Long-time followers know we’ve never been fans of #btc, given no industrial uses, no cash flow and therefore no way to determine intrinsic value. This week has been the worst week for crypto since the April tariff tantrums, and Bitcoin is on track for its worst monthly performance since 2022, having shed about a quarter of its value in November. We have no idea where it ends and been wrong before in predicting its demise, but #btc’s volatility and lack of cash flow make it anything but a safe haven, unlike gold which continues to hover near all time highs.