very well put and an interesting point.

only problem i have with this narrative is that risk assets in general have already been performing extremely well last 7 months while #btc and crypto not so much.

so the fed, monetary expansion and so on and so forth - at the end of the day the environment (all things considered) has already been insanely favorable to broad range of assets as demonstrated by s&p, nasdaq, gold, etc. just didn't affect bitcoin.
#btc