Below was posted three weeks ago: “I continue to expect that the next period of BTC outperformance over gold is still to come.” Since then: BTC +6% Gold -15% There are several reasons for this and that's a longer post. But something the market may be starting to anticipate is the next phase of DC's pro-BTC policy. That includes the possibility that the administration -- facing increasingly tough prospects in the midterm elections -- could take some type of high-profile action on BTC as part of a larger agenda to boost voter turnout. BTC voters were a key constituency in the 2024 election, and sentiment is low among those supporters right now, so I think a well-timed announcement is increasingly possible in coming months.