BC CRYPTO
Saved by @CodyyyGardner

1/ “Bitcoin is better at being gold than gold” - SkyBridge Capital

@Scaramucci 's SkyBridge Capital released their investment thesis for their new Bitcoin Fund LP. They go a step further than other investors in why they are actively choosing bitcoin over gold

A thread 👇

 2/ SkyBridge Capital’s main fund, with $9.3B AUM, had invested ~$182M in BTC. In Dec., they announced they were raising a new, separate Bitcoin only fund and already transferring ~$25M of BTC into it
3/ Today they opened to accredited investors w/ min invstmnt of at $50K. This Bitcoin LP won’t trade BUT you only pay 0.75% annual fee and no premium, the portfolio is priced by Bloomberg’s fixed rate (XBT). In contrast, GBTC trades OTC, a 2% yr fee, and a premium to BTC’s price
4/ Their website is a vast library of info. Not just their Offering Memo, pres. & investment thesis. It also includes:
- FAQ videos (Michael Saylor features and Scaramucci has cited him as a major influence)
- Readings on Bitcoin (@real_vijay The Bullish Case for Bitcoin)
5/ Towards the bottom of the page, they also take a dig at GBTC’s premium and offer to walk through a “GBTC swap” to their fund. They understand the hurdles that many traditional investors face in investing into BTC and lean into it

https://t.co/gQBrGYKy7m
6/ But more enjoyable than reading digs at GBTC, is reading the digs on Gold. Because, as other large institutional investors have recently bought Bitcoin, they have largely done so while also still holding gold
7/ An example - Ruffer’s $775M bitcoin ($27B AUM) buy through their multi strat fund (~2.5% of the portfolio) was a huge step...but still small compared to their gold and inflation linked bonds holdings…
8/ Another example - The head of global equities at Jefferies cut the gold exposure in the long-only pension funds in favor of Bitcoin...but BTC remains 5% allocation vs. 65% Gold bullion/mining
9/ With a Bitcoin only LP, there’s no getting around the question of “why BTC vs. gold?.” SkyBridge needs to tackle it head on, and they do. Their investment thesis is 10 pages (not including legal disclaimers) and ~1/3 are why gold is inferior to BTC and how BTC will be gold 2.0
10/ They quickly establish that there is a need for a deflationary asset - increasing debt, increasing money supply, low interest rates

They then quickly ask is “Gold to the rescue?”

No.
11/ The major points for pro BTC vs. gold?
- Fixed vs. limited supply (G increases ~1.25%/yr)
- Tech industry will be primary driver of marginal wealth creation(a digital asset fits)
- More wealth is being transferred to Millennials- transferability/storage of BTC fits this demo
12/ A summary graphic is also included
13/ The SkyBridge presentation expands on Gold 2.0 even further - why Bitcoin is superior and uses gold as an example of potential growth

As they say in the opening page, “Bitcoin is better at being gold than gold”
14/ The presentation and thesis continue with covering the halvings, growing adoption and bitcoin as a portfolio diversifier, but my favorite part remains an institutional investor directly addressing the question of why Bitcoin over gold?
15/ TL;DR: The launch of the SkyBridge Bitcoin LP is another strong step in Bitcoin’s adoption by investors

1) They address the problematic premium w/ GBTC for investors
2) They address head on why an institutional investor would choose Bitcoin over gold

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Here's my 2021 Crypto Strategy:

Note: Not a financial advice. It is just my opinion after doing my own research (#DYOR). I'm a complete newbie btw.

1. Dollar-Cost-Averaging (DCA) for these 6 coins (HODL)
- Bitcoin (BTC)
- Ethereum (ETH)
- Polka Dot (DOT)
- Cardano (ADA)
- Binance (BNB)
- Litecoin (LTC)

I choose these 6 bcs they are all TOP 10 Coins, they have the biggest market cap which means less risky than other coins.


DCA means I'm going to topup for all of these coins everytime ada duit lebih/dapat gaji.

But I will only buy when price dip / during correction

How to know when price dipped?

I use TradingView (free version) - guna RMI and Stoch indicator, if it touches the lower line it means it have been oversold - under 4h timeframe (because I'm a long term investor). This is to avoid buying at the top.

For example:

This is Bitcoin on TradingView. Under 4h Timeframe, indicator RMI & Stoch. I'll buy when RMI and Stoch touches the lower line. Boleh nampak lepas buy at dip, the price terus naik.
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Vitor Const\xe2ncio
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Tesla just announced that it had bought 1.5 billion dollars of bitcoin and could in the future sell cars in bitcoins. Since this morning both Bitcoin and Tesla are going up in the market. Maybe there is afterall something in the saying that“Bitcoin is Tesla without the cars”1/ 20

Musk is seen as a genius, a true Midas, by many investors and millennials. For them he can never go wrong. He became recently the richest man in the world dur to Tesla stock valuation (+353% yoy). He moves markets and today´s announcement is “kind of legitimise “ bitcoin 2/

Tesla shares attained $870 which represents a Price/ Earnings ratio of 1.747 (!) on the basis of last year´s profits. Apple is at 37 and the S&P firms average is 23 (against a historical average ≈16). Future profits would have to increase a lot to justify a more normal ratio 3/


Tesla has a good product but the question is if it will sell enough cars to get such profits in face of coming fierce competition. However, this is not the question I want to comment upon. It is also not about what may interest the SEC and market conduct…4/

It was not disclosed when Tesla had made this investment. In December, Musk said that Tesla could buy bitcoin, and this was followed by many statements that he supported bitcoin. Bitcoin kept going up & Tesla investment has appreciated. The SEC will look into this 5/
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Dan Held
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@danheld
1/ Bitcoin: a bold new world.

Satoshi published the white paper on 10/31/2008. Right at the moment of peak despair during the 2008 financial crisis. Trust had been lost in a world that ran on trust.

2/ But why October 31st? It certainly wasn’t because Satoshi was a fan of halloween, it must have had a deeper meaning. With all of his actions, he demonstrated a careful precision.

He had been working on Bitcoin for at least a year and a half before publishing the white paper.

3/ “I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon” - Satoshi Nakamoto

4/ On August 18, 2008 Satoshi registers registers https://t.co/rMWwiEwtxT through https://t.co/Uj8lMr10kB.

Satoshi was ready and waiting to hit the send button throughout 2008. What was so special about October 31st?

5/ I believe that Satoshi published the Bitcoin white paper on 10/31 as a hat tip to the ancient Gaelic festival of “Samhain” which was also the date in which Martin Luther nailed his 95 Theses to a church door. Both represent an end of the old and the beginning of the new.
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Garrett Hughes
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@_garretthughes
1. Ultimate blockchain, NFT and crypto learning thread 👇

(warning 100's of hrs of content)

2. @CalBlockchain 's Spring 2021 fundamentals course: slides and

3. @tferriss @naval and @NickSzabo4 's podcast about crypto and

4. Similar one to previous but @tferriss, @naval and @VitalikButerin 's podcast on scaling, ETH, NFTs and

5. @a16z Crypto startup
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Meltem Demirors
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@Melt_Dem
1/ crypto VC is going through an explosive 🧨 phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

i’ve done 15 deals in the last 3 months as an angel + small fund @CoinSharesCo VC.

observations + implications... 👇🏾

2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there aren’t enough companies raising series B / C / D rounds!!!

every deal i’ve done lately is under $50M valuation

3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, it’s highly competitive

4/ most projects and co’s don’t need money tho - why would a founder take 20-40% dilution when they’re banking cash and crypto? so they do 5-10%

so the valuations go up, but available allocations go down, resulting in an even bigger squeeze on allocators who *need* to deploy

5/ add in the onslaught of non-crypto M&A that’s coming, which is culling the herd of investable unicorns

add in the wave of SPACs and direct listings taking later stage opportunities out

there just aren’t enough places to put capital in size rn

what’s a fund to do?
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