Core Insights - Bitcoin's resilience may prevent a U.S. stock market collapse similar to past deflationary downturns [1][2] - Current equity market valuation is approximately 2.3 times nominal GDP, suggesting a potential reversion to more sustainable levels around 1.75 times GDP [3] - The contrasting performance of gold and crude oil indicates increasing global economic stress, with gold reaching a record high above $4,200 [5] Market Dynamics - Trade tensions between the U.S. and China have created investor anxiety, impacting Bitcoin and increasing the risk of a correction towards the $100,000 level [4] - The S&P 500's 90-day volatility has recently fallen to its lowest in about five years, which could either stabilize markets or accelerate a correction [7] - Historical patterns show that during recessionary periods, investors tend to favor safe-haven assets while industrial commodities decline [7]