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͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­͏     ­

	Forwarded this email? Subscribe here for more The full post is available to paid members — enjoy a free preview of today’s content! Trump back to White House, implications for bitcoin and markets Nik Bhatia Oct 11 ∙ Preview   READ IN APP   Dear Readers, There is no free lunch. Of all the economic lessons one can learn, this is perhaps the first to capture. I can relay this sentiment in a more tangible way: if the price of gold is $2,600 per ounce, and you come across a gold coin priced at $2,300, it is very unlikely to be a one-ounce pure gold coin. It might be 0.8 ounces, or it might be 80% pure, but there’s almost no chance it’s one pure ounce of gold. If it were, buying it at $2,300 would be considered a free lunch. When it comes to prediction markets, I am fairly cynical. These markets are immature, yes, and barely and sporadically liquid. Nevertheless, the world is one global arbitrage opportunity, leading me to believe that Harris trades below 44 cents on the dollar for a good reason: she won’t win. If she had a chance, buying her contract only to cash in after the election would resemble a free lunch, of sorts. And I’m just not buying it. This letter won’t endorse Trump, but it won’t lament Harris’ political demise either—our goal today is to give you our thoughts on markets in a Trump world. What does it mean for Treasury yields, stocks, and bitcoin? I have some thoughts. Unchained empowers you to fully control your Bitcoin with a collaborative multisig vault, where you hold two of three keys and benefit from a dedicated Bitcoin security partner. Purchase bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you need to. Use code TBL for $100 off when you create an account. Trump is back New bias for Treasuries Thinking in TBL Liquidity terms Bitcoin to become part of Trump’s strategy? What will happen to bitcoin under Trump?... Subscribe to The Bitcoin Layer to unlock the rest. Become a paying subscriber of The Bitcoin Layer to get access to this post and other subscriber-only content. Upgrade to paid A subscription gets you: TBL Pros receive weekly 'Mean, Median, Mode' report TBL Pros attend monthly live Q+A sessions TBL Pros can personally request analysis & community discussions   Like Comment Restack   © 2024 Nik Bhatia 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe