Thanks for your response. My guess is that as bitcoin continues to mature into a store of value asset, we’ll see the correlation between bitcoin and gold increase (as long as some of those tail events you mentioned don’t happen). Gold is extremely sensitive to the real interest rate — if nominal interest rates go down, gold becomes more attractive relative to cash and interest-producing assets. Same thing if inflation rises. So my guess is that bitcoin will start to be sensitive to the real interest rate too in the near future.