Vijay Boyapati Profile picture
Tu ne cede malis, sed contra audentior ito
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Feb 16 6 tweets 2 min read
1/ Regulatory certainty and guidance are crucial for any industry to thrive, especially a nascent one. Yet US regulatory bodies have shirked their duty providing clarity to the companies in the #Bitcoin space. This includes the SEC, CFTC, FinCEN and the IRS. 2/ Instead of providing clarity, regulatory bodies have been content to allow the industry to operate in a grey area muddied by uncertainty and risk of regulatory action. Instead of providing clear rules regulators swoop in and prosecute, carving out small pockets of regulation
Dec 29, 2021 15 tweets 5 min read
1/ .@lexfridman I'm a fan of your podcast, especially episodes where you've interviewed @elonmusk but in your latest interview you asked him to explain why he prefers Dogecoin to #Bitcoin and there are serious errors in his answer you didn't challenge him on 👇🧵 2/ Elon: "it has a much higher transaction volume capability than #Bitcoin"
Oct 13, 2021 11 tweets 4 min read
My experiment in creating a #Bitcoin NFT, thread 👇 I launched my book The Bullish Case for #Bitcoin a few months ago and instead of using a publisher, I decided to self-publish.

The book launched on Kickstarter, a website that allows entrepreneurs to fund their projects to completion and backers to be rewarded for their support.
Oct 2, 2021 4 tweets 1 min read
"There is but one means available to improve the material conditions of mankind: to accelerate the growth of capital accumulated as against the growth in population. "The greater the amount of capital invested per head of the worker, the more and better goods can be produced and consumed.
Sep 22, 2021 4 tweets 2 min read
Good news, friends: The hardcovers for The Bullish Case for #Bitcoin just rolled up on a truck. I will endeavor to have them shipped out to my Kickstarter backers over the next week or so (signed copies may take slightly longer).

Thank you so much for supporting my book launch!
Sep 18, 2021 5 tweets 1 min read
1/ In November 1992, in an English village called Hoxne, a villager searching for a lost hammer with a metal detector discovered a hoard of almost 15,000 gold coins that had been buried during late antiquity when the Roman empire was beginning to crumble in Britain. 👇 2/ The amazing thing about this hoard of gold coins is that it had maintained its purchasing power for over 1,500 years (accounting for only its bullion value, not its historical value).
Sep 14, 2021 5 tweets 3 min read
1/ Over the years, the New York Times (aka Mouth of Sauron) has produced some fairly poor takes on #Bitcoin. But the one published today by @BCAppelbaum (who's on their editorial board 🤦‍♂️) may be the most embarrassing yet.

nytimes.com/2021/09/14/opi… 2/ It is so rife with misunderstandings and errors (both technical and economic) that one is left with the impression that the NYT isn't capable of the most basic reporting of facts on #Bitcoin. Quelle surprise.
Aug 20, 2021 6 tweets 2 min read
1/ Central Bank Digital Currencies are a threat to human freedom and should be vigorously opposed (it is no surprise that it is China that is pioneering their use). 2/ While the current fiat system is antiquated and unjust, it provides at least one basic protection for human freedom: the ability to default to cash. Cash is anonymous and provides a level of financial privacy that allows us to live outside of a surveillance state.
Aug 16, 2021 5 tweets 2 min read
I'm very excited to announce that The Bullish Case for Bitcoin is now available for general sale! You can find a copy on Amazon for $21 (naturally).

If you've found my writing useful in the past I would truly appreciate a positive review for the book on Amazon.

🙏♥️🚀 I will endeavor to have the Kindle edition available on Amazon by the end of this week.
Aug 9, 2021 5 tweets 2 min read
1/ Many members of the US Congress do not seem to recognize the direction of the political winds. There are over 20 million Americans with a financial stake in the success of the nascent industry being built around #Bitcoin. 10 years ago there were almost zero such people. 2/ The infrastructure bill was crafted in the hope of shearing this new economy to finance a ballooning budget proposed by the Biden administration. Instead the language of the bill would skin the industry.

You may shear a sheep many times, but skin him only once.
Jul 31, 2021 8 tweets 3 min read
1/ While the resumption of #Bitcoin's bull market is a cause for optimism, anyone who cares about Bitcoin should be aware that its adversaries are attempting a major attack on the Bitcoin ecosystem as you read this.

Thread 👇 2/ President Biden's infrastructure bill has had new provisions added that specifically target industry participants with onerous new legislation.

@jchervinsky has a great summary here:

Jul 21, 2021 5 tweets 3 min read
Watching @Elon chat with @jack, @moneyball and @CathieDWood and the question about whether #bitcoin should scale at the base layer came up (Elon often brings this up). I cover this in great detail in my book The Bullish case for Bitcoin (I can send you a copy, Elon). Thread.👇 This is NOT about physics. It's about *credibility*. If it were possible to modify the base layer easily it would completely destroy the credibility of the inflation schedule.

Decentralization and the difficulty of changing Bitcoin is our prophylactic against inflation.
May 26, 2021 16 tweets 4 min read
1/ While there are no a priori rules for the path a monetary good will take as it is monetized, a curious pattern has emerged during the relatively brief history of Bitcoin's monetization.

Thread 👇 2/ Bitcoin's price appears to follow a fractal pattern of increasing magnitude, where each iteration of the fractal matches the classic shape of a Gartner hype cycle
Apr 7, 2021 10 tweets 5 min read
On the eve of Coinbase's blockbuster direct listing (importantly it is NOT an IPO, meaning employees and insiders can sell their shares immediately) many are speculating that interest in #Coinbase will trigger a fresh wave up in #Bitcoin's bull market. Will it?

A thread 👇 With Coinbase reporting Q1 revenues of 1.8B with huge margins (~800m in profit) it is likely that Coinbase will be valued in the ballpark of 100 billion dollars when they become public. The question is, will this huge liquidity event transfer over to #Bitcoin?
Apr 6, 2021 5 tweets 2 min read
Coinbase is going to list publicly in less than 10 days and reported blowout numbers today (~800m in profit on 1.8B on revenue).

Sounds great, but imagine how much more they'd be worth if they had held their profits in #Bitcoin instead of dollars for the last 8 years. According to Coinbase's S1 filing, they own approximately 4486 bitcoins (compared to MicroStrategy which owns 91,579). Given how profitable Coinbase is they have been a net seller of #Bitcoin for years and years (since they naturally accumulate it through fees on trading)
Mar 5, 2021 11 tweets 4 min read
Grayscale's Bitcoin Trust (GBTC) has been a very common ways for institutions gets get exposure to #Bitcoin without having to think about custody or owning the underlying asset. It's currently trading as a steep discount to NAV (almost -12%). What does this mean? Thread time👇 The Grayscale Trust owns bitcoins and issues shares in proportion to the bitcoins owned. The Net Asset Value (NAV) is the value of the bitcoins owned by the trust. Investors can then buy shares in the trust as a way of getting exposure to #Bitcoin's price movements
Feb 1, 2021 12 tweets 4 min read
Buoyed by their success in assailing Wall Street hedge funds, the legion of retail investors who are part of the Wall Street Bets movement #WSB have turned their attention to the silver market.

Silver futures are already up 9%. How is this going to end?

Time for a thread 👇 Unlike GameStop ($gme) which is worth billions, the above ground silver market is worth almost 1.5 Trillion (2018 estimate). This is not to mention the massive derivatives market on top of the silver spot market. A short squeeze will be much harder to achieve, so why bother? 👇
Jan 30, 2021 29 tweets 10 min read
@RayDalio is one of the great investors of our time and he has begun thinking about #Bitcoin. He penned a thoughtful piece on his concerns about Bitcoin and was hoping to get responses, point-by-point.

Ray, here are my responses to your points (screenshotted) in a thread: 👇 Never in the history of the world had it been possible to transfer value between distant peoples without relying on a trusted intermediary, such as a bank or government - until 2009, with the invention of #Bitcoin.

You are correct in your summation of its significance, Ray.
Nov 19, 2020 11 tweets 5 min read
In the global family of financial assets, gold is #Bitcoin's closest cousin. They are both non-sovereign monetary goods valued for their superior monetary properties (relative to fiat).

However, the ownership distribution of these close cousins is very different. A thread👇 A very large fraction of gold is owned as jewelry (dominated by India) and (ironically) by global central banks. Investment usage in the form of bullion is the next dominant usage and this, in turn, comes in large part through demand from gold ETFs such as SPDR Gold Shares (GLD). ImageImage
Nov 18, 2020 4 tweets 2 min read
At this stage in the 2016 #bitcoin bull market cycle, the price dropped about 29%, which in today's terms would be a fall to a bit below $13,000.

Is it possible we have a correction like this before taking the all time high? Yes.

However... This cycle is clearly being driven more by institutions who generally have much stronger hands than retail buyers.

For instance MicroStrategy has stated their purchase of #Bitcoin is a long term allocation - those bitcoins have been taken off the order book indefinitely.
Nov 10, 2020 7 tweets 3 min read
There are four main valuation frameworks for #Bitcoin and I wanted to summarize them with a target valuation that one would assign if one subscribed to that framework.

Thread 👇 1) Bitcoin's rise is equivalent to the Tulip Mania. It has no real comparative advantage to any existing monetary good or to the current fiat monetary system and is a bubble that will eventually pop.

Long term target price: $0.