Bitcoin bumped back above $81,000 this week, up roughly 35% from the ~$60,000 bottom back in February.
That is a hell of a move in any environment. It is even more interesting given the backdrop. The Strait of Hormuz is still closed. Energy risk is elevated. Inflation is not dead. There will likely be a global food crisis later this year due to the fertilizer supply chain as a downstream impact of the Strait of Hormuz. And somehow Bitcoin just keeps grinding higher. A common criticism is that Bitcoin is simply a liquidity thermometer. Running when money is easy, dead when the macro environment gets hard. But this rally is happening with a genuinely ugly macro setup.
If Bitcoin can rip 35% while the world looks this messy, what happens when things calm down?