Gold is now worth $37 trillion. Bitcoin/gold parity implies $1.75 million per coin, today. If you’ve done the work, you know what’s coming.

Great letter Warren Buffett sent to George Goodman about Walter Schloss “Walter probably works an average of three hours a day”

Great read

No long posts needed. Make it to the inevitable print, which everyone knows is out there. Same as it ever was.

"If you're not willing to react with equanimity to a market price decline of 50% two or three times a decade you're not fit to be a bitcoin holder and you deserve the mediocre result you're going to get compared to the people who do have the temperament, who can be more

Berkshire Hathaway fell 51.5%, from $149,200 on 12/10/2007 to $72,400 on 3/5/2009. It’s trading at $756,943 today, a 10.5x increase and 14.8% CAGR from the trough. If you understood Berkshire then, selling was the last thing on your mind. If you understand bitcoin today,

Clean convexity test available for everyone to see today. Expect more of this in the coming months.

Bitcoin’s power law trend value has climbed from $108,313 on October 6, 2025, when bitcoin reached its ATH, to $119,924 today. That’s the signal. The rest is just waiting.

Today’s WSJ cover story. They’re trying so hard 😂 Not a single mention or even the slightest hint at the fact that bitcoin just had its biggest positive daily candle ever. And the chart is conveniently cropped so yesterday’s rebound doesn’t show up, even though the piece was

Straight talk about what’s next. Let’s look at a simple Brownian motion exercise and assume some reversion from the recent downturn. I think that puts us in the $150,000–$200,000 range a year from now.

MSTR is now an 80% vol asset. We could easily see $1,000, or perhaps as much as $2,000, a year from now and it would not be a statistical stretch whatsoever. We are accustomed to thinking linearly and it is often a good enough approximation of reality. But 80% vol is

Great read!

Next month, we’ll cross 20 million bitcoin mined, with only 1 million left to be mined over the next century. For all practical purposes, bitcoin supply inflation is now behind us. From here, the only way to accommodate demand is through price.

Bitcoin is the first asset where marginal demand cannot be met with marginal supply. Price becomes the clearing mechanism for global liquidity.

Very important one. In a filing today, sovereign wealth fund Mubadala reported owning 12.7 million shares of IBIT valued at $630.6 million as of December 31. That's a 46% increase from 8.7 million shares previously reported as of September 30. Filing: sec.gov/edgar/search/#…

Latest filing today for the Morgan Stanley Bitcoin Trust: "The Bank of New York Mellon (“BNY”) and Coinbase Custody Trust Company, LLC (the “Coinbase Custodian” and together with BNY, the “Bitcoin Custodians”) are the bitcoin custodians for the Trust and will hold all of the