On this episode of Full Signal, I sat down with Sam Callahan. He is the director of research and

strategy at Orange BTC. We talked about the macro backdrop that's supporting Bitcoin right now.

It's divergence from gold, why the long-term bull case is still intact, and much more. Sam is one of

the smartest people in the investment space today. I think you're going to love this conversation.

Sam, I'm so glad you're here today. I want to get right into Bitcoin's divergence from other

assets during this geopolitical turmoil we've seen to start the year. How are you thinking about this?

Well, I think it's been pretty impressive. Bitcoin's held up since the outbreak of war in the Middle East.

And I think part of it is Bitcoin has acted like a leading indicator for a number of years now.

So we did have a correction leading up to that escalation.

And now Bitcoin seems to be finding a bottom around 45% off at all-time high.

And other asset classes like gold and silver had their moment of the sun in the fourth quarter.

People talked about Bitcoin failed as the debasement trade.

And now we're seeing gold down almost 27%.

Silver is almost down 15% on the year.

And so you're seeing a correction there after they may have their run and

Bitcoin's now outpacing them. So it's a bit of a timing thing as well. But I think when you look at

war and rising geopolitical uncertainty, it actually bolsters the long-term value proposition for

Bitcoin as a decentralized, permissionless store value, neutral,

censorship resistant, seizure resistant. You know, all these things, all these properties that

Bitcoin have talked about, they kind of shine unfortunately during times of chaos. Just imagine yourself being a citizen in one of these

countries and wanting to flee. I mean, it's a really real question that people have to ask,

what would you do in that scenario if you wanted to take any part of your wealth with you?

...