Bitcoin’s ( BTC ) price cycle continues to gain traction, with analysts pointing to optimistic projections for its peak in this market cycle. Notably, a recent analysis by TradingShot highlights the cryptocurrency’s consistent alignment with Fibonacci extensions , suggesting a minimum peak of $185,000. This optimistic prediction is grounded in applying Fibonacci extensions to Bitcoin’s market cycles, with a focus on the 5.0 Fibonacci level, which has historically marked cycle tops. Historical patterns and Fibonacci extensions TradingShot ’s approach measures Fibonacci extensions from the cycle’s bottom to the point where Bitcoin first makes contact with the 50-week moving average (MA50). This approach has consistently predicted Bitcoin’s peak levels across past cycles. Bitcoin price analysis chart. Source: TradingShot/ TradingView For instance, in 2013, 2017, and 2021, Bitcoin reached or exceeded the 5.0 Fibonacci level, which has become a reliable marker for identifying cycle tops. The 2017 cycle even saw Bitcoin surpass this level, hinting at the potential for even greater highs Building on this historical pattern, TradingShot anticipates Bitcoin to achieve at least $185,000 in the current cycle, aligning with its established trajectory across past bull runs. Bullish outlook: $300,000 in sight? While TradingShot ’s analysis sets a baseline, other experts predict even greater heights. Crypto analyst Van Lagen has predicted a bull market peak of $300,000 by March 30, 2025. If achieved, this would represent a 200% increase from Bitcoin’s current price, propelling its market capitalization to approximately $6 trillion. However, more conservative projections provide alternative price targets. Prominent cryptocurrency analyst Ali Martinez offers a tempered outlook, forecasting Bitcoin to reach between $115,000 and $140,000 supported by technical indicators such as a bull pennant formation and Fibonacci extensions. Broader landscape: Macro and market drivers Bitcoin’s trajectory continues to gain momentum, driven by evolving macroeconomic conditions and shifting market dynamics. The cryptocurrency recently reclaimed the $100,000 mark following the release of the U.S. Consumer Price Index (CPI) data for December. The report revealed inflation in line with expectations, while core inflation showed a slower-than-anticipated rise. These factors have boosted risk assets like Bitcoin, as they signal potential Federal Reserve rate cuts in 2025, now anticipated as early as the first half of the year. In addition to macroeconomic factors, analysts remain optimistic about Bitcoin’s performance in 2025, with some forecasting that the asset could double in value. A significant driver of this optimism stems from the election of Donald Trump , a pro-crypto advocate, with his plans to position the United States as a global cryptocurrency investment hub further fueling market confidence. Prominent financial institutions are also weighing in on Bitcoin’s potential. Standard Chartered, for instance, predicts that Bitcoin could reach $200,000 by 2025, with institutional investors playing a critical role in driving the price higher. Bitcoin price analysis At the press time, Bitcoin was trading at $99,181, reflecting a seven-day gain of 4%. However, on the daily chart, the cryptocurrency has seen a modest decline of 0.04%. Bitcoin seven-day price chart. Source: Finbold As market participants monitor upcoming macroeconomic indicators and developments, Bitcoin’s performance remains closely tied to broader economic trends. Featured image via Shutterstock The post Bitcoin analyst predicts BTC’s minimum price target for this cycle appeared first on Finbold .
Coinbase is bringing back its Bitcoin-based lending service for US users through Morpho, DL News reports. Accordingly, Coinbase users will now be able to borrow directly from the exchange by using their Bitcoin as collateral. Coinbase will launch this service in May 2023 The new Bitcoin-backed loans will be available to customers in the United States, excluding New York state, and will be available in additional regions over time. Related News: Coinbase Has Stopped Bitcoin Credit Transactions! Coinbase said the new BTC-backed loans are different from previous ones in that Coinbase does not back the loans itself, but instead is backed by Morpho, a DeFi lending protocol with $3.7 billion in deposits. Paul Frambot, CEO and co-founder of Morpho, told DL News: “Morpho allows companies like Coinbase to maintain full control over the products they produce, while also removing the need to cede control or governance to third parties like DAOs.” Coinbase Vice President of Product Max Branzburg explained in a statement that users borrow USDC in exchange for Bitcoin, and their collateral is automatically converted to cbBTC and transferred to the Morpho protocol. CbBTC is a DeFi-compatible version of Bitcoin issued by Coinbase. *This is not investment advice. Continue Reading: Coinbase is Restarting Bitcoin (BTC) Service After Suspending It Almost 2 Years Ago!
Coinbase reintroduces Bitcoin-backed loans via Morpho integration, allowing USDC borrowing without selling Bitcoin. The post Coinbase brings back Bitcoin-backed loans with Morpho’s DeFi integration appeared first on Crypto Briefing .
According to a recent survey by HashKey Group , a leading Hong Kong-based digital asset firm, Bitcoin could surpass the $300,000 mark by 2025. This report comes at a time when Bitcoin has touched all-time highs of $108,267.33, which has sparked excitement within the crypto community. The report contains insights from about 50,000 community members, and it termed Bitcoin as ‘digital gold.’ As Wall Street deepens its commitment to crypto through exchange-traded funds (ETFs) and the diversification of corporate treasury, the decentralized and inflation-resistant nature of Bitcoin is emerging as a compelling alternative for institutional investors. Dr. Xiao Feng, the CEO of HashKey, spoke about the potential of the crypto market to record extraordinary growth. He projected the market cap for cryptocurrencies to reach $10 trillion by the end of this year, which is currently valued at $3.64 trillion. The growing appeal of Bitcoin to investors has several driving forces behind it, including inflation, geopolitical instability, and devaluation of currency. The prospects of Ethereum also look equally bullish, with predictions of its value reaching $8,000 by the end of 2025. Altogether, the crypto market is booming, opening up lucrative investment opportunities to enthusiasts. This is where a new and appealing coin like Mind of Pepe ($MIND) has been gaining traction. This AI-based meme coin raised $500K in 24 hours and now sits at $1.5M raised. $MIND Could Be the Real Revolution in Crypto $MIND , one of the best AI agent crypto coins to invest in right now, has introduced a self-evolving AI agent designed to provide actionable insights. It provides trend analysis and early-stage opportunities to its holders. It’s inspired by the legendary $PEPE, which now has a market cap of over $7.6B . The sophisticated technology in $MIND interacts with platforms like Twitter (now X) and decentralized applications to shape discussions autonomously. It also identifies trends. Apart from insights, $MIND is also empowering its users through high staking rewards of 1,190% APY. Early adopters can significantly benefit while AI continues to evolve. Participants can secure a stake in the project at a current price of $0.0031259. As the presales go on, this price is expected to increase. The project has allocated 15% of tokens for rewards and 10% for listing. This ensures that the price remains stable and doesn’t become volatile in the face of inflation and external market conditions. At the same time, a massive 30% of the tokens are reserved for development, which showcases the long-term vision of the project. Besides this, 20% of the tokens will be used for marketing, which will help the coin gain more support and popularity among crypto enthusiasts. Visit the official $MIND website for more information. Buying $MIND is pretty simple, too. All you need is a wallet with enough ETH. Click on ‘Buy Now’ and choose your wallet, then scan the code to connect your wallet. Enter the number of coins you want to buy and approve the transaction. From there, you can stake your coins for rewards or claim them when the presale ends. If you don’t have a wallet, we suggest choosing Best Wallet . It’s one of the best virtual wallets that allows you to manage all your crypto assets in a single place. Verdict As institutional investments look for new opportunities, MIND of Pepe emerges as the ultimate tool to stay ahead in a dynamic market. With robust tokenomics like staking incentives and community rewards, $MIND brings long-term growth and value to its holders. However, investments in crypto markets are subject to market risks. This is why it’s important to do your own research (DYOR) and not take our calculated opinions as financial advice. You can also consider consulting your own financial advisor before investing your money.
The potential government sale of seized Bitcoin is raising concerns over lost opportunities for a national strategic reserve. Senator Cynthia Lummis believes the rushed attempts to liquidate these assets reflect
Earlier today, Coinbase announced the launch of “Bitcoin-Backed Loans” using Base, its native blockchain. But there’s one problem. (Actually, two.) These loans are not backed by Bitcoin, nor are they even on the Bitcoin blockchain. It’s disappointing that, in 2025, companies are still willingly omitting key details to mislead Bitcoin holders into giving up custody of their coins. Here’s the truth: these loans are collateralized by cbBTC, Coinbase’s Bitcoin-wrapped product designed to compete with wBTC and tBTC. This is not Bitcoin. In fact, cbBTC is arguably the most centralized of these “wrapped” BTC tokens. To understand the trust assumptions associated with wrapped BTC, I recommend this excellent post by the Bitcoin Layers team: Analyzing tBTC Against wBTC and cbBTC . Here’s the TL;DR: “The BTC backing the cbBTC token is held in reserve wallets managed by Coinbase, a US-based centralized custodial provider. Coinbase holds funds backing cbBTC in cold storage wallets across a number of geographically distributed locations and additionally has insurance on funds they custody.” Furthermore, instead of issuing these loans on a blockchain even remotely related to Bitcoin (such as Bitcoin sidechains or Bitcoin L2s), Coinbase is issuing them through Morpho Labs, a DeFi platform best described as an AAVE competitor. While Morpho is a well-established platform—and I don’t doubt its security—it has no connection to Bitcoin. I, for one, look forward to seeing actual Bitcoin-backed loans issued on the Bitcoin network itself. Many L2 teams are working hard to make this a reality, striving to minimize trust assumptions—or even eliminate the need for bridging altogether (bullish!). Why do we need native Bitcoin-backed loans in the first place? Consider this: many Bitcoiners today face stringent tax regulations that impose hefty liabilities on long-term holders who sell their Bitcoin to fund significant purchases like a house or a car. Taking out a loan backed by BTC allows individuals to avoid triggering these tax events. Moreover, most Bitcoiners are confident that Bitcoin's price will be significantly higher in the future than it is today. So why would anyone sell an asset with such promising long-term potential? Bitcoin-backed loans enable holders to retain exposure to Bitcoin's upside while accessing the liquidity needed to meet life’s financial demands. In today’s market, the options for Bitcoin-backed lending are limited. You can either rely on centralized companies (like the reputable team at Unchained) or turn to "DeFi" protocols, which are often centralized themselves and, in some cases, riskier than centralized alternatives like Unchained. However, there is currently no truly Bitcoin-native solution—no option for Bitcoiners to maintain custody of their coins while accessing loans. Some companies, like Lava.xyz, are beginning to address this gap. However, their market share remains a small fraction of the volumes handled by existing DeFi platforms. (Keep an eye on Lava—they’re poised to make waves in 2025!) One quote from the original announcement stood out to me: “The integration of Bitcoin-backed loans on Coinbase is 'TradFi in the front, DeFi in the back,'” said Max Branzburg, Coinbase's vice president of product, in a statement to The Block. Let’s call it what it really is: centralized in the front, and centralized in the back. Legendary Nicolas Dorier's quote It’s time to leave these misleading offerings behind and bring true Bitcoin Finance (BTCfi) to users—not just marketing buzzwords and half-truths. Instead of saying: Bitcoin backed on-chain loans let’s say: multisig-backed derivatives loans on a centralized chain. This article is a Take . Opinions expressed are entirely the author's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine. Articles I write may discuss topics or companies that are part of my firm’s investment portfolio ( UTXO Management ). The views expressed are solely my own and do not represent the opinions of my employer or its affiliates. I’m receiving no financial compensation for these takes. Readers should not consider this content as financial advice or an endorsement of any particular company or investment. Always do your own research before making financial decisions.
“Democrats legacy: A loss of more than $18.5 billion in unrealized value for American taxpayers,” the senator wrote on social media.
Bitcoin uses a process called mining to validate transaction information, maintain the integrity of the blockchain, create new blocks, and release new BTC into circulation. It is crucial in securing the Bitcoin network and allows users to initiate and safely complete transactions. This guide will examine Bitcoin mining, how it works, and how you can mine Bitcoin. What Is Bitcoin Mining? Bitcoin mining is the process through which the Bitcoin network secures the network. It is also the process through which Bitcoin transactions are verified and added to the blockchain. Mining allows the Bitcoin network to be decentralized, eliminating the need for a centralized entity. It is also responsible for bringing new bitcoin into circulation. Mining is done by miners who use powerful computers and hardware to solve complex mathematical problems, known as Proof-of-Work, validate transactions, and add them to the blockchain. The first miner to solve the problem receives a reward in the form of a new BTC for their efforts and the use of resources. The reward incentivizes miners to participate in mining and earn the right to verify and add transactions to the blockchain. The Bitcoin mining process will continue until all 21 million BTC are mined. Once all the coins are mined, the mining will stop. Miners will then have to rely on fees to continue receiving BTC . Until then, the process will keep repeating itself. Bitcoin mining is based on the Proof-of-Work consensus mechanism, the original consensus mechanism created and introduced by Bitcoin creator Satoshi Nakamoto in the Bitcoin whitepaper. The consensus mechanism determines how the Bitcoin blockchain reaches consensus across participants without requiring an intermediary. However, Proof-of-Work is energy-intensive and requires significant investments in specialized hardware, computing power, and electricity. Thanks to its high energy requirements, the consensus mechanism has come under considerable criticism. How Does Bitcoin Mining Work? Bitcoin mining is a complex process that involves cryptography, encryption, distributed computing, and technology to verify and secure transactions before they are added to the blockchain. Let’s look at a simplified explanation of how Bitcoin mining works without getting too technical. When someone on the Bitcoin network wants to send or receive BTC , they initiate a transaction. The pending transactions are grouped and added into blocks. Miners compete with one another using specialized hardware to solve a cryptographic puzzle. The first miner to find the solution and broadcast it to the network gets to add their block to the blockchain. Once added, the block is checked by other miners to ensure its validity. The miner wins the block reward if the validating nodes accept the block. The block reward is halved every four years through a process called halving. The current block reward is 3.125 BTC . What Is Mining Difficulty? Mining difficulty refers to how much work is required to generate a number less than the target hash. It changes every 2016 blocks or two weeks, with the new difficulty level depending on the number of miners and their efficiency in the preceding cycle. The Bitcoin network regularly increases and decreases the hash rate needed to mine the cryptocurrency. If there are more miners the problem becomes more difficult. On the other hand, fewer miners make the problem simpler. The difficulty level for mining as of December 4, 2024, was 103.919 trillion. How To Mine Bitcoin There are several ways to mine Bitcoin. However, they involve significant capital investment and technical know-how. CPU Mining Central Processing Unit (CPU) mining uses a computer’s CPU to mine BTC . This method was popular during the early days of Bitcoin when mining costs and entry barriers were low, allowing regular CPUs to mine Bitcoin. However, as more users began mining BTC and the network’s hash rate increased, mining became increasingly difficult. Specialized mining hardware with immense processing power ultimately made CPU mining obsolete. Today, CPU mining is no longer a viable option. GPU Mining GPU mining involves using a computer with a powerful graphics card. GPUs can be used for several applications like gaming and graphic rendering. However, they can also be used for mining as they are less expensive and more flexible than specialized hardware. ASIC Mining You can mine BTC using an Application-Specific Integrated Circuit (ASIC). ASICs are designed specifically for Bitcoin mining and are more efficient than GPUs. ASICs are highly efficient but very expensive, with a single unit costing significantly more than a CPU or GPU. Furthermore, the technology behind ASICs is constantly evolving, rendering older ASIC models obsolete and unprofitable. ASIC mining is the most expensive way to mine Bitcoin and can only be done by specialized mining companies. However, they are also the most efficient. Mining Pools Mining pools consist of groups of miners who pool their resources to increase the chance of winning a block reward. When the mining pool wins a block, the reward is divided among members, depending on the mining power they contributed. Thanks to lower hardware requirements and electricity costs, mining pools are an excellent option for individual miners. Cloud Mining Cloud mining allows miners to rent mining power from a cloud mining service, which handles the maintenance and management of the mining equipment. Cloud mining is an easy and convenient way to start Bitcoin mining. However, it is less profitable and also comes with the risk of scams. The Legality Of Bitcoin Mining Bitcoin mining is legal in most countries, including the US. However, miners must adhere to laws regarding using electrical and data infrastructure and follow local laws and regulations. However, some countries have moved to impose or outright ban Bitcoin mining. Paraguay introduced a temporary ban on Bitcoin mining in April 2024, and Sweden introduced a 6000% tax increase on energy for mining purposes. Kazakhstan also increased taxes on mining and now allows mining only if there is a surplus of energy. China enacted a blanket ban on mining in 2021. In Closing The future of Bitcoin mining depends on several factors. One of the biggest factors is the price of Bitcoin, as it can significantly impact the profitability of mining. The evolution of mining technology and equipment also impacts mining, making it more cost-effective and efficient. Bitcoin mining is also facing a risk of centralization, with a few large miners and mining pools controlling a significant chunk of the network’s hashing power. Bitcoin mining has come under heavy criticism for its high energy requirements and adverse environmental impact. Bitcoin mining is at the heart of the Bitcoin network. You can mine Bitcoin on different hardware and machines. However, you must join a mining pool to become profitable and competitive Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Shiba Inu, the second-largest meme coin, has seen its price edge upward, and its token burn mechanism has also relayed a similar trend. According to the Shiba Inu burn tracker Shibburn.com, the number of SHIB tokens burned has risen by about 21.76% in the past 24-hour timeframe. This increase in SHIB burns is looking positive for the meme coin’s price going forward, but the actual burn numbers reveal a persistent challenge in achieving significant progress. Shiba Inu Burn Rate Rises 21% Shiba Inu has witnessed a lackluster burn activity in the past two weeks, stemming from a similar lackluster price action, activity, and interest in the cryptocurrency. As such, daily SHIB burns have perambulated around 21 million SHIB tokens burned, which is far less than the typical daily burn activity required for bullish momentum . According to Shibburn.com, the last 24 hours were highlighted by 26,221,803 $SHIB tokens collectively sent to the SHIB burn wallets, which represents a 21.76% increase from the 21 million SHIB tokens burned in the previous 24-hour timeframe. Despite the 21.76% rise in burn activity, the total number of tokens burned remains underwhelming. This amount, though an improvement over previous days in the past few weeks, pales in comparison to the huge circulating supply of Shiba Inu, which currently sits at more than 589 trillion tokens. To put this into perspective, even at this improved burn rate, it would take decades to make a significant dent in the token’s supply. SHIB burns are particularly one of the many methods that the Shiba Inu community has put in place in order to contribute to steady price growth. The more SHIB tokens are burned and taken out of circulation, the better it is for Shiba Inu’s price. Interestingly, Shiba Inu lead developer Shytoshi Kusama once noted that it would be possible to burn 99% of the SHIB supply. The current pace highlights the need for a more consistent approach to token burns if the goal of reducing supply and driving long-term price appreciation is to be achieved. However, the recent 21.76% increase could be the first step of many burn increases to come. Price Rebound Brings Relief For SHIB The broader crypto market’s recovery has provided a temporary boost to Shiba Inu’s price. Shiba Inu has managed to capitalize on the 3.48% market-wide increase and is currently trading at $0.00002222, an increase of about 3% in the past 24 hours. Technical analysis of Shiba Inu’s price action shows it is looking to break above the upper trendline of a falling wedge pattern. A confirmed breakout of the falling wedge alongside market-wide inflows would send the Shiba Inu price pumping in the next few weeks.
Summary The S&P 500 had a 2.39% return in Q4, outperforming bonds, with large caps and growth stocks leading over small caps and value stocks. Bitcoin is viewed as a compelling value opportunity due to its stable creation process, first-mover advantage, and low correlation with traditional markets. Despite criticisms, Bitcoin's market cap approaches $2 trillion, with growing institutional adoption and a significant presence in global financial assets. The US dollar's governance process is imperfect, leading to inflation and reduced purchasing power, while Bitcoin offers a predetermined supply requiring physical energy. The fourth quarter was a relatively uneventful one in US markets, with the S&P 500 ( SP500 , SPX ) doing what it has done for most periods of its history — go up. Its 2.39% total return had minimal drawdowns and compared favorably to the -3.06% performance from bonds, as measured by the Bloomberg Aggregate index. Large caps and growth stocks outperformed small caps and value stocks, leading to a generational discrepancy in valuations – see my colleague Dan Lysik’s excellent shareholder letter for more detail on this topic. While our public strategies are concentrated in small- and mid-cap value stocks, we have benefitted from indirect exposure to Bitcoin ( BTC-USD ) in certain strategies. As we intend to have exposure to Bitcoin for the foreseeable future, the balance of this letter will discuss why we view it as a compelling value opportunity despite it having no dividend, SEC filings or corporate strategy. Bitcoin is a divisive topic in “TradFi” circles, so much so that it generates dysfunctional anticipatory schadenfreude from spectators. A prominent quantitative investor recently penned a prospective lookback letter from the year 2035, in which he facetiously dumped on Bitcoin with a $10,000 price prediction, or down approximately 90% from current levels, along with a not-so-subtle dig at Microstrategy ( MSTR ). To paraphrase the rationale — Bitcoin represents useless artificial scarcity with no intrinsic value. This perspective is not new and has been oft-repeated since Bitcoin’s inception sixteen years ago, while more people each year arrive at the opposite conclusion. Markets currently ascribe nearly $2 trillion worth of value to the technology, and the collection of Bitcoin ETFs launched less than twelve months ago now hold over $100B in assets with billions of dollars in average daily volume. There are over 70 companies on global public exchanges collectively owning nearly 600,000 Bitcoin, and Microstrategy is now a part of the NASDAQ index. Leading United States politicians are talking about establishing a Strategic Bitcoin Reserve. Writer Henry David Thoreau once noted, “The question is not what you look at, but what you see.” What we see, and likely other buyers too, is not a worthless information ledger, but a thermodynamically sound unit of account for capital governance built on a more stable process than what we know today – that is, unlike fiat currency, the creation of new bitcoins is predetermined and requires physical energy. The technology’s first-mover advantage and causal ambiguity mean that it would probably be hard for another proof-of-work protocol to catch it. One of the reasons America is the most desirable country for in-migration, with more immigrants than the next closest four countries combined, is because of its stability of government process; indeed, this is a primary reason why so many still view the United States dollar as the reserve unit of account. But the governance process behind the US dollar is also imperfect – the same number of dollars that bought a house a century ago now pays for a few months of rent. This is because politicians maintain their jobs by changing outcomes, which they effect through the creation of new fiat currency units, thereby reducing the currency’s value slowly but surely. The compounding effect of this growth destroys the unit of account’s purchasing power over time; look no further for proof than the fact that 78% of all US dollars that exist in today’s narrow money supply were created in the past five years. It is also probably not a coincidence that the long-term appreciation rate of the stock market resembles the growth rate of dollars outstanding. In no way is this a criticism of US policy or advocation for monetary policymakers to adopt a zero percent inflation target – indeed, there would be no easier way to crash the economy than to enact a policy that calls for flat prices or deflation. The phenomenon we observed in the Great Financial Crisis demonstrated that our current banking and political systems require asset inflation for indebted consumers and governments to eventually pay off their obligations. We have no privileged view into what asset prices will be ten years from now, but we think that trying to understand what has happened so far is a good starting point. Perhaps what is emboldening investment professionals to call out Bitcoin at this precise moment is the fact that the market is not cheap by historical standards, and they think that Bitcoin must be susceptible to a decline if stocks are; however, Bitcoin is not a stock, and it actually shows little correlation with the market when you look at the data – the weekly correlation with the Nasdaq over the past decade is just 0.17 and an even-lower 0.16 with the S&P 500. This could be why it enrages quants and academics – it does not fit neatly into their models. Some have asked us, “Does anything worry you about Bitcoin?” Sure – the unknown unknowns should worry us more than what we know. One such worry is limited computer science knowledge and a resulting inability to understand the source code. But we do know that it is open source and based on decentralized governance, and a lot of computer scientists have taken a much closer look at it with none raising an unsurmountable issue. There are indeed transaction scalability constraints, but there is capital and brainpower focused on this issue – one such solution being Bitcoin held in more centralized accessible formats like public equities or exchange traded funds. On a discussion forum in 2009, Satoshi wrote, “It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self fulfilling prophecy.” Enough people are starting to think this way, and at a $2trillion market capitalization, Bitcoin is approaching a 1% weight in the global market basket for financial assets with a track record of outperforming everything in sight and no signs of slowing. Staying on the sidelines has been a losing proposition, and the burden of proof on calling for a reversal over the next decade appears higher than betting that adoption will continue at a rate outpacing the growth in outstanding fiat currencies. As always, we remain the largest investors in our strategies and welcome any questions or constructive comments. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. The Bloomberg US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. TradFi , or Traditional Finance, encompasses all aspects of the traditional financial system, such as banking, the stock market, the bond market, venture capital, and hedge funds. The NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of NASDAQ securities and it includes over 3,000 stocks. Fiat is a government-issued currency that is backed by the government who issued it, as opposed to a physical commodity such as gold or silver. For more information about Miller Value Strategies, please contact us . The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice. The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners. ©2025 Miller Value Partners, LLC Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.