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...
Binance – The Everything Ecosystem
Executive Summary BNB, the native token of BNB Chain, has reinforced its position as one of the top-performing assets in crypto, reaching an all-time high of $1,210 on October 6th, 2025 with a fully diluted market cap of US$168.6 billion. Its growth is underpinned by...
Bitcoin US$650,000 – CHAINLETTER 66
A look at bitcoin valuation through the lens of inverse volatility. A look at the Inverse Volatility of bitcoin and gold suggests to us that in relative terms bitcoin is massively undervalued. With gold at US$3,881/oz, bitcoin should be around US$650,000, a five-fold increase from here. Even if you disagree with the detail, that’s a huge margin of safety. Take a look at the calculations and let us know what you think.
Is Bitcoin Evil? – CHAINLETTER 59
Having long been dismissed as an irrelevant joke, bitcoin is getting a better hearing, but in many professional investment circles it remains grudging. What stage of acceptance are we at?