Bitcoin's potential as a growth asset uncorrelated with software

The claim bundle indicates that Bitcoin remains correlated with SaaS for now but suggests that it may lead the next move higher when SaaS finds a floor. Bitcoin is positioned as the only growth asset that AI cannot disrupt, offering potential upside in a deflationary software environment.

Hyper-competition in software drives deflationary spiral

The claim bundle suggests that the software sector is undergoing a structural regime shift driven by hyper-competition, AI-driven bespoke solutions, and the rise of Chinese open-source models. This competition is leading to a deflationary spiral, eroding long-duration asset values and causing significant dispersion in stock performance. The sector's challenges are further exacerbated by legal risks and uncertain revenue projections, as evidenced by Oracle's situation. The credit market is showing early signs of stress, with widening spreads and systemic risks emerging from private equity and software OAS spreads.