Crypto Insights

This matters because it settles a question that has defined corporate crypto adoption: Is bitcoin infrastructure or is it investment thesis? MicroStrategy answered "investment thesis" by building an entire company around accumulation. Tesla answered "both" by accumulating while its core business is electric vehicles. SpaceX answers "infrastructure" by holding bitcoin as a minor part of liability management alongside cash.

The question worth asking is: if everything I currently hold dropped 60% tomorrow and stayed there for eighteen months, what would I do? Do I have a defined answer to that question, or do I have a vague intention to "hold through it" that has never been pressure-tested?

Nobody gets rugged thinking they are about to get rugged.

We talk about crypto losses the way doctors talk about statistics. Down 60%. Down 90%. Portfolio wiped. As if the numbers are the story. As if the number is where the damage stops. It does not stop there.

The AI crypto category is real. But real infrastructure and good investments are not the same thing. Here is how to tell the difference.

— Liquidity is expanding again but structural constraints are concentrating capital into fewer assets, not lifting the entire market.

Anchoring to past returns creates a specific form of risk. Holders who experienced life-changing gains in 2017 or 2021 carry those outcomes as reference points. When current performance disappoints, the instinct is to wait for the cycle to catch up. The belief is that markets owe a repeat performance.

— Crypto prices fall frequently and sharply. When they do, the experience feels more alarming than comparable moves in equities or bonds.

Key Insights from Davos: Tokenization, Regulations, and Crypto's Global Integration

Nov 15, 2025 8:00:00 UTC