabric, it's a little bit inexpensive, more inexpensive than in the past, but if you use very good fabric, etc., you come very close. You know, you will pay thousands of dollars for such a suit. That is what it costed also in the Roman Republic, for the Roman Republic, for example, to buy a toga. If you translate it in gold, it's more or less the same gold. People have done calculations like that. It's equivalent to the same gold. And that is because it's supposed to be a store of value. Bitcoin is not a store of value. Bitcoin is a multiplier of value. Your value grows in time with Bitcoin. And gold doesn't do that. So no, it doesn't. It's interesting. And people have done that. We have graphs like that to plot the power law in terms of gold, real estate, oil. And they are all power laws, all power laws. The only thing that changes is the exponent slightly. But now the most interesting power law is the power law in dollars, because dollars is the dominant currency, what people use to do business, and that is true. And unless it goes hyperinflationary, that it will not go, because if it goes, then Bitcoin is not going to help. I already wrote several articles about that. And because one thing is to have a difficult situation in one single country, but a small country. One thing is for the dollar to go bust. It will destroy the balance of the entire economy of the world, you know, and there is nothing that can take its place. The yen doesn't have the power to take over, or the ruble, or whatever, you know. So we want— and I think actually Bitcoin is going to do that— is going to be some kind of pressure relief valve. We want to kind of— I say, I have this saying that Bitcoin lives on the edge of chaos, or Bitcoin is not an edge against chaos, it thrives on the edge of chaos. You want to have a situation that is uncomfortable enough with the US printing, printing, printing for the next 20 years where people want to go from that system to Bitcoin, but without something like, you know, the entire monetary system of the world crashing and going bust, because Bitcoin would not be able to survive that. Nothing is going to survive that. We go back to the, you know, to the Stone Age. So I don't think it's going to happen. Anyway, um, I don't know if you guys want to say anything about that or you have your own opinion about it. I agree. Well, anyway, guys, um, thank you for the nice questions, um, and we will be here, uh, next week again. And let's see what happens, you know, if we actually go up like a few of us think, but Moderately. Are we out of a bear market? Maybe, maybe spring, maybe it will take longer. And, uh, but you know, there are good signs. All right guys, thank you so much. Bye everybody.