Buy European Everything… And Bitcoin

01 May 2025

by Dhaval Joshi, Chief Strategist

If Trump’s tariffs are ‘America's Brexit’, then UK gilts will recoup ten years of underperformance versus US T-bonds. Meanwhile, as the AI bubble fully deflates, Europe’s stock market valuation versus the US will rerate by about 25 percent. The big ‘currency’ winner of the structural exodus from the US dollar will be bitcoin. Plus: a trade for the next four weeks is to go tactically long USD/CHF.

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A global macro strategy which uniquely synthesizes macroeconomics with psychology, behavioural finance, non-linear systems, complexity, and fractal analysis.