Imran and David explore the recent "slow grind higher" of Bitcoin as it digests overhead supply, contrasting crypto’s low volatility with the explosive, retail-driven gamma frenzy currently fueling AI and semiconductor stocks. They argue that despite "sticky" price levels, a highly supportive macro environment marked by surging bank repo liquidity, declining bond volatility, and the Fed’s willingness to tolerate inflation is creating a massive tailwind for risk. Ultimately, they conclude that while AI is currently capturing the "hot money," the ongoing expansion of the monetary base reinforces the long-term necessity of owning hard assets like Bitcoin as a hedge against inevitable currency debasement.

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