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There’s a good reason the crypto creeps are so strident about the marvelousness of their utterly useless gambling token: since its inception, it has utterly smoked every other investment except for, I dunno, buying into the Apple Computer partnership in 1976. Here is the percentage change of Bitcoin versus the S&P:

The thing is, though, that the glory days of crypto are behind it. The current administration is trying to grift as many hundreds of millions as they can out of the system, strip-mining the imbecilic swath of the public that believes it’s the way to riches of their own, but even one glance at BTC versus SPY for the year 2025 plainly illustrates that the thrill is gone. Indeed, in this maniacal year of asset gains, anyone buying into Bitcoin at the start of 2025 would find themselves presently in the hole. Not very rewarding for such an outsized amount of risk, eh?

I have contended in recent days that once BTC coughs and wheezes its way back to about $98,000, it would be time to short the bejesus out of everything with a ticker symbol. I’ve got to say, however, the wheezing is already fairly pronounced, reminding me of a French bulldog that spent the evening with duke on Friday night. I’m not even so sure at this point that BTC will manage to claw its way back to the aforementioned target, although with the FOMC nonsense scheduled a couple of Wednesdays from now, perhaps there will be reason enough for the crypto bros to keep things going until that target is indeed achieved.

If BTC has already terminated its bounce, I’d say that things are even more perilous for equities than I imagined before. Pooping out so soon after crashing to $80,000 would suggest that assets are about to make a rapid push lower. Let’s not get ahead of ourselves. A wobbly Friday doesn’t mean it’s all over for BTC just yet. All the same, it’s worth keeping a close eye on it.

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