Gold crashed 12%. Bitcoin crashed to $81,000. Both on the same headline: "Warsh is hawkish." Both wrong for the same reason. Here's what nobody's connecting: Warsh himself said Bitcoin "might serve as a sustainable store of value, like gold." He was an early investor in crypto startups. He's not anti-Bitcoin. He's anti-Bitcoin-as-currency. But Bitcoin-as-store-of-value? He explicitly endorsed it. Sound familiar? That's the SAME thesis driving gold. Not yield. Not currency. Store of value in a world where property rights are revocable. The market sold both assets on "hawkish Fed = tight money = risk-off." Level 1 thinking. Level 2: ...