Three Pillars of Blockchain Value

by Matthew Harcourt March 2, 2021

We are 12 years into the crypto revolution that was kicked off by Bitcoin in 2009. It is clear that the technology driving this revolution has found market fit in mainly three different categories; as a censorship resistant store-of-value, in Non-Fungible Tokens and in Decentralised Finance. The main value proposition for ‘store-of-value’ and non- fungible […]

Crypto Breaking Out

by Henrik Andersson July 23, 2019

Image: Bitcoin white paper available at bitcoin.org/bitcoin.pdf Bitcoin got known by its creator, Satoshi Nakamoto, first publishing the white paper on The Cryptography Mailing List on October 31, 2008. The network launched on January 3, 2009. At the time, it was just a very small group of cryptographers that knew about Bitcoin. Nine months later […]

Crypto Convexity

by Henrik Andersson May 28, 2019

Convexity is an interesting concept that explains why investors should pay attention to crypto as an asset class. I believe there are actually two ways that crypto has convexity. The first one is more technical and the second one more broadly related to individual crypto assets and portfolio allocation: Crypto has deeply rooted technical convexity  […]

Why Crypto Assets Can be More Valuable than Equity

by Henrik Andersson April 23, 2019

We often hear that crypto assets are not equity and therefore not valuable as an investment — i.e. they are great for the issuers as they don’t dilute shareholders. This is not necessarily the case. Let’s have a look at Binance, whose CEO Changpeng Zhao in a recent interview said he believes their token Binance Coin might […]

Your ICO Doesn’t Need a Token

by Henrik Andersson August 20, 2018

We believe crypto assets have a specific function to play in providing the incentives to run a decentralised protocol. They are the fuel for running open, permissionless blockchains. The ICO hype created an environment where raising money became too easy. The result was that too many projects are trying to fit a token into a […]

Value Creation in Crypto Assets

by Henrik Andersson July 6, 2018

There two big, emerging areas of value creation in the crypto space. These are centred around what we call ‘Money-ness’and ‘Governance’. Money-ness We added the suffix ‘- ness’ after money to emphasise the breadth of this category. Money-ness encompass everything from a global store of value to a currency specific to a crypto-economy or use-case. The categorisation […]

Analysing Crypto Fund Returns

by Tim Johnston June 19, 2018

A common question we receive at Apollo is what return can investors expect from investing in the Fund. It is an impossible question to answer. Yet, while the disclaimer “Past performance is not a reliable indicator of future performance” is suitable, it is interesting to examine past returns from crypto funds. Such analysis doesn’t necessarily […]

The Sad State of Crypto Valuation

by Henrik Andersson May 15, 2018

Crypto-assets are new. Some are fungible, others digitally unique, they are tradable assets that depending on their underlying code and network economics, act sometimes like money, gold, consumables, collectables, or something completely different. Our current ability to effectively value these assets is sadly very limited. Even the most respected global hedge funds make basic mistakes […]