A new capitalist nightmare just dropped

US Dollar Gold price chart since 1940. Serious question, what does this look like to you?

Why is BTC moving up so slowly this cycle? BTC supply is concentrated around OG whales who peaked their holdings in 2011 (orange and dark orange). They bought their BTC at $10 or lower. It takes $110k+ of new capital to absorb each BTC they sell.

Bitcoin has climbed from $85K to $119K in just a few months. The driver? Another strong expansion phase in Bitcoin ETF flows which have moved sharply higher. It’s the third time this pattern has played out since last year. And each time, the correlation between flows and price action has been clear.

I think MSTY is the best financial product for the average person. $10k in BTC doesn't change your life, but $10k in MSTY generates $545 / month. $545 a month means: never cook again or new car payment or Apartment upgrade or stack more BTC Quality of life > 0.084 BTC

IS $BTC DEMONETIZING FINE ART? In May of 2017, I led @Sothebys when it sold Jean-Michel Basquiat’s Untitled (1982) for $110.5 million—at the time, the most expensive Basquiat ever sold. Back then, Bitcoin had just crossed the $2,000 mark. That means the buyer could have paid the equivalent of approximately 55,250 Bitcoin for the painting. Fast forward to July 2025: Bitcoin now trades around $117,475. At today’s price, the same $110.5 million would only require about 941 Bitcoin. So in Bitcoin terms, the Basquiat has lost about 98% of its value. This is more than a financial curiosity—it’s a powerful illustration of a deeper shift: Bitcoin is demonetizing traditional stores of value. For decades, the ultra-wealthy have parked capital in fine art—not just for its cultural or aesthetic significance, but as a way to preserve wealth in the face of inflation, capital controls, or geopolitical risk. Art, like gold, real estate, or vintage watches, has long carried a monetary premium beyond its intrinsic or expressive value. But art has limitations. It’s illiquid, expensive to store and insure, difficult to value objectively, and highly inefficient from a tax perspective. Bitcoin, by contrast, is digitally native, perfectly scarce, portable, divisible, verifiable, and increasingly liquid worldwide. And, crucially, it has dramatically outperformed every traditional store of value over the past decade. The fact that a major Basquiat masterpiece has collapsed in value relative to Bitcoin—from 55,000 BTC to under 1,000 BTC—is not just a data point. It’s a signal. It suggests that Bitcoin is absorbing the monetary premium once assigned to assets like art. Not because art has lost its meaning or cultural power, but because Bitcoin is simply better at performing the monetary role. To be clear, Bitcoin isn’t replacing art as culture. It’s replacing art as money. And that shift is well underway. This week I will be speaking at an Art Tech conference by @ChristiesInc on a panel hosted by @robtfrank of @CNBC (the wealth reporter) on the topic of Art as an Asset Class. Perhaps we will have a chance to talk about $BTC!