Bad Internals – CHAINLETTER 76
Summary We discuss the lacklustre performance and declining activity of Bitcoin. Diminishing transaction fees continue to pose a long term threat to miner rewards, especially with the halving only two years away. The only buyers seem to be the progeny of Wall Street...
Crypto Outperforms At A Time Of Intense Market Risk – CHAINLETTER 75
Crypto has held up remarkably well during a period of elevated financial and geopolitical risk. We explore potential reasons behind this, and are reminded of the value of sound money in a fragmented world. MARKET UPDATE Crypto outperforms in a risk-off environment...
History Doesn’t Repeat, But It Rhymes: The Case for Crypto’s Re-Rating
EXECUTIVE SUMMARY The most important investment opportunities in the history of technology have shared a common feature: the market’s refusal to price the operational reality of a business during the period when that reality was most clearly pointing toward its...
Wars Cost (Other People’s) Money – CHAINLETTER 74
Bitcoin priced in gold has fallen further in this downcycle than in either of the previous two. In terms of the world’s oldest money, this is the worst crash in bitcoin’s history. It absolutely makes sense to de-risk a gold position by adding to BTC.
Life After Bitcoin – CHAINLETTER 73
Bitcoin started its journey as a form of money and has angled towards becoming a tech platform. Ethereum has moved precisely in the opposite direction. That could turn out to be a more interesting proposition.