David Brickell

Brickell describes Bitcoin's setup as "Heads I win, tails you lose." He outlines two scenarios: 1) A prolonged war leads to massive fiscal deficits and money printing (Debasement Trade), boosting BTC. 2) A quick resolution leads to a "peace premium" where risk assets rip (Risk-On Trade), boosting BTC as a high-beta asset. Long Bitcoin as it captures upside in both extreme volatility and stability scenarios. A liquidity crunch where cash is the only safe haven (similar to March 2020) before the Fed steps in.

Brickell notes that "Bitcoin essentially has been trading one-to-one with software stocks" and argues that the fear that "Salesforce and the like go to zero" because of AI is irrational. The market is punishing software stocks (tracked by IGV) on the fear that AI renders them obsolete. Brickell views this as a "massive oversold" condition. As the "AI Paradox" resolves, capital will rotate back into these beaten-down tech names. Long Software/SaaS ETFs or majors like Salesforce. AI actually disrupting the SaaS business model faster than anticipated.

"Crypto and Bitcoin for me is like the natural complement to AI... AI agents trading one another... that's going to need to be on permissionless rails." As AI agents proliferate, they require a settlement layer that isn't a bank. Stablecoins are the currency of AI, and Ethereum is the primary settlement layer for stablecoins. Long Ethereum as the infrastructure for the AI economy. AI agents utilizing alternative L1s or centralized private ledgers instead of Ethereum.

Gold is currently getting hit because of "position off" (traders selling liquid winners to cover margin) rather than "risk off." The sell-off is technical deleveraging. Fundamentally, war requires debt funding, which leads to currency debasement. Gold remains the primary hedge against this long-term fiscal dominance. Buy the dip in Gold caused by forced liquidation. Sustained high real rates or a strengthening USD dampening gold demand.

Brickell notes that "Bitcoin essentially has been trading one-to-one with software stocks" and argues that the fear that "Salesforce and the like go to zero" because of AI is irrational. The market is punishing software stocks (tracked by IGV) on the fear that AI renders them obsolete. Brickell views this as a "massive oversold" condition. As the "AI Paradox" resolves, capital will rotate back into these beaten-down tech names. Long Software/SaaS ETFs or majors like Salesforce. AI actually disrupting the SaaS business model faster than anticipated.

Brickell argues the Fed acts as the "liquidity provider of last resort" and that the US cannot allow the Treasury market to crash as it would embolden adversaries like Iran. If war escalates or funding stress occurs, the Fed will inject liquidity (via balance sheet expansion or regulatory changes like SLR exemptions) to cap yields and support bond prices. Long US Treasuries (betting on yield suppression/price support). Inflation spiking due to war/supply shocks, forcing yields higher despite Fed wishes.

Brickell states, "My instinct would be to kind of fade it [the oil spike]... OPEC say they're going to increase production... Trump and Bessant are in drill baby drill mode." Markets historically overshoot on war news ("shoot first, ask questions later"). Structural factors—China's need for imports and US production increases—will cap prices once the initial panic subsides. Short/Fade the war-induced spike in Oil. Actual physical blockade of the Strait of Hormuz lasting longer than anticipated.