
Chief Strategy Officer @OnrampBitcoin \\\\\\\\ Partner @Early_Riders
Joined March 2011
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One of the laziest arguments used against bitcoin:
"It has no intrinsic value!"
This critique misunderstands what Ben Graham meant by "intrinsic value" and incorrectly assumes it only applies where cash flows can be found.
Graham defined intrinsic value as the value justified by the facts and prospects of an asset. In plain terms: once the market fully understands an asset, what will it be worth in the future, and how much purchasing power will it afford me?
Cash flows are one way to estimate that for a business. Gold has answered the same questions for 5,000 years without producing a dime of cash flow.
Bitcoin's price has always been structurally disconnected from its intrinsic value for a simple reason. Well under 1% of the world deeply understands its monetary properties. The majority of people who have heard of bitcoin don't even know there will only ever be 21 million.
Markets can only price what participants understand.
At ~50% off the highs, bitcoin trades at ~4% of gold, an asset it improves upon in every monetary dimension. That gap is education, and every price drawdown in bitcoin's history has minted the next class of students who close it.
As education spreads, adoption follows, and price converges toward the value of the best savings technology ever created.
Brian Cubellis retweeted
After years of attacking Bitcoin, Jamie Dimon and JPMorgan now forecast 10% annual returns for BTC over the next decade.
That's a remarkable shift, but is Wall Street still underestimating Bitcoin?
@BackslashBTC explains why even JPMorgan's bullish forecast may be far too conservative.
Read Brian's guest article in this week's Bitcoin News newsletter 👇
Fresh Newsletter | JPMORGAN SEES 10% A YEAR FOR BITCOIN
For the first time, JPM includes it in its long-term annual return forecast.
Bitcoin's worst 10-year hold since 2012 is 42% a year.
Why their projection is too low:
bitcoinnews.com/p/jpmorgan-t…
Brian Cubellis retweeted
Final Settlement - LIVE xitter.cf/i/broadcasts/1qGvvejEL…
Brian Cubellis retweeted
Final Settlement LIVE...
⚡ Visa Circles Fireblocks
⚡ Banks Targeted by AI Agents
⚡ Japan’s Banks Go Dark
⚡ Anthropic Files to Go Public
⚡ Elon Warns the Neoclouds
⚡ Keystone Leaks Data
TAP IN 🔊
Final Settlement - LIVE xitter.cf/i/broadcasts/1qGvvejEL…
Brian Cubellis retweeted
Someone who started buying $100 of bitcoin every week at the 2021 top is up 87% today, while the price itself is up 18%.
Buying on a schedule turns volatility into a lower average cost.
With Onramp Finance, recurring buys carry zero Onramp trading fees.
Brian Cubellis retweeted
Most bitcoin losses trace back to something routine, like an email account, a reused password or a convincing fake message.
Sound custody expects one of those to fail eventually and is built so that a single failure is never enough to move your bitcoin.
Brian Cubellis retweeted
JP Morgan ranks bitcoin first for expected return, then dings it for volatility.
Volatility isn’t risk. Bitcoin’s skews positive. Most assets on the list skew negative.
Bitcoin’s volatility is a feature, not a bug.
[@BackslashBTC on The Last Trade]
Brian Cubellis retweeted
Four charts, all built on Onramp Terminal API data:
⚡ Institutions & govts hold 20.6% of all BTC
⚡ Shallowest cycle drawdown ever: −54%
⚡ Median US home: 493 BTC in 2016, 6 today
⚡ ETFs bought ~2x new supply over 30 days
2,130 metrics, all available via API 👇
Macro Fridays TAP IN 🔊
Good morning! Set your reminder and join us at 10:00 am EST!
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Brian Cubellis retweeted
Macro Friday in The Crucible. 10AM ET
Come experience some of the sharpest minds I know on macro, finance, and the forces that are moving markets right now.
@DzambhalaHODL
@JoeConsorti
@BackslashBTC
Good morning! Set your reminder and join us at 10:00 am EST!
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Brian Cubellis retweeted
This week AI exposed flaws in code behind 70% of the web, certificate keys were compromised, and malware hit widely used software.
Single points of failure eventually fail. Bitcoin is money as data. It needs storage built to survive failure.
[@MTanguma on The Last Trade]
Brian Cubellis retweeted
Jamie Dimon has spent nearly a decade calling Bitcoin a fraud.
Now, JPMorgan is telling wealth advisers that BTC could be the best-performing asset of the next decade.
@BackslashBTC explains why this is a monumental shift.
pretty insane amount of value here
downloadable data, API access, global chat, alerts, every metric you would ever want across bitcoin and macro
this is all included with an Onramp Finance account, which is free to set up
So lemme get this straight.
@chamath backed DCG's first round in 2015, swapping his ~$100 bitcoin for DCG equity when it was only up ~3x.
DCG has done a ~10x since, generously.
Bitcoin did ~280x.
Now he says it’s “capped” and eventually goes to zero.
Cope harder.
CHAMATH SAYS BITCOIN WILL EVENTUALLY BE HACKED AND GO TO ZERO
Speaking on the Moonshots podcast, billionaire investor Chamath Palihapitiya warned that advances in AI could eventually break Bitcoin’s cryptography.
He argues that the community is too divided to coordinate a transition to quantum-resistant security.
“I just think it’s capped, and then I think eventually it gets hacked, and then it goes to zero.”
Brian Cubellis retweeted
TLT LIVE - JPM LOVES BITCOIN NOW? xitter.cf/i/broadcasts/1NGarogMa…
Brian Cubellis retweeted
The Last Trade LIVE...
⚡️JPMorgan Puts Bitcoin FIRST
⚡️USAA Locks Members Out
⚡️The IMF Warns of a Great Repression
⚡️SpaceX Shares for Everyone
⚡️AI’s Debt Bill Comes Due
TAP IN 🔊
TLT LIVE - JPM LOVES BITCOIN NOW? xitter.cf/i/broadcasts/1NGarogMa…
Brian Cubellis retweeted
What will your children actually inherit?
Above the exemption, estate tax runs up to 40% and can hit again at every generation. A South Dakota dynasty trust is built so your bitcoin can compound for generations, secured by Multi-Institution Custody.
Brian Cubellis retweeted
Jamie Dimon Called Bitcoin A Fraud. Now His Bank Just Embraced It xitter.cf/i/broadcasts/1qJVmyYno…
Brian Cubellis retweeted
LIVE at 11AM ET...
Onramp's @BackslashBTC joins @_Rob_Wallace to discuss the significance of JP Morgan's latest long-term asset forecast ranking bitcoin at the top.
🔴 LIVE AT 11AM ET
For years, Jamie Dimon called BTC a fraud.
This week, his own bank told clients Bitcoin will beat the stock market for the next decade.
Join @BackslashBTC, @philrosenn and @Andre_Dragosch as we break it all down.
Set notifications: youtube.com/live/G4ani2vq2cA
Brian Cubellis retweeted
🔴 LIVE AT 11AM ET
For years, Jamie Dimon called BTC a fraud.
This week, his own bank told clients Bitcoin will beat the stock market for the next decade.
Join @BackslashBTC, @philrosenn and @Andre_Dragosch as we break it all down.
Set notifications: youtube.com/live/G4ani2vq2cA
















