RayD-igital

@Mr_Derivatives Robinhood is interesting

Top 20 and bottom 20 of the S&P500 components ytd:

@JasonYanowitz So Western Union has had pre-funded rails (nothing new) for 20yrs, not global atomic settlement. No more need for trapped ($1.5bln) liquidity, & why use Western Union when for 2 decades they’ve extracted 5-10% fees on the poorest, when those people can now go elsewhere #loyalty

My fireside chat with the CEO of Western Union. > you crypto people think real time settlement is new > we've been doing real time settlement for 20 years > you can go to a WU and send money to your mom in guatemala and it lands in 3 seconds > but that only happens because I have liquidity pool of $1.5B > stablecoins are going to give me back that $1.5B > my stock trades at $2.7B > I'm going to take that $1.5B and use it to buy back a boat load of my stock > oh and also, we're going to use stablecoins to give all 100m+ customers a US dollar debit card aka mini bank account Stablecoins aren't going to kill Western Union... They're going to save it.

@MilkRoad Bitcoin wallets at risk, not Bitcoin

Google just said a quantum computer with ~500K physical qubits could crack the encryption securing most crypto wallets in minutes. Google's Willow chip is already at 105 qubits. They set the deadline for quantum-proofing to be 3yrs from now.

This could be the offramp the world needs. You can think of it as the best outcome for everyone, under the circumstances. (1) From MAGA’s perspective, if Trump declares victory here and moves on, the US won’t waste yet more blood and treasure in the Middle East. It won’t invade Iran. It also won’t take all the blame for the ongoing global supply chain crisis. It just pulls out and lets everyone work out the regional security equation for themselves. Trump can say he’s fulfilled both his campaign promises: stop Iran from getting a nuke, but also no endless Middle Eastern wars. (2) From Israel’s perspective, Iran has now been shown to be quite hostile to its neighbors, and its military has been substantially degraded. Stopping now is good. Otherwise there’s a danger of overreacting to Oct 7 as Americans overreacted to Sept 11. Israel can stand back and call it a win, because after a US pullout, Iran will have much less excuse for holding the Strait hostage. (3) From the Iranian diaspora’s perspective, it’s unfortunately clear that the current war isn’t going to result in liberalization. Further attacks would push Iran further into fundamentalism, making it even harder to eventually do a liberal reformation. (4) From the long-suffering Iranian people’s perspective, ending the war now would also save countless lives. Otherwise they’ll get hit by friendly fire and drafted by the regime to fight for fundamentalism. (5) Finally, from the world’s perspective, once the US declares victory and goes home, substantial diplomatic pressure will be applied to Iran to simply open the Strait of Hormuz and allow ships through. Iran’s leadership has shown, perhaps surprisingly, that they care about global public opinion…and they would be on the hook for the suffering of billions of people if the Strait remains blocked. TLDR: if Trump declares victory and leaves, Iran no longer has any excuse for blocking the Strait and holding the global economy hostage. Let the matter be worked out diplomatically with pressure from all the 100+ affected countries on Iran. America shouldn’t have to spend a single cent more, or send a single soldier more, to the Middle East.

@QuintenFrancois Front running tightening - the canary in the coal mine again

Remember when we all 100% believed the Bitcoin - global liquidity correlation?

@freddienew @PeterMcCormack Brilliant panel Freddie 🫡

Great day at CheatCode in Bedford with @PeterMcCormack and team. Asked - why do we stay in the UK? Because when I was growing up, I loved LOTR, and wanted to live in the Shire. So if I now do actually live in the Shire, shouldn't I help defend it from Sauron?

Raoul Pal realized he's been wildly wrong on crypto's TAM "The TAM of the internet is 6B people. But there's going to be 8.5B AI agents doing microtransactions" "I'm wildly wrong on this by orders of magnitude" AI agents using crypto is the strongest narrative we'll ever have @ForwardGuidance

Finance is moving onchain. Vaults are a key part of that, offering investors a transparent way to earn digital yield on their assets. Today, we’re excited to announce that Bitwise is launching non-custodial vault strategies as a curator on @Morpho. The quick details: - Bitwise’s first strategy on Morpho currently targets 6% APY, investing in overcollateralized lending pools. - Vault curation, strategy, and risk management will be led by Bitwise’s Portfolio Manager & Head of Multi-Strategy Solutions, Jonathan Man, CFA. - The offering leverages Bitwise’s 140-person team of professionals and more than eight-year track record as a crypto specialist. We believe the future is onchain, and we’re delighted to help sophisticated investors participate in the opportunities vaults provide. More to come. Feel free to reach out—input welcome.

The FCA lifted the ban on bitcoin ETNs for retail investors... ...but access remains constrained, fragmented and often out of reach. Banking barriers, restricted mass market classifications, tax disadvantages and limited investor protections continue to push users toward less regulated environments and risky proxies. Exactly the outcome policy is meant to prevent. Bitcoin is the best performing asset of the decade. When does protection become restriction? My latest @Forbes article featuring @Bitwise_Europe @CryptoTaxJme @RealDigitalRay @ForbesCrypto Full article here: forbes.com/sites/digital-…

I spent 7+ years studying money full time to understand how the financial system was designed to keep you poor forever. Here are the top 10 brutal truths no one will ever teach you (THREAD): 1. Every dollar is your life compressed into a token.

Yield on your Bitcoin — Without having to move it from your custodian. Excited to work with the excellent team @Lombard_Finance

🚨NEW REPORT🚨 Cryptoassets are under pressure amid tightening financial conditions and a sharp repricing in rates expectations, with sentiment turning bearish while institutional demand remains a key signal to monitor. Read more in our latest Crypto Market Compass report!👇

I'm going to make some obvious points. (1) Blowing up all the oil infrastructure in the Middle East is an insane idea, and may well result in a global economic crash and humanitarian crisis unrivaled in the lives of those now living. We're talking about the price of everything everywhere rising, from food to gas, at a moment when inflation was already high. All of that will be laid at the feet of the authors of this war. (2) The antebellum status quo of Feb 27, 2026 was just not that bad, but we're unlikely to return to it. Expect indefinite, long-term, ongoing disruptions to everything out of the Middle East. (3) Also assume tech financing crashes for the indefinite future. The genius plan to get the Gulf states caught in the crossfire has incinerated much of the funding for LPs, for datacenters, and for IPOs. Anyone in tech who supported this war may soon learn the meaning of "force majeure" as funding gets yanked. (4) Many capital allocators will instead be allocating much further down Maslow's hierarchy of needs, towards useful basic things like food and energy. (5) It's fortunate that all those progressives yelled about the "climate crisis." Yes, their reasoning about timelines was wrong, and much of the money was wasted in graft, but the result was right: we all need energy independence from the Middle East, pronto. It's also fortunate that Elon and China autistically took climate seriously. Now they're going to need to ship a billion solar panels, electric vehicles, batteries, nuclear power plants, and the like to get everyone off oil, immediately. (6) It's not just an oil and gas problem, of course. It's also a fertilizer problem, and a chemical precursor problem. Maybe some new sources will come online at the new prices, but it takes time to dial stuff up, particularly at this scale, so shortages are almost a certainty. That said, China has actually scaled up coal-to-chemicals[a,c] (C2C), and there's also something more sci-fi called Power-to-X[b] which turns arbitrary power + water + air into hydrocarbons. But all of that will need to get accelerated. I have a background in chemical engineering so may start funding things in this area. (7) Ultimately, this war is going to result in tremendous blame for anyone associated with it. It's a no-win scenario to blow up this much infrastructure for so many people. Simply not worth it for whatever objective they thought they were going to attain. But unless you're actually in a position to stop the madness, the pragmatic thing to do is: scramble to mitigate the fallout to yourself, your business, and your people. [a]: reuters.com/business/energ… [b]: alfalaval.com/industries/ene… [c]: reuters.com/sustainability…

Every time I watch this video, I buy more Bitcoin.

Like BIP 360? Bitcoin today relies on elliptic-curve signatures in normal spending flows, which are the part most people worry quantum computers could break. BIP 360 proposes a new way to construct outputs so coins can be spent in a quantum-resistant manner, rather than immediately (replacing all of Bitcoin’s cryptography at once). It builds on the Taproot/script-tree approach, pushing funds toward a structure where spending can rely on post-quantum primitives rather than the usual exposed elliptic-curve path.

@saylor BTC would need to be quantum resistant by then

🔴New Report🔴 In our latest Market Espresso, we examine how Bitcoin has evolved from a misunderstood technology into an asset increasingly behaving like a macro instrument, and how institutional-grade products are reshaping its investor base. Read the full article below 👇

@Bitwise 9,072 controlled experiments across 36 frontier #AI models from six leading providers: #Anthropic, #OpenAI, #Google, xAI, DeepSeek, and MiniMax showed 79.1% of AI responses chose #Bitcoin when asked about scenarios involving preserving purchasing power over multi-year horizons

Here’s one potential path to $1M bitcoin. Imagine that - The store-of-value market (dominated by gold) grows at the same rate over the next 10 years as it did over the past 20+ (~13% annually) - BTC’s share of that market goes from 4% to 17% That’s it. Sure, a skeptic could argue gold won’t maintain that pace, or going from 4% to 17% market share is too optimistic. But there’s equal risk these projections are too conservative. Just consider the pace of fiat debasement and accelerating bitcoin adoption among institutions. Thoughts? Weigh in.

Ethereum has declined approximately 58% below its all-time highs (ATHs) reached in late August 2025, largely driven by continued BTC OG selling, also known as the “silent IPO”, which brought the crypto markets a leg-lower with it. This was further compounded by the October 10 flash crash, the subsequent precious metals rotation, and more recent pressures arising from geopolitical tensions in the Middle East and associated macro headwinds. Despite the price decline, institutional positioning appears resilient. Cumulative ETH ETP holdings remain only about 10% below peak levels, which may  suggest that institutional capital is potentially sticky with a positive long-term outlook on ETH, despite being underwater on the average ETP cost basis. Digital Asset Treasury Companies (DATs) also continue to accumulate ETH, with new monthly purchases continuing to purchase more than the monthly net new supply since H2’ 2025. Together, these secular drivers are likely to support ETH going forward. We assess that a significant portion of institutional accumulation reflects positioning ahead of potential regulatory clarity, particularly the anticipated passage of the Clarity Act that could possibly support ETH price recovery. In addition, tokenisation and stablecoin liquidity, of which it currently commands ~58% and 52% of asset value respectively, may serve as long-term catalysts following regulatory clarity. Despite harsh price conditions, the percentage of ETH staked reached an ATH of 30.76%, as the validator entry queue continues to exceed the exit queue, indicating sustained value in ETH’s yield and participation in securing the network. #Bitwise #AltView @Andre_Dragosch @KaviJain18 @cornMaxy @UkuriaOC Important information: This post is provided for informational purposes only. It does not constitute investment advice, a personal recommendation, or an offer or solicitation to buy or sell any financial instrument. The market analyses, views and scenarios presented reflect the assessment as of the date of publication and are based on information considered reliable. However, no representation or warranty is made as to their accuracy or completeness. Forward-looking statements involve risks and uncertainties and are not guarantees of future performance. Past performance is not a reliable indicator of future results. Capital at risk. Cryptoassets are highly volatile and involve a high degree of risk. The value of investments in cryptoassets and crypto-linked ETPs may fluctuate significantly, and investors may lose part or all of their invested capital. No capital protection or guaranteed compensation mechanism applies in respect of market losses. For further details, please refer to the full disclaimer at: bitwiseinvestments.eu/disclaimer

You can send money from the U.S. to Australia faster than I wrote this tweet, for less than a cent. Thanks crypto.

@brian_armstrong Pretty sure I’ve been saying that for years at conferences… welcome to the party pal

Very soon there are going to be more AI agents than humans making transactions. They can’t open a bank account, but they can own a crypto wallet. Think about it.