1/ "the first structure that stood taller than the Great Pyramid of Giza was erected nearly four thousand years later.
it was a cathedral."
2/ "religion is not always about God.
someday scholars will study Federal Reserve papers with the academic detachment with which we study ancient papal bull.
at the time, it meant something.
but in hindsight, it was arrogant gibberish."
3/ "the fact that we keep thinking and talking in terms of the rational (economics) to explain the irrational (the divine) reflects the inability of our society to experience a reality exists between these two poles."
4/ "bitcoin is not an asset class. bitcoin is a cathedral for the digital age.
in time, it will tower to the sky, and establish itself as a powerful and deeply moving monument of man's struggle for enduring permanence."
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in this thread, i'll quickly outline key data points on #bitcoin sentiment, demand, market structure, and macro conditions
disclosure: i own BTC, obvi. this is not investment advice. DYOR. further disclosures at coinshares.com
2/ let's start w sentiment ☺️
first, investor sentiment:
✅ @blackrock filed to add BTC to 2 funds, CIO has 400k price target
✅ @RayDalio's Bridgewater reportedly issuing BTC research report
✅JPM, Goldman, and other bulge brackets initiated research coverage
3/ next, trader sentiment:
🚨 most important indicator is the forward curve
normally BTC futures trade in backwardation after a price drop.
this time, the curve stayed in contango following drop, meaning market makers are bullish 🐂📈 despite funding rate increase!
1/ let me give an example of how deals are going down in crypto VC - i’ll do a sample equity deal and token deal
deal 1: early stage company raising equity w/ ~$0 revenue in nov 2020
deal 2: token project bootstrapped by anon founders in oct 2020
let’s go 🧠🪐
2/ let’s start w the equity deal. early stage co that was just getting started w monetizing in november. will obfuscate all detail ofc - this is directional.
we negotiated terms to raise $2-3M at a sub $15M valuation w expected revs of $2-3M in 2021.
3/ in Dec, the co did over $1M. Jan to date, the co has beaten its entire 2021 revenue and profit goals.
they cut the round to strategic investors only + raised way less b/c they don’t need money, just help. firms got cut entirely or allocation dropped to $25k (too small!)
1/ as evidenced by the recent corruption of all US systems, from gov't to corporate, securing networks is very difficult to do persistently.
bitcoin is a global telecommunications network that secures financial information.
mining is what keeps it secure.
a short thread!
2/ power in our world is changing
the world's largest and most powerful companies used to own, make, and finance physical inputs and things.
not anymore.
today's behemoths own, maintain, and manage digital networks. and they're bigger than most nation-states.
3/ in the coming decade, we will see a rapid proliferation of digital networks in the energy, compute and connectivity, and capital markets and finance world
as a result, nations will spend trillions of dollars on securing their data and access to global systems and networks