Real Vision CEO Raoul Pal returns to the Daily Briefing to share with Ash Bennington his updated thesis for the new year. Raoul argues that the prevailing narrative around reflation is a “one-sided bet” (short bonds, short dollars, long commodities, and long equities) that offers little upside, remains vulnerable to the risk of shutdowns, leaves a lasting scar on the labor market that will take years to recover from, and causes a spike in the U.S. dollar, which would serve as a “wrecking ball” for a host of reflation risk assets. Instead, Raoul prefers bonds, a sprinkling of puts on the S&P 500, and of course crypto, namely Bitcoin and Ethereum. Raoul and Ash reflect on the tremendous rally in Bitcoin and discuss how Metcalfe’s law applies to it and Ethereum. They also discuss the implications of the rise in COVID-19 cases, deaths, and hospitalizations and how those factors will affect markets and the economy. In the intro, editor Jack Farley reports on the latest jobs numbers and reviews price action in Tesla, gold, and silver.