SMM: (ed.9) When bitcoin is fundamental & legacy markets are idiosyncratic

Today, bitcoin is idiosyncratic to traditional financial markets. Unlike bonds, equity and property, bitcoin’s returns are uncorrelated with economic growth, inflation, or risk premia. Bitcoin is related to these variables insofar as unsound money makes sound money more attractive, but no observable correlation exists. As a result, it can be tricky to position bitcoin in … More SMM: (ed.9) When bitcoin is fundamental & legacy markets are idiosyncratic

Leveraging Good Ideas

A short personal reflection on leverage. TLDR: I’ve grappled with the hypocrisy of a sound money activist utilising debt and decided to leverage my ideas through bitcoin [6 minute read] I am not a fan of debt. Why? Because unsound money, low interest rates and easy debt have numerous negative consequences on society, including inequality, … More Leveraging Good Ideas

Gold Update: Shaking-out weak hands during multi-year bull-market

Gold has been under pressure since hitting All Time Highs (ATH) at $2063/oz. in August 2020. Some view the pull-back as a moment to question the investment outlook for the yellow metal. Many bitcoiners are jumping on the proverbial grave. In this piece I address those questions, compare the current pull-back to historical bull-markets, discuss … More Gold Update: Shaking-out weak hands during multi-year bull-market

Scarce digital tech (tesla) is not digital sound money (bitcoin)

Tesla has announced that it purchased $1.5bn worth of bitcoin in Q4 2020. Bitcoin adoption by a globally renown company is exciting, and it’ll probably trigger the next phase in this bitcoin bull-market, but I’ve got mixed emotions. Bitcoin could be caught in Tesla’s narrative, which is frustrating because there are two distinct assets. Untangling … More Scarce digital tech (tesla) is not digital sound money (bitcoin)

Bitcoin Bulletin: healthy trading despite speculative phase

In the 2021 outlook, we said that the year ahead “will be a wilder ride than 2020…” Well, it has not disappointed thus far! The market is clearly speculative in nature, but investors need to get comfortable with the speculative nature of global financial markets. In this note, we update a few indicators and touch … More Bitcoin Bulletin: healthy trading despite speculative phase

SMM: (ed. 7) When will this Game of reverse Robinhood Stop?

In January 2020 an internet chat group took down a Wall Street hedge and got one back for the little guy in a classic Robinhood story – or so you’re led to believe… While there’s a tinge of truth here, a reverse Robinhood story is on-going and unsound money is at the centre. [Reading time: … More SMM: (ed. 7) When will this Game of reverse Robinhood Stop?