4 Comments

Great read. I love the takeaway of how as people learn more lessons and ultimately (collectively, at least) become more risk averse in crypto, they gravitate towards blue chips and the king of that is BTC.

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These are so fun.

One crypto thought. I have a lot of friends in tech and literally every one has extensive crypto holdings. BTC/ETH/SOL yes but also multiple DeFi projects/shitcoins. All this to say: I can't find any data on this but I suspect US crypto holdings are very heavily concentrated in tech people.

And If tech is going to go through a big slowdown (which I believe), that feels very bearish crypto. Even BTC. I expect we will test re-test 25k. I wonder if the time to load up is next year to prepare for the reopening of the liquidity faucets when a Republican takes back the WH in 2024.

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“I’m fucked anyway so might as well bet it all on black” - lol'd. Great article Brent. Appreciate the concise thoughts on tether, they sum it up perfectly. It's just good due diligence to convert to USDC or similar

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Love the write up Brent.

You were bang on the money on your ETH short but I hope you are wrong on ETH being only one of the best of the rest and not the solid number 2. The L1 wars we saw over the last cycle seem to point to ETH winning out. SOL, LUNA, AVAX all shat the bed and ADA is a joke. They are all full of EVM copied code direct from ETH where all the innovation is. I understand that there is only so much value in being number one (or 2 in this case) but when your competitors blow themselves up over and over again it solidifies the case for ETH.

Gen X being at the age where all new music hurts their ears and they dont understand the buttons in their car anymore is exactly why they love BTC. Its reliable and wont ever change on you, its the world thats wrong and moving too fast.

About the newsletter: how often will it come out when you start to charge for it? Would be keen to buy, I dont really see the thought process of macro meeting crypto written as well anywhere else except maybe Arthur Hayes who you should read if you havent already.

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