The Fed has shown some mettle over the last year but historically I would not say [Federal Reserve chair] Jay Powell is a profile in courage … one area I’m comfortable is I’m short the US Dollar” –Stanley Druckenmiller

“Bitcoin is a store of inflation and a hedge against value.” -Anon

With central banks’ bloated balance sheets and large swings in some exchange rates, the debate around the dollar has become ferocious. This quick Friday missive will focus on the potential for bitcoin and gold mining stocks’ relative prospects. Summarily, we much prefer the prospects of (select) gold miners compared to the bitcoin miners. Let us explain.

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In April of last year, Ethan Wu of the Financial Times wrote a terrific piece on the merits of gold, bitcoin, and their respective mining companies. He showed that over various horizons, both crypto and gold mining stocks had provided outsized leverage to the return streams of bitcoin and gold.[1] We had every intention of writing a piece contrasting the poor prospects of bitcoin miners