@DecodeMarkets

Global macro investor. 30+ years across cycles. PM at DecodeMarkets AMC. I like great businesses. Especially when the market doesn’t

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Joined April 2014
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You probably never heard Vitalik’s Miami 2014 speech. 1 $BTC bought 2,000 $ETH. Today: ~33. I came to Ethereum through markets, not crypto. Maybe that’s why I still think the trade isn’t over.

One Bitcoin Bought 2,000 ETH in 2014. Today It Buys 33. I Don’t Think the Trade Is Over.

You probably never heard this speech. Let me summarize it for you.

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Google is securing nuclear power for the next 20 years Now picture the customer: an AI agent buying compute, data and services around the clock Someone supplies its electricity. Someone settles its payments That’s where my nuclear thesis meets $ETH

The Next Customer Is a Machine

Why I’m connecting nuclear power, AI and Ethereum Google is securing nuclear power for the next twenty years.

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ETHEREUM AND THE FINANCIAL MEGATREND

The next phase of institutional finance

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Holtec proposed $HNUC IPO offers a new nuclear valuation reference

Holtec’s Pre-IPO Valuation: What $HNUC Could Mean for Studsvik

At the midpoint of its proposed $15–18 offering range, Holtec would carry an equity value of approximately $9.35 billion across the group’s economic interests. Its planned ticker is $HNUC. Final p…

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Palladium: the Russian Supply Risk

Electrification challenges long-term demand, but concentration of supply creates a separate risk: industrial users may still need the metal when access to a major source becomes less reliable.

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Two years after my original $OKLO thesis, the world caught up. $OKLO may just be getting started. Hope you enjoy my updated deep dive 👇 As always... Do your DD

OKLO: The World Caught Up to the Thesis

Two years after my original post, Oklo has the policy, customers and capital. Now it has to turn a nuclear thesis into a power company. On June 19, 2024, I published a thread about Oklo.

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The Biggest Ethereum Short in the World Is Hiding in Plain Sight

Wall Street is already building on Ethereum. Most portfolios still own zero.

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Sam Altman’s Other Bet: Identity for a World Full of AI

I don’t think many people really processed what Sam Altman said last week.

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Quantum risk will separate ETH from BTC

This was written for nerds, but it affects everyone holding BTC.

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Brazil Steel Is Being Rewritten

For a long time, Brazilian steel was treated as a pure cycle. Demand up, margins up. China down, pain down.

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