An Important effect of BTC’s recent surge is the reaffirming of it in institutional managers’ minds as debasement protection. This has always been a core investment thesis for BTC, but that perception had lapsed recently. Perceptions like this are important on Wall Street, because once established during important market events, they can last for many years and even entire careers. As a sell-side market maker in the 1990s, I still vividly remember how the assets on our desk performed during various episodes including the Asian financial crisis -- and for years after, I would instinctively look at those assets during similar market environments. If the debasement trade continues to become a focus for institutional managers, I think BTC’s recent surge has laid the groundwork for huge outperformance by it as a go-to asset for protection.