This Is Fine

The author argues that Bitcoin's recent divergence from the Nasdaq 100 signals an approaching credit destruction event, driven by white-collar job losses from AI adoption. The article models that a 20% loss of US knowledge workers could push banks to write down about 13% of their equity, using $330bn of consumer credit losses and $227bn of mortgage losses. It compares this to the 2008 GFC, which it calls roughly twice as deadly, and expects renewed Fed money printing in 2026 to lift Bitcoin, which it says fell from $126,000 to $60,000.