Mazel Tov Bitcoin!!

The Degenerate Economy Is Unstoppable

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It’s called Frec Direct Indexing.

Social Leverage is an investor (Fund IV)

Good morning…

If you are long Bitcoin…GREAT morning.

If you are Microstrategy CEO and/or shareholder…fantastic morning!!!

Here are the 14 year numbers on Bitcoin versus Gold and the S&P:

JC has the on point/troll chart of the year here on Tim Apple/Michael Saylor (this would work with Jamie Damon as well and the Rat Poison duo of Charlie Munger (rest in peace) and Warren Buffett :

I have been lucky to know Fred Wilson and Yoni Assia (Etoro founder - we are seed investors) who I shout out here all the time, but especially when Bitcoin hits all-time highs. They both told me to own Bitcoin back in 2011 and they have never wavered.

Here is Fred back in 2011. This blog post is worth reading quarterly. I do. Here you go:

The hype cycle model rings so true to me because it maps out what has happened with the commercial Internet over the past fifteen years. In 2002/2003, so many people thought the Internet was "over" as an investment opportunity. And they were wrong.

So it seems to me and my colleagues at USV that an alternative currency with roots in peer to peer networks and based on an algorithm that is transparent to everyone is an idea whose time has come. The question remains if the Bitcoin algorithm or some other algorithm (possibly a derivative of the Bitcoin algorithm that deals with some of Bitcoin's weaknesses?) will ultimately win out. That's an important issue that has a lot to do with when this space becomes investable.

But Bitcoin or something else, I'm confident we'll see the emergence of currencies that are not controlled by nation states in my lifetime. Whether that is a good thing or not remains to be seen. I think it is, but there are significant ramifications that will result from the decoupling of currencies from governments. And one of them is an interesting investment opportunity that we hope to participate in.

You will not find a better explanation on why Bitcoin has worked and will keep working.

Anyone who came to Stocktoberfest in 2017 (New York) also was treated to Fred recommending Ethereum at $30. I remember the audience at the time furiously searching for it and some people buying it that moment. Fred called the event Cryptoberfest.

Yoni was the first person to tell me to buy Bitcoin that same year (2011) or maybe 2010 at 10 cents. TEN CENTS!!! Here is a tweet of his from 2011….

Seems like it is taking off???….you think???

For the 13 years since people have asked me about Bitcoin. Each time I say I have no idea did Fred or Yoni change their minds?

I say this all the time here…there is no such thing as information overload…only filter failure. My filters on crypto are just a few people. The people that understood it from the beginning. The people that got me into it.

Have I been smart enough to buy every dip?


Have I sold some along the way?


Am I sick about this?


Is that my fault?

NO. I blame my parents and Canada.

I have no idea what happens next but last I checked, Yoni and Fred have not changed their minds on Bitcoin.


Side note - Stocktoberfest/Cryptoberfest is back this October and I will try and hustle Fred back onto stage to talk about Cryptoberfest Nuclearfest and Climatefest.

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