Bitcoin miners have better things to do than mine Bitcoin. {chart} Michael Green AKA Professor Plum on X, has a fascinating post on the future of Bitcoin. Please consider The Great Re-Pricing: When the “Digital Gold” Bill Came Due In April 2025, I asked a simple question in my note, “What is Gold?”: “If the $1.7 trillion now sitting in bitcoin had flowed into bullion instead, what would the yellow metal trade at?” My models suggested that bitcoin acted as a “shadow discount” on Gold, depressing its price by 30–50% by diverting monetary flows into a faster, digital horse. I argued that if those flows ever reversed—if ... (full story)