The Inevitable Future Enabled by Crypto Assets

by Henrik Andersson August 20, 2019

The book The Inevitable by Kevin Kelly talks about 12 technological forces that will shape our future for the decades to come. The 12 forces that Kevin uncovers are inevitable because they are rooted in the nature of technology, not the nature of society. It’s a great read for anyone interested in our future and […]

Bitcoin - a Macro Perspective

by Henrik Andersson August 6, 2019

As of late, one of Bitcoin’s properties in particular, its scarcity, is increasingly coming into the limelight. Unlike Gold, we know Bitcoin’s supply coming to the market. Gold is an asset of limited supply but its supply curve looks distinctly different than Bitcoin’s: Schematic view of the supply curve of Bitcoin and Gold. In fact […]

Crypto Breaking Out

by Henrik Andersson July 23, 2019

Image: Bitcoin white paper available at 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 […]

Our Thoughts on Libra

by Tim Johnston June 25, 2019

Last week we saw the biggest announcement in crypto since the Bitcoin Whitepaper. We are clearly not trying to downplay the enormity of this announcement – it is huge. A consortium of companies, led by Facebook, introduced the world to Libra – a cryptocurrency backed by a reserve of fiat currencies and government bonds. As […]

Investment Thesis Refresh

by Henrik Andersson June 4, 2019

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. […]

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  […]

A New Crypto Valuation Framework

by Henrik Andersson May 14, 2019

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 […]

The Unwritten Rule of Crypto

by Henrik Andersson April 30, 2019

Image: 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 […]

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 […]

The Unimportance of Coffee and Cake

by Tim Johnston April 16, 2019

When people think of “money”, most think about using it to purchase goods and services. Bitcoin is terrible as a means of payment. It is slow, can be expensive and is not widely accepted. We are often asked, “what you can actually buy with Bitcoin?” The answer is not much. Crucially though, it doesn’t matter. […]