Research, insights, and interviews for tech investors
Bitcoin's Lightning Network continues to grow faster than ever before, with two major growth catalysts looming on the horizon. Despite a decline in Bitcoin prices since May, Lightning Network nodes, channels, and network capacity are hitting all-time highs every day now, and Lightning Network applications are starting to get traction.
MicroStrategy's relentless Bitcoin buying campaign continued on Monday with the completion of their $500 million secured debt raise, and the announcement of an "at the market" stock offering for up to $1 billion. The proceeds of both raises will go towards buying Bitcoin, which could soak up 0.2% of
Institutional Bitcoin adoption continued to rise in May, albeit at a slower rate than in prior months. MicroStrategy and many public Bitcoin mining companies continue to add to their Bitcoin holdings, but these additions have been offset in part by sales from companies like Tesla and Ruffer. Declining prices have
In 2010, Steven Johnson wrote a great book called 'Where Good Ideas Come From'. One chapter in particular explained how innovation is achieved by combining currently available resources to create new use cases. Johnson calls this phenomenon 'The Adjacent Possible'. I want to highlight it because I think it's the
Crypto projects have begun to use token buybacks as a way to transfer value to token holders. Projects like Maker, Yearn, Binance, and even Ethereum (after EIP-1559 goes live), are all experimenting with their own unique spin on buybacks with their own unique trade-offs. In the stock market, share buybacks
Last week, Stan Druckenmiller published a Wall Street Journal op-ed titled 'The Fed Is Playing With Fire'. In it, he explained how the Federal Reserve's policy of continued asset purchases has "enabled financial market excesses" and is threatening America's global reserve currency status. I want to highlight a few important
Yesterday morning, $9 billion of cascading liquidations helped send Bitcoin prices down as low as $30,000 on some exchanges. By the evening, prices had stabilized above $37,000, but fear and uncertainty still dominated the conversation around Bitcoin. So today, I decided to dig into historical Bitcoin price data
Last week I analyzed Maker's business metrics, and explained why I think their business should be valued using traditional equity valuation methods. How Much Is Maker Worth?A couple weeks ago, I shared a post[https://www.kevinrooke.blog/maker-essential-resilient-profitable/] outliningthe properties that I find interesting about the Maker protocol.
Last week I wrote this piece about changes to institutional Bitcoin holdings so far in 2021. The broad theme has been that institutions continue to accumulate Bitcoin, and that they are generally holding the asset for the long run. Between the 56 public companies, private companies, and various funds that
In December 2017, Charlie Munger gave a speech at the University of Michigan's Ross School of Business. Bitcoin was trading near all-time highs, and naturally some of the conversation covered Charlie's hatred of Bitcoin. In his discussion there was a nugget of gold that I think is particularly relevant to
Michael Saylor's decision to move MicroStrategy's treasury into Bitcoin last August set off a wave of Bitcoin enthusiasm among institutional investors, and 8 months later, the enthusiasm hasn't let up. Dozens of institutions - public companies, private companies, hedge funds, and even insurance firms - have been hoarding Bitcoin on
Maker is a fascinating protocol that serves as essential infrastructure for much of today's DeFi ecosystem. Not only does it enable lending, borrowing, betting, investing and other crypto applications that require access to stablecoins, it has also proven to be resilient to market shocks and regulatory issues since it launched