Are we allowed to talk about Bitcoin?

Looking like another liquidiation weekend.

BTC had an 18 handle on it overnight; safely below $20K now.

You are watching a lot of leverage / margin start to unwind.

What is scary is that even though yields have surged, and the moves in the bond market have been stunning over the last month, in real terms, nominal yields are still way behind inflation. If they catch up, this is going to get a lot worse for anyone holding bitcoin -- and a lot of other things that got pumped up on way-too-cheap money. You will hear a giant bubble-popping sound and we are going to find out just how much leverage there is out there, what crazy things it has been driving and the "too big to fail" talk will dwarf what you heard during the financial crisis.

I suspect the central bank will ultimately choose runaway inflation over deleveraging. And in a panic (how they behave), they will reverse the attempt to withdraw liquidity, and try to kick the can down the road yet some more. The difference this time is the inflation genie they let out of the bottle, which then creates the question of whether the bond vigilantes that have been thoroughly beaten into submission by them for decades can now wrestle control away from them if they try to keep yields from rising.

We are in for an interesting next couple of months, maybe years, and I think most people out there are thoroughly unaware. The move in bitcoin is a symptom of what I am talking about.