What's a headwind for Bitcoin vs. gold? Deflation typically follows inflation. There's only been two S&P 500 down years since 2008 - minus 4% for beta in 2018, 74% drop for Bitcoin and S&P down 18% in 2022 when the crypto fell 64%. Consensus is for 10% beta rise in 2025. Maybe we'll get lucky. My bias is risks are leaning toward deflation.