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Finance

Stop Treating 2026 Like 2022 With Better Plumbing

Bitcoin fell 44% from its October 2025 peak, and the dip-buying crowd is treating it like 2022 again. The structure is genuinely different this cycle. But macro risk, not crypto fundamentals, is what kills the thesis now.

By Ray Vega · 3 min read

Finance

Gold at $5,000 Isn't Expensive If the Thing It's Priced Against Is Breaking

Gold at $5,000 looks overpriced in isolation. But measured against $1.9 trillion deficits, a Fed trapped between 3% inflation and 1.4% GDP growth, and an S&P 500 where 10 stocks are 41% of the index, it's pricing in something equities refuse to acknowledge.

By Ray Vega · 5 min read