Depends on what happens during the recession. If it's like the last one where we went from >5% fed funds to 0% (we're at 1% right now), and increased the fed's

Depends on what happens during the recession. If it's like the last one where we went from >5% fed funds to 0% (we're at 1% right now), and increased the fed's balance sheet to the tune of 4T through QE, and the national debt by 15T, Bitcoin is going to look very, very shiny. If we go negative interest rates, that's going to give Bitcoin a positive carry. I'm dollar hedged right now for this very reason. We'll see what happens. I'm watching China credit impulse and CNY/USD pretty closely, and of course, trying to stay on top of the black swans (eg. N. Korea). I'm not too worried about the US economy - US financial markets, on the other hand, have Trump tax cuts priced in at 30X CAPE, so he needs to deliver on that, or...