I’m excited to share that I have joined @UpexiTreasury - the leading @Solana treasury company - as Chief Strategy Officer responsible for the cryptocurrency strategy and public visibility efforts 🏎️ 🏎️ 🏎️

Google ($GOOG) just raised $85b for its AI efforts, SpaceX ($SPCX) IPO'd today, raising another $75b. Anthropic and OpenAI are on deck with similar amounts. All in, AI companies will likely raise $400b . To put this into perspective, this is roughly double the total amount raised in the US last year from both IPOs and secondaries. The capital has to come from somewhere and is not infinite. It will be interesting to see the impact, especially when the new money eventually stops...

Fundamentals continue to improve, but given the nascency of the industry, price movement is all about flows. Case in point: The main reason $BTC went from $25k in June 2023 to to ~$70k in mid-2024 was due to @Blackrock 's $IBIT and the tens of billions of inflows it brought. I'm not sure where the next major massive inflow comes from, unless central banks start buying $BTC, in which case the sky is the limit for price. Same thing goes for alts. In 2020 / 2021, so much new money was coming in that it lifted all boats. Now, with no new money, it's being reallocated from most tokens, which are down big, to the few that have a strong traction or at least a lot of attention...

Are we in an AI bubble? On one hand we're seeing some bubble signs with performance moving from the majors (egs. $NVDA, $GOOG) to smaller names, mega-IPOs often mark the top of bubbles (eg. $COIN and crypto), and investors may focus more on the returns to AI amidst rising macro/geopolitical risks. But on the other, much of the stock movement is due to accelerating future earnings, and AI has the potential to be the most transformative technology is the history of mankind. 🤔

Thanks for having me on @Crypto_TownHall 🙏

The trouble with variable rate prefs designed to stay at par is they are wrong way risk for the issuer. Meaning if the issuer's financial condition worsens, the market will demand a higher rate on the prefs, which worsens the issuer's financial condition, and the cycle continues. NFA, but I am not worried about $MSTR's ability to pay $STRC dividends beyond nearly all investors' time horizons. That said, I am worried about their willingness to raise more pref capital at v high effective yields and therefore their ability to continue buying $BTC at year-to-date clips. This to me is the real risk.

Smart contract blockchains like @Solana are a new computing paradigm. We went from mainframe computers to PCs to blockchain-based computers. The TAM is literally global compute. Users need the token to pay for transactions so as usage increases, so does demand. And there are network effects, which will only get stronger once you add in privacy since that reduces interoperability and makes state more valuable

Some of these were right, some were wrong. But pretty good for 2 years ago! x.com/thetinyant/status/1757…

Ex macro, IMO the two largest items (by far) that can impact the crypto markets the most over the next month are the CLARITY Act and MicroStrategy...

Very possible HL will increase its lead, but I tend to think the @perps race remains wide open for two reasons: 1. The dominant perps DEX has been a rotating door throughout history, and 2. Perps are a drop in the bucket compared to what it will become

Obv many items go into valuation, but with $ETH market cap 5x that of $SOL, I think the following is severely underapprciated: All else equal, monolithic chains should be more valuable than modular protocols, since they accrue value from all parts of the stack 🤔

Great convo hitting on (IMO) the two biggest items impacting crypto today: • AI sucking the wind out of everything else • Unclear value accrual for many tokens What changes these? Highly recommend today’s @Crypto_TownHall 🙌 x.com/Crypto_TownHall/status…

IMO, crypto's biggest problem from a price perspective is AI stealing attention and capital. After all, Goldman's S&P ex-AI Index ($SPXXAI) is flat since its launch in early Feb, while the full market is up 8% over that time, showing the gains are fully driven by AI companies. While I prefer a crypto breakout sooner rather than later, all scenarios around timing look pretty good to me: • Near-term: Catalysts like CLARITY passing or central bank BTC buying ignite crypto • Medium-term: Market realizes AI and crypto and symbiotic to take crypto higher • Long-Term: Digital assets are a show-me story, rerating after mass adoption of stablecoins, tokenization, and agents occurs

Stablecoins. Tokenization. AI Agents.

Nice increase in @Solana @perps trading volume last two weeks compared to HL, Ethereum, and off-chain (includes Aster), per @Defillama 👀