Happy Monday, Blockfolians

The Lede

Everyone knows that the bull market of the end of last year and the beginning of this year was driven by big institutions getting in. Much of the intellectual framework for that was created by Paul Tudor Jones with his Great Monetary Inflation thesis from May of last year.

It’s now been a couple months of downward action. Some have asked if the bull market is over. So have people like PTJ gone bear?

Absolutely not.

Squawk Box @SquawkCNBC

“The only thing that I know for certain is I want to have 5% in #gold, 5% in #bitcoin, 5% in cash, 5% in commodities,” said legendary investor @ptj_official.

June 14th 2021

705 Retweets2,458 Likes

In a discussion on CNBC this morning, Jones reaffirmed all the reasons he liked bitcoin, and gave a 5% portfolio recommendation. Whereas monetary policy today was “bat-shit crazy,” Bitcoin was reliable math.

We like it.

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Highly Relevant Reading

• Goldman Sachs planning to offer Ether options

• Cuban says DeFi could be the next great American growth engine

• Gensler and SEC don’t seem focused on crypto

• Musk sets 50% as his target for Bitcoin green energy mining to get Tesla to sell again

Community Commentary

More on the macro.

Raoul Pal @RaoulGMI

Let’s see how the Fed plays out but PTJ’s observation that if they stick with their unemployment narrative then that is wildly bullish tech (BTC and gold too). Many big tech charts are looking poised to break higher, along with $ARKK.

Also….

June 14th 2021

84 Retweets808 Likes

We’re still early.

Qiao Wang @QwQiao

No doubt DAOs are interesting. But they are not an investment thesis. Saying “I’m bullish on DAOs” is like saying “I’m bullish on LLCs”. They are tools that enable applications – so specific applications DAOs enable are potential theses. DAO infrastructure is a thesis.

June 13th 2021

29 Retweets433 Likes

A Really Big Number We Should Be Paying Attention To

$500m

That’s the amount of debt MicroStrategy just sold in order to buy more Bitcoin

Final Thought

Yes!

Peter McCormack 🇸🇻 @PeterMcCormack

Buying coffee using #bitcoin in El Tunco from @EnzoRubio.

The lighting network is fast, cheap and works.

LFG El Salvador 🇸🇻

June 14th 2021

1,223 Retweets6,841 Likes