HUMANITY'S ORIGINAL STORE OF VALUE

Summary from the TLDR Crypto newsletter

Gold's decoupling from real rates beginning in late 2022 – rallying from $1,620 to $5,200/oz while real yields held at 1.5-2.5% – indicates a structural regime shift attributed to fiscal dominance, with US debt adding roughly $8B/day and net interest costs projected to exceed the defense budget in 2026. Central banks absorbed 863 tonnes in 2025 alone, yet Western institutional gold allocation remains near 1% of ETF and fund assets versus a historically appropriate 5-10%. Over the comparable window in which gold gained 78%, BTC reached an ATH of $126K before retracing 50% to approximately $67K, and the US Strategic Bitcoin Reserve's $13B contrasts sharply with $140B+ in annual central bank gold purchasing.