Henrik Andersson

Investment Thesis Refresh

In a fast moving field like crypto assets we believe in the merit of having an investment thesis that is not set in stone but is updated as the market evolves. Crypto assets are based on a breakthrough technology. Far from all applications have been explored yet and some known applications have unknown market potential.

Irrespective of our final destination, Apollo Capital’s mission is clear:


Let’s unpack this sentence. We are:

1. “Investing in the crypto assets that are powering the next generation of computing infrastructure”

This is a new generation of computing. Specifically this new type of computing is replacing trusted third-parties with software. We can now do ownership and transfer of value (money, collectibles), participation and execution of smart contracts solely based on open source software not associated with a company or organisation. Software is both replacing rent seeking middlemen and enabling completely new use cases.

2. “Investing in the crypto assets that are powering the next generation of computing infrastructure

We think it makes sense as investors to focus on infrastructure investments when the potential applications are not yet clear. By investing in infrastructure we are exposed to any possible application being built on top of that ecosystem’s critical infrastructure. 

Not only do we believe infrastructure is a good starting point at the beginning of a new paradigm, our thesis is that most of the value will be captured in the lower parts of this new technology stack, specifically in what is known as base layer 1 Blockchains and Middleware:

Source: Apollo Capital

Source: Apollo Capital

Base layer 1 blockchains are their own chains like Bitcoin or Ethereum while middleware typically are smart contract protocols being built on top of one or multiple blockchains. 

Our portfolio is balanced between layer 1 and middleware.

3. “Investing in the crypto assets that are powering the next generation of computing infrastructure”

Our investment thesis is that Blockchains and certain Middleware are enabled by crypto assets, these are critical for this new software system. These crypto assets are where the majority of value is captured in this new paradigm. Another way of putting it — crypto assets are the fuel for this new type of software.


We believe that there are two broad categories of applications for open blockchains: financial applications and non-financial applications. As we map out the Potential Value Capture vs. the Maturity of certain applications we end up with this picture:

Source: Apollo Capital

Source: Apollo Capital

We are convinced that the biggest potential value capture by crypto assets on open blockchains are related to financial applications. One reason why this is the case is that blockchains are only able to secure native blockchain assets and smart contracts related to those assets. Non-native blockchain assets like identity will be hard to secure using open blockchains. Furthermore, anchoring non-native blockchain assets like identity doesn’t necessary capture a lot of value in crypto assets. In many cases non financial use cases end up anchoring information (e.g. through a hash) to a secure blockchain like Bitcoin. This can be done relatively cheaply using only a nominal amount of bitcoin.

For these reasons, financial related verticals and the crypto assets underpinning these verticals are our investment focus at Apollo Capital, specifically:

  • Store of Value

  • Privacy Coins

  • Stablecoins

  • Open Financial System

These financial verticals will create an infrastructure layer for financial primitives that are:

1. Permissionless — accessible to anyone. Just like the Internet made the world’s information accessible to everyone with a smartphone, open blockchains will make financial infrastructure available to everyone with a smartphone and an Internet connection. And just like the Internet broke down the barrier for publishing information on the Internet, anyone will be able to create financial instruments by interacting with smart contracts.

2. Trustless — not dependent on a third-party but on auditable software. Just like the information on Wikipedia is not dependent on one third-party actor but a network of contributors, the financial infrastructure of the future will not be dependent on a single vulnerable actor like a bank, state or financial institution. 

3. Censorship resistant — financial freedom. The Internet is hard to censor, in the future our financial system will be hard to censor as the Open Financial System is borderless in nature and not tethered to geographical jurisdictions. 

Once the basic layer is built, composability of these building blocks will lead to more advanced financial primitives to emerge and finally to user interfaces through web and mobile applications.

Store of Value

Bitcoin as a potential store of value and unseizable asset not relying on a government is material. Gold and offshore accounts today account for tens of trillions in value. Properties of crypto assets such as Bitcoin are on many accounts better than our current versions. In addition crypto assets are programmable which opens up new avenues for innovation not possible with a physical commodity such as gold. Store of value doesn’t exclude other use cases such as payments, but in our view volatility needs to decrease before a store of value enters the real competition for other properties of money such as medium of exchange and unit of account.

Medium of Exchange

In this category we mainly have stablecoins and privacy coins. Stablecoins suffer from a trilemma trying to optimise on scalability, stability and decentralisation. This is a hard problem to solve but where we see a lot of innovation. There is massive potential in the coming decade for stablecoins that can get this equation right. It is likely that in the very long term stablecoins will find competition from more pure crypto assets not tied to a peg once the volatility of those assets starts declining.

Privacy coins enable private transactions to take place and is an interesting and fast evolving vertical besides cryptocurrencies running an open transaction graph. As privacy coins tend to be innovative using newly developed cryptography, there is generally a higher technology risk in this vertical versus non privacy enabled coins.

Open Financial System

This is a general term referring to a new financial system being built on top of open blockchains. The first financial primitives being built include:

  • Lending — being able to earn an interest rate on assets that you already hold.

  • Credit markets — borrow against assets that you hold in your portfolio.

  • Prediction and oracles — create a trustless source of truth for events outside blockchains.

  • Derivatives — a leverage bet on an underlying asset.

  • Decentralised exchanges —blockchain based trading without giving up custody of your assets.

  • Synthetic assets — blockchain assets that can trustlessly replicate non-blockchain assets.

While many of the above primitives are still experimental in nature, it is easy to see them in the future vastly outcompete traditional solutions at least in certain categories and circumstances. As an example, taking out a loan on a blockchain can be as easy as a few clicks on a web 3 enabled browser.

Running financial services on software instead of relying on trusted financial institutions not only opens up access but could lead to substantial gains in productivity as the financial sector in many countries makes up a very substantial part of the GDP. 

Core to our thesis is that the financial infrastructure being built on open blockchains will become a common utility not unlike the Internet itself.

Henrik Andersson is the Chief Investment Officer at Apollo Capital . Based in Melbourne, Australia Apollo Capital invests in the crypto assets that are powering the next generation of computing infrastructure. For more information, please see apollocap.io.

Crypto Convexity

A Hydra is anti-fragile.

A Hydra is anti-fragile.

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:

  1. Crypto has deeply rooted technical convexity 

As a former options trader, I learned that convexity is the concept of positive gamma. Gamma is the rate of change of the price sensitivity to the underlying price. If you’re ‘long gamma’ you will become more sensitive to price changes as the price goes up. Long gamma is a nice situation to be in, as the price goes up you will make more and more money (Short gamma on the other hand should be avoided like the plague.)

A short gamma trader on Bitmex gets liquidated.

A short gamma trader on Bitmex gets liquidated.

Why is crypto be ‘long gamma’? On a high level, base layer protocols like Bitcoin and Ethereum are creating an immutable ledger where value and contracts can be exchanged between any two parties. That network only has value if the security is strong enough, i.e. the network is only trustless if we don’t have to worry about a rollback of previous transactions. 

Since Bitcoin and Ethereum’s miners are paid in bitcoin and ether, the trustlessness of these crypto networks is a direct function of the price of those assets. Put another way, the value of the network as a secure ledger goes up as the price increases. This reflexivity means that 1. the network effect in crypto networks is strong 2. the immutability and thus the value proposition of the network increases with price — this self reinforcing effect is a form of positive gamma!

2. Crypto has convexity both in the micro and macro

On the micro scale, there is a lot of experimentation and competition going on in crypto markets. If you have exposure to a diversified portfolio of crypto assets you are more likely to capture the returns from breakout crypto assets. This is the reason why we are building a portfolio aligned to our investment thesis that is diversified between different verticals and technologies . In option parlance we’re said to be ‘long volatility’. We can view the portfolio as a collection of call options. 

Here it makes sense to mention another Greek letter, namely Theta. A call option has a negative theta, meaning that as time passes the value of the call option will decline as optionality decreases. If crypto assets are call options, I’d argue that the theta of a crypto asset is positive. This is due to the Lindy effect, which says the future life expectancy of a non-perishable thing like technology increases with time. Unlike call options that expire at a given time, crypto assets don’t expire. Instead, they prove themselves over time and become more trustworthy as time passes. If Lindy is valid for crypto assets, then they just have to survive to be successful — that’s a convex bet in time.

Secondly, on the macro side of things. By having 5% of crypto assets in your portfolio you are exposed to an asset class with limited downside (all of crypto is only US$150bn, a fraction of one company like Facebook) and with limitless upside. This has the added advantage that you can take much less risk with the rest of the portfolio. Instead of cultivating a portfolio of securities with average risk and average return expectations you can instead construct a portfolio where 90 or 95% of the portfolio has very little risk, maybe just enough to cover inflation while the rest of the portfolio has unlimited upside. Prof. in risk and philosopher Nassim N. Taleb describes this Barbell Strategy this way:

“If you know that you are vulnerable to prediction errors, and accept that most risk measures are flawed, then your strategy is to be as hyper-conservative and hyper-aggressive as you can be, instead of being mildly aggressive or conservative.”

We believe this very asymmetric return profile coupled with the uncorrelated nature of crypto assets makes this a very unusual and attractive asset class. On the contrary if you’re short, you have limited upside (100%) and unlimited downside. 

The above reasons summarise why I like to say:

‘Crypto is Convexity for your Portfolio’.

Henrik Andersson is the Chief Investment Officer at Apollo Capital . Based in Melbourne, Australia Apollo Capital invests in the crypto assets that are powering the next generation of computing infrastructure. For more information, please see apollocap.io.

A New Crypto Valuation Framework

Crypto valuation is still a nascent and evolving subject. With something radically new like crypto it is easy to fall into the trap of trying to fit it into the framework of something familiar. Instead we believe crypto assets are be a diverse set of different type of assets, with different valuation frameworks. Most crypto assets won’t fit squarely into one bucket but will have properties that span across multiple different types of assets.

Over the past 12 months our understanding of the subject has evolved primarily when it comes to the token type that is becoming known as ‘Work Tokens’. This is how we currently map out the space on a high level:

Source: Apollo Capital

Source: Apollo Capital

Note that the above table doesn’t include Security Tokens. These are a traditional asset class represented by a crypto token, thus fall into the left column even though they are represented by a crypto token.

Crypto-commodities, Bitcoin

Bitcoin can be thought of as a digital gold. It shares many properties with gold such as being scarce while Bitcoin’s properties are superior (easily divisible, transportable, stored, secured etc). It is probably no coincident that a similar system to Bitcoin proposed by Nick Szabo but not implemented was called Bit Gold.

It is not clear how to value a store of value like Gold, but it clearly has value as a hedge against inflation and currency devaluation. This is also the reason why practically all central banks have gold in their reserves.

In a way, Bitcoin is closing the circle as all gold is again becoming a global currency like it used to, but this time a new, digital gold.

Source: Apollo Capital Information Memorandum, Nick Szabo

Source: Apollo Capital Information Memorandum, Nick Szabo

One way to assess the value of Bitcoin under this framework is to estimate how much of gold’s value will be transferred to Bitcoin in the coming decades. The total value of all gold that have been mined is in the order of $10 trillion. We know there will not be more than 21 million bitcoin minted (less, since a portion of all bitcoin has been lost). Thus if Bitcoin captures 20% of gold’s value, the value per bitcoin would be roughly $100,000.

Work Tokens

Sometimes I’ve referred to Work Tokens as Blockchain Native Security Tokens. I don’t mean that they are securities from a legal standpoint, but they do exhibit some traits founds in Equities and Bonds, namely some kind of cash flow is involved. Note that I’m using cash flow generously here, in some cases crypto is distributed, in other cases there is a burn or you risk losing crypto if you don’t participate in a certain activity. Work Tokens is a good name as the payment is made in exchange for work. The kind of work the tokens encourage varies a lot:

Securing the blockchain

Bitcoin miners are paid newly minted bitcoin and transaction fees for securing the ledger. For them Bitcoin is a Work Token.

Validating blocks

In proof-of-stake systems new coin inflation is paid to the validators as a reward. By locking up coins, the validators risks being slashed in exchange for a possible reward.


Some projects such as 0X (in the case of 0X no cash flow per se is going to the token holders, its token economics is currently in flux) and MakerDAO have a token for coordinating decentralised governance.

Reporting outcomes

Augur is a predicting market where holders of the REP token can participate in reporting market outcomes. In V2 of Augur as a token holder you risk being slashed if you don’t participate during certain market related circumstances.

Predicting outcomes

Erasure is building a protocol where the token NMR is used as a stake in relation to ones confidence about your prediction.

The above is just some examples of possible work that Work Tokens can encourage, this is still an area of much innovation.

Note that just because there is a crypto-related ‘cash flow’ doesn’t mean the asset has a yield in the traditional sense. Ethereum moving to Proof-of-Stake doesn’t mean that Ethereum becomes a yield paying asset. The reason for this is that the reward is paid in the same currency as the token. It is a bit like a stock doing a stock split, it doesn’t make it more valuable. It does mean however that if you don’t participate in validating blocks, you’re leaving money on the table. The value comes from having a demand side and a supply side that work in sync. Take the case with the MakerDAO network. MakerDAO is a protocol for lending on top of Ethereum. There is a demand for Maker tokens from borrowers as they need to pay interest with the Maker token. Maker tokens that are used are burnt in the process. Thus it is relatively straightforward, at least in theory, to calculate a net present value of Maker using a discounted cash flow model.

Work tokens are often built on top of blockchains such as Ethereum and thus classified as Middleware assets. As such they can be blockchain agnostic and potentially capture value across blockchains. Decentralised work tokens is quickly emerging as one of the most exciting places for crypto investors to place capital and participate in the network. 

Utility Tokens

Utility tokens are also known as Payment Tokens, they focus on the medium of exchange use case of crypto assets. Sometimes they are restricted to a certain payment or a product or service within a network, other times they try to be a general payment token. One of the most clear types of utility tokens are stablecoins. They are typically pegged to a national currency like the USD or the AUD.

For utility tokens we have a valuation framework in the Equation of Exchange:


Here M is the monetary base, V is the velocity, P is the price and Q is the quantity.

Bitcoin’s use case for remittances is an example of it being used as a utility. Say $1bn is sent through a particular remittances payment corridor per year. In our case P times Q equals 1bn. Assuming a velocity of 5, the monetary base needs to be 1bn/5 = $200M. This hypotethical example would be additive to any other use case for Bitcoin.

As we have seen with Bitcoin, a crypto asset can span two or three of the categories above. 

In summary we are getting a clearer picture as how to look at crypto assets from a valuation standpoint. This is a fascinating subject that is evolving rapidly and that I’m sure we will come back to many times in the future.

Henrik Andersson is the Chief Investment Officer at Apollo Capital . Based in Melbourne, Australia Apollo Capital invests in the crypto assets that are powering the next generation of computing infrastructure. For more information, please see apollocap.io.

The Unwritten Rule of Crypto

The game Satoshi’s Treasure — if you find the key, the bitcoin is yours.

The game Satoshi’s Treasure — if you find the key, the bitcoin is yours.

This article was inspired by an article in Wired titled “A ‘Blockchain Bandit’ is Guessing Private Keys and Scoring Millions”. It’s a fascinating story of how a security consultant uncovered how millions of ether has been transferred out of Ethereum wallets over the years.

An Ethereum private key is a random 78-digit string. That’s an impossibly large number to guess. My favourite analogy relates to the number of grains of sand on earth. Now imagine each grain is another earth with as many grains as ours. That’s on the order of magnitude the number of different combinations that’s possible in the public key cryptography that is used by cryptocurrencies. 

A weak key could be generated if there is a fault in the random number generation algorithm and since computers are deterministic, random number generation is a really hard (and interesting!) problem. Another way to generate a weak private key is to use a so called brain wallet. Let me explain, brain wallets are based on a user defined passphrase. The idea here is that with a passphrase that you can remember, you will always have access to your crypto. The passphrase generates the private key in a deterministic way, so instead of the 78 digit randomness, the private key possible combination space has now collapsed down to the length of your passphrase. Humans are not very good at picking a strong passphrase, and if you need to remember the passphrase, which is point with a brain wallet — it gets so much harder to choose a strong passphrase.

In the early days of crypto, bitaddress.org was a popular web site to generate your private keys, your paper wallets and it also provided an easy way to generate a brain wallet. The site is still up and running today:


However looking at the Brain Wallet section there is a now a warning: 

“Choosing a strong passphrase is important to avoid brute force attempts to guess your passphrase and steal your bitcoins.”

They also enforce long passphrases, probably a very good idea. 

Let’s try a passphrase that’s easy to guess: ‘satoshinakamoto’:


Then plug in the address in our favourite block explorer. Turns out this address has been involved in 8 transactions, this was the first one:


It currently contains no bitcoin — no treasure for us to claim!

The scenario here is that someone has created a very weak, guessable private key (‘satoshinakamoto’), to store bitcoin. A vigilant person or programmed bot has detected the incoming transaction, easily worked out the private key and then sent the bitcoin to their wallet. All this is easily programmed to happen automatically.

This shows the importance of protecting your private keys and generate them in a secure way. There is an army of people and bots out there that will jump at the chance of redeeming your private key, a point the Wired article drives home.

But I think there is broader lesson and understanding here — and that’s what I call the Unwritten Rule of Crypto.

The unwritten rule of crypto is that if you have the private key, you’re the owner. Another popular way to put it is:

Not your keys, not your crypto.

The key in crypto gives the holder the right to change the ledger — that’s the software enforced rule of blockchains.

There is a clear analogy to the DAO hack. The DAO was a very popular decentralised application on Ethereum during its early days. The smart contract code of the DAO contained a vulnerability which meant that funds from the DAO could be moved out. 

The software code (or rule) of the DAO said those funds could be moved. Just like having access to a private key gives you the right to update the ledger, the DAO ‘hacker’ had the right to move those funds.

This led the Ethereum community to roll back transactions like they never took place. That decision created a fork of Ethereum and we now have the original blockchain without the rollback, Ethereum Classic and the forked chain, where the ‘bail out’ took place, Ethereum.

Just like transactions are immutable, are exploits in smart contracts fair game? Supporters of Ethereum Classic would say ‘yes it is’ while some elements of the Ethereum community would disagree.

For many of us, ‘code is law’ is our motto. With the help of crypto we can create something that is as trustless as possible. We ask ourselves what’s the point of blockchain if not for being trustless. We are building a new future based on code. That code is the law of the blockchain.

Henrik Andersson is the Chief Investment Officer at Apollo Capital . Based in Melbourne, Australia Apollo Capital invests in the crypto assets that are powering the next generation of computing infrastructure. For more information, please see apollocap.io.

Why Crypto Assets Can be More Valuable than Equity

Screen Shot 2019-04-23 at 9.08.22 am.png

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 be more valuable than their equity. Simplifying somewhat, the company makes money by charging a commission on trades. The equity is a claim on the net profit, after all costs associated with running the exchange, all technology, marketing and personnel cost and so on. The company can choose to reinvest the profit or distribute that to its shareholders. The token, Binance Coin, gives you a discount on the trading fees on Binance. If the discount is 50%, all else equal, then half of all value should be captured in their token, less will flow down to shareholders. If the discount was 100% then no value would be captured by shareholders and everything would flow to token holders. The token holders thus capture value higher up the income statement.

Binance is disintermediating the company Binance in favour of Binance Coin.

Binance is disintermediating the company Binance in favour of Binance Coin.

With Bitcoin there are no shareholders, no CEO, no board of directors. All value is captured in the token, lower case bitcoin. The people working ‘for Bitcoin’ are mostly volunteers contributing to the open source code. There are some exceptions, the for profit company Square recently announced they are hiring Bitcoin and crypto engineers to contribute to the project.

Screen Shot 2019-04-23 at 9.22.42 am.png

The crypto landscape has seen the emergence of a new a kind of organisation not driven by shareholders but by a team working on a common project where the economics are centred around a crypto asset. Take MakerDAO as an example. MakerDAO is a decentralised lending facility on top of Ethereum. There is a not-for-profit foundation behind MakerDAO that can sell Maker tokens (currently in the top 20 of crypto assets) to finance the development of the MakerDAO system. The Maker token derives value from users borrowing money through ether collateralised loans — interest payments is made in the Maker token. Thus the Maker token is another example of a top income statement claim. There are no cost items that the Maker holders have to pay before realising value. That’s not a coincidence. The economics of crypto projects are driven by:

  • Open source. These projects need to be open source, otherwise they wouldn’t be ‘trustless’. If they were not trustless, they wouldn’t need to be built on a blockchain to start with. Unnecessary rent seeking in the open source protocol, will lead to a fork — someone will fork out the excess protocol level taxation.

  • All value captured in the token. Since any other value-capture can be forked out, there is no value left for profit seeking shareholders.

In the brave new world of crypto, we see that shareholders are replaced by token holders. Employees are replaced by volunteers, grants or paid-in-token by the protocol contractors. The token becomes a measurement of success, the employees of Binance want to get paid by Binance Coin. The founder of MakerDAO lives and dies by the success of Maker, the token.

In the next bull market, we believe Bitcoin will surpass the market cap of the largest company in the world. I.e. crypto networks can be bigger than a single company and crypto assets can be more valuable than equity. It is definitely not the case for all crypto assets, only the most well built crypto networks adhere to the success formula described here. It’s our job at Apollo Capital to find these diamonds in rough.

Disclosure: Apollo Capital is a holder of Bitcoin, Binance Coin and Maker.

Henrik Andersson is the Chief Investment Officer at Apollo Capital . Based in Melbourne, Australia Apollo Capital invests in the crypto assets that are powering the next generation of computing infrastructure. For more information, please see apollocap.io.

Crypto is Cutting the Gordian Knot of a Complex Financial System

Satoshi vs. the legacy banking system.

Satoshi vs. the legacy banking system.

The Gordian Knot is a legend of Phrygian Gordium associated with Alexander the Great. It is often used as a metaphor for an intractable problem (untying an impossibly-tangled knot) solved easily by finding an approach to the problem that renders the perceived constraints of the problem moot (“cutting the Gordian knot”) — Wikipedia

Crypto Assets cut the gordian knot of an increasingly regulated, compartmentalized, balkanized, complex financial system. We think that’s a pretty accurate metaphor for why crypto assets are important.

Before we had crypto assets, individuals had to trust centralised companies, institutions and central banks. Maybe more importantly, in doing business those institutions had to trust other institutions, creating layers of trust with a legal system around it. This has a created financial system that is:

  • Increasingly complex. Financial engineering to manage risk between financial institutions and speculators has created an immense level of complexity.

  • Opaque. Today, no one has a good grasp of the real state of the global financial system.

  • Fragile. The current financial system tends to create great bubbles every 10–15 years with subsequent crashes that affect all of society and that leads to tax payer bailouts of our financial institutions.

Crypto assets can disintermediate the trusted third parties — it not just improves the current system but it can completely cut the gordian knot. 

Here is the most simple example we can think of — how the gordian knot is cut in an international bank transfer:

From Apollo’s Educational Deck.

From Apollo’s Educational Deck.

In the latest financial crisis of 2008, undetected derivatives exposure lead to the collapse of the financial system and too big to fail financial institutions had to be bailed out by tax payers. That event ironically lead to even more complexity. The Economist notes in an article ‘Too big not to fail’ that: ”The law that set up America’s banking system in 1864 ran to 29 pages; the Federal Reserve Act of 1913 went to 32 pages; the Banking Act that transformed American finance after the Wall Street Crash, commonly known as the Glass-Steagall act, spread out to 37 pages. Dodd-Frank is 848 pages long.”

Dodd-Frank created more agencies to overlook the system, more regulation and more complexity, more lawyers and more ways to game the system:

The every increasing complexity of the financial system.

The every increasing complexity of the financial system.

The red tape of Dodd-Frank is in stark contrast to the Open Financial System. We have seen the first glimpses of new financial primitives built on open blockchains, so far mostly on Ethereum. Credit, lending, derivatives markets open to anyone, anywhere. These new crypto powered systems are:

  • Open and transparent. The rules are coded in software. There is no ambiguity about the state of the system.

  • Permissionless. Open to anyone, anywhere. A mobile phone and Internet connection is all that is needed for access, no red tape.

  • Unstoppable. Transactions are uncensorable and have the reach of the Internet.

In addition, since these system are open source, and powered by crypto assets, the stakeholders are more distributed and the financial upside obtainable outside of Wall Street insiders.

Modern society has greatly increased the ability to organise humans on a greater and greater scale. But this social scalability has come at a cost of greater and greater complexity. Crypto networks solves this complexity problem of social scalability. Bitcoin created money seperate from the state. Bitcoin has global reach, without having to trust a third party. Now, other financial infrastructure is being recreated, seperate from financial institutions and the complexity of what Nick Szabo calls ‘wet code’

Building a better financial system is an exciting future which will play out over the coming decade and that we want to be part of.

Henrik Andersson is the Chief Investment Officer at Apollo Capital . Based in Melbourne, Australia Apollo Capital invests in the crypto assets that are powering the next generation of computing infrastructure. For more information, please see apollocap.io.