Right now is a nice time to confirm two different theses from previous letters. This entire market (from a valuation perspective) is 90% Bitcoin. Ignoring technology, Bitcoin is the network that is focused solely on value protection. Looking at the Bitcoin price for the past year we can see it has finally settled back into the multi-year trend.… Continue reading January Update
December Update
Trillion dollar knowledge gap I always say to others that this is "the great information trade of all time" not because the information is secret but because people can't interpret/understand it easily yet - and it's not their fault. All of us were born into a world with various forms of money we never… Continue reading December Update
November update
A dream come true? This month we saw the largest gross increase in the history of the market. To begin, I'll reflect on last month's sketch of what was to be expected. I cautioned in October that it was not yet the time to sell due to Bitcoin's surge towards 10k in anticipation of Bitcoin… Continue reading November update
October update
High tides for Bitcoin First I'd like to reflect on last month's thinking: This month that reasoning came true as it was announced Bitcoin will finally hit public markets via the CME offering of futures. This allows those in the traditional finance markets to wager on the future price of Bitcoin - without needing to… Continue reading October update
September update
The regulation of Bitcoin This month was another case study for the history books. In fact, this entire year feels like we are making history in slow motion. Because it followed so closely with last month's letter it's worth reflecting on: Both of these events occurred: We pushed 180b and established a psychological floor just… Continue reading September update
August update
One small step... The months of July and August were critical moments for this market...and by any measure it was a historic swing. In the month of July the market had it's first sustained selloff and the index dropped 50% from ~120 to ~60 billion dollars. As a percentage this was larger than the 2008… Continue reading August update
June update
The road ahead... In the month of May the market capitalization of the blockchain sector broke 100b which was outlined as the first goal in the fund thesis: Over the past few months the market has come to agree with this sentiment. For context, this means the sector is valued as much as McDonald's or… Continue reading June update
