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“I view the entire crypto asset class as a risk asset. There's a very narrow set of circumstances where it's a risk free asset or a safe haven. And if you go back to spring of 2023, when you had several large financial institutions, experienced bank runs, you saw a Bitcoin rally. That's the very narrow area where it's worked as a safe haven. But traditionally, it is a risk asset.”

“I do think it is a great hedge against monetary debasement. Bitcoin was launched in 2009. It trades at almost $70,000 today. If you look at the amount of debt the US has printed in that time, if you look at the amount of monetary inflation and the buying power of the dollar, it's done extraordinarily well. Is it volatile in the short term? Absolutely. But I think it still has really maintained its position as a hedge against monetary debasement.”

“Today is a risk-off day in the market. The S&P, Dow and NASDAQ are all down. And so is the crypto market. We're seeing yields are up in response to higher oil prices. Again, so you're seeing the crypto market down. And I think that makes sense in this kind of perspective. Treating it like any other asset class, it shouldn't have just one single driver.”

“Gold is a supply constrained asset. It is a hedge against monetary debasement in that, right? The new supply of gold increases something like 1% a year. For thousands of years, humans have been putting, seen as a store of value. And so Bitcoin in that sense is a digital gold in that it's a supply constrained asset. You can't force more Bitcoin out, right? It's programmed into the blockchain, how much will be released, when it will be released.”

“What I think about like when we're there for Bitcoin is I think over time, right, the supply of Bitcoin is going to continue to decline, the new supply. And the adoption is going to continue to grow. And so eventually, if you think about the three core long-term drivers of Bitcoin, it's money supply growth, Bitcoin inflation, which we know, and adoption.”