The problem in America A very simple measure of inequality is to compare the mean wealth (simply, all wealth divided by the number of people), with median wealth (sort all people by wealth in order and choose the person in the middle, the median person). The international chart is fascinating and shows just how skewed

CZ You don’t know this man and you have probably never heard of him. His name is Changpeng Zhao, known in the industry as CZ. I put it to you that he is the richest man in the world.  Common knowledge has it that Elon Musk on $275 billion, closely followed by our good friend Jeff at

In 2022 This is our final note for the year. Despite an ordinary finish, it has been an amazing year. There is no question that our core asset hit the mainstream in 2021 and this time around due to institutional adoption. Irrespective of short-term prices, our macroeconomic thesis continues to play out. We only see

How to lose $1 billion in one afternoon Brewster’s Millions was a fun film from the mid 80’s. The premise was that Brewster must spend $30 million in 30 days in order to inherit $300 million. The rules of the game were: not allowed to own any assets, destroy the money, gift it, give it

Transitory Senate Banking Committee Ranking Member Pat Toomey (R-Pa.): “How long does inflation have to run above your target before the Fed decides, maybe it’s not so transitory?” Powell: “the word has different meanings to different people, the Federal Reserve tend to use it to mean that it won’t leave a permanent mark in the form

Reminder It has been a rather volatile month thus far with bitcoin down 17% from highs and assets across the board in correction mode. It’s time for the quarterly reminder that this is not at all unusual and doesn’t look like going away anytime soon. The fact is, we are still in price discovery/high growth

Web 1,2,3 As expected, the latest Bitcoin spot ETF was rejected by the SEC on Friday. It is nearly nine years since the first ETF application was filed by the Winklevoss brothers in 2013. At that time investor protection was front of mind and it allowed the SEC to successfully protect everyone from a 23,000%