In this Bear Market Edition of the Dollar Auction Show, Shimon Lazarov and Alex (@MrEBITDA) dive deep into the current crypto winter sentiment after meeting Wall Street and hedge fund pros.

Shimon presents a compelling chart overlay showing Bitcoin behaving like ~1.2–1.3× leveraged Nasdaq (QLD) since 2018 — outperforming in bulls, underperforming in bears, and currently detached to the downside. He argues tech (and therefore Bitcoin) won't see a 2022-style multi-year breakdown thanks to the long-term trend line, AI/robotics productivity tailwinds, no aggressive Fed rate hikes under the new chair, and massive unlocked GDP potential.
They debate:

Will Nasdaq really break down from over-invested AI/data-center CapEx?
Is Bitcoin leading tech lower… or just more leveraged & sentiment-driven?
Power Law support, miner capitulation FUD, quantum/doomer narratives
AI models (Gemini vs. Grok vs. local edge), Apple’s strategy, robotics replacing housekeepers
Realistic 2026 price targets ($60k bottom? $150k by year-end?)
Why the last two cycles felt underwhelming and whether we’re in for a long grind

A candid, no-BS conversation blending macro, technicals, techno-optimism and bear-market psychology.
Timestamps below ↓
00:00 Intro & current market vibes after New York conference
00:24 Wall Street / hedge fund sentiment: 50/50 split, Bitcoin tracks tech optimism
01:32 Tech CapEx bubble fears vs. Apple sitting it out
03:58 Technical difficulties & plan to overlay charts later
06:04 Core thesis – Bitcoin as 1.2–1.3× leveraged Nasdaq (QLD overlay since 2018)
07:23 Bitcoin leads tops/bottoms, ETF mini-bull, post-Trump pump & Liberation Day dump
08:23 Current performance: QLD +533% vs Bitcoin +383% since 2018
08:56 Long-term QLD trend line – no 2022-style multi-year bear likely
10:06 Fed policy, new chair, interest rates & why no big breakdown expected
10:37 Cathie Wood / AI breakthroughs, robotics unlocking hidden GDP
11:28 AI models (Grok & Gemini) both target ~$150k BTC by end of 2026
12:15 Alex reaction: more bearish near-term, uncertain forces in AI/energy/geopolitics
14:38 AI doomerism & job displacement counter-arguments (robots = low-wage labor)
17:06 Market uncertainty, pro-crypto admin yet underwhelming price action, FUD levels rising
20:20 “Buy the rumor, sell the news” after favorable regulation & politics
21:24 Commoditization of foundation models vs. value in robotics & applications
22:41 Apple’s local-model strategy – smart or behind the curve?
25:28 Gemini surprise performance vs. Grok, competing AI paradigms
27:35 Geopolitical risks, Fed chair “market trial”, Arthur Hayes contrarian view
30:07 Global debt, productivity, low real rates → bullish for risk assets long-term
30:54 Recycled FUD dice: quantum, miners to AI, retail boredom → same old narratives
34:19 No retail, institutional shakeout, potential long grind ahead
35:22 Power Law support bands – 50–66k floor never broken historically
37:23 Shimon’s 2026 base case: 60s for months → strong H2 recovery → $150k
39:03 Nasdaq all-time highs eventually → Bitcoin follows
40:27 Bull-case global scenario: peace dividends + real AI GDP
42:53 Geopolitical war risks (Iran rumors) & market reaction
44:37 Liberation Day / tariffs – major missed upside for BTC & risk assets
44:54 Hash rate near ATH → miner capitulation narrative weak
46:11 Personal lessons: avoid leverage loans, keep cash, cap BTC allocation ~30–40%
49:17 Cash for peace of mind & opportunistic buying
49:58 Bear market “snake through the pipe” analogy
50:40 Bitcoin’s pure-sentiment nature vs. better technology & network effects
51:18 Internet analogy – 30+ years from invention to mass adoption
52:02 Closing: “Slog until then” – patience requ

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