Interesting results: almost 50/50 between fiat and gold + BTC. In my view, BTC shouldn’t be seen as a risk-off asset. We’re not there yet. It’s already pulled a 7x from cycle lows, and people will take profit. More likely we see 70k again than not. Gold is different. It runs longer than expected, then ranges for years. With lower rates, M2 expansion, and China buying like never before, it keeps growing. Mother of DATs, but 100x bigger. Gold is also becoming attractive to crypto natives because major money markets (Aave, Morpho, Euler) now list Tether and Paxos gold. That lets us borrow stables cheap and farm high APRs elsewhere, which is a better deal than spot gold in a broker account or vault. But you need to weigh the opportunity cost of farming with gold as collateral vs farming directly with stables: - Lower farming capital (gold LTV is 70–76%) - Lower yield (5% borrow rates, 0% gold supply APR) - Higher SC risk (small on Aave/Morpho) and more mental load (extra liquidation price to track) And USD could still go up while gold goes down. Not my base case, but possible. That’s why TPing in USD is probably the best choice for me. Curious to hear your thoughts. Cheers 🧡