Manoj Vasudevan

BITCOIN HAS NO INTRINSIC VALUE. But it has immense “IMPUTED VALUE”. And that’s all that matters—and why it’s the sixth most valuable asset today and might one day be #1. People are massively underestimating its network effects.

6/6 Congrats @jasonbadeaux and @daylightenergy team on the $75M raise. Excited to be part of your journey — the sun is just rising 🌞

5/ @daylightenergy has the potential to unlock a globally scalable, instantly financeable PPA market — one that’s more aligned with long-term ownership and crypto incentives. A completely new solar infra layer — faster, leaner, and onchain.

Daylight is about to change the game for the Solar PPA model.. How ? 🧵👇

@JackNiewold Quite the contrary. Just disputing your premise which felt uninformed

@manoj033 You clearly have bag bias 👏

pump fun would be better off focusing on the core competencies that drove early product success: making memecoin creation/investing fairer, more democratized, and higher EV the pivot to streaming is so mystifying to me

@JackNiewold You clearly don’t know the team 👏

@manoj033 This is such a bad bad take If I start a restaurant and the wings are popular And then the wings start to be shit It doesn’t matter that I want to make pizzas Especially if the pizza is also shit

Most folks don't "truly internalize" the fact that crypto assets are Global Decentralized Assets, unlike every other asset category that is tied to one country or exchange or regulatory jurisdiction). The fact that crypto is a highly fragmented 24x7 market (over 500 trading venues globally for the same asset) makes it super conducive for arbitragers to make bank, magnitudes more than in traditional equity or commodity markets.

@mikealfred @dgt10011 💯 @dgt10011 Arbitrage strategies in crypto are the most alpha rich space that is overlooked by most capital allocators. Its fascinating that these strategies can currently generate 20-30% annualized returns with very low volatility...a signal of how early we are in the space.

Many institutional investors are conditioned very early to believe in a concept called the "illiquidity premium". This premium is the supposed incremental return that compensates an investor for owning an asset that is not highly liquid. This idea of buying illiquidity as a long-term investment has been perhaps most popularized by the late David Swensen, CIO of Yale Endowment. Throughout his tenure, the office allocated between ~70% to alternative investments, with the illiquidity budget up to 50% of their total allocation (locking up capital up to seven to 10 years). This is why the commonly held belief that private equity should outperform public equity, private credit should outperform public credit, etc. pervasively dictates investor's portfolio allocation, even if the root cause for each asset class may be fundamentally distinct from each other. So many institutional investors chose to allocate to crypto venture capital to access alpha, because this is what they have been taught, and this is what the portfolio theory supports. Unfortunately, I believe the "illiquidity premium" is a false notion in crypto. In crypto, I believe the term structure is in backwardation, where crypto investors are actually overcompensated to invest at the near end of the curve versus the long end. And this is a feature not a bug of crypto. Take for example, just in the past two days of April when Bitcoin was down 7%, market making strategies posted gains that I see are annualizing 70%. Arbitrage strategies a little less, but still 40%+ conservatively. In other words, you are paid handsomely to take liquid risks where the scorecard is generated every day without having to "wait for ten years". Even more perversely, the best "crypto VC" investments achieve liquidity much sooner than 7-10 years. And then institutional investors might say, "well, that actually makes a lot of sense but we are really big $$$ and so we need to allocate for size, and so that's why venture makes sense for us"- without realizing - liquid crypto market is undoubtedly more scalable for institutions versus the venture market, which by definition must be capacity constrained for alpha generation. Great volatility begets great opportunities, and the crypto market is liquid enough to permit so. ~$2.5Tn traded last month alone in crypto spot assets across crypto exchanges. $2.5Tn of Bitcoin futures traded last month alone. Could you just imagine what investor's expectations for private equity returns would be if the S&P 500's realized volatility was consistently 70%? No seriously. Imagine that for a second. It certainly would not be 25%. David Swenson was a legend because he was an iconoclast when he capitalized on the "illiquidity premium" for the endowment model, and it worked for decades. I have long admired his resolute conviction in doing things differently, dating back to my own time at the Harvard endowment. I often wonder what he would think about our multi-strategy solutions for crypto alpha at Bitwise if I were able to have a conversation with him today- And who is going to be the next iconoclast in the institutional investor world? "We've just done better," former Yale President Levin says, because of Swensen's "uncanny ability" to pick the best outside money managers. I for one am eagerly waiting for this person to arise, and excited to support their mission with all my might and gratitude for years to come. Going back to that hypothetical conversation with Swensen, I think he would say something to the effect of my favorite quote of his, which is: "Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom." Sounds like crypto to me.

@NTmoney 😂

ETH is the best performing hard asset in the world since the start of 2020

Wall Street complicates bitcoin way too much… Much easier to underwrite it as a de-risked venture capital bet (10x). It’s a bet on a journey…from an emerging store of value to an established store of value, which is what gold is. This is about scarcity & network effects..

@HHorsley @SmartestBeta @MarkYusko @ricedelman Unfortunately, most folks incorrectly think that they missed the boat.. they can’t get over the “sticker shock” that comes with bitcoin’s optically high price per unit.

@SmartestBeta @MarkYusko @ricedelman truth!

For many years the conversation was about "getting off zero" (coined by @MarkYusko) Then, the conversation moved to a 1-2% allocation. What we're seeing with many clients now is that it's going to be much higher than that. In fact, @ricedelman recently recommended 10-40%. And now @RayDalio chiming in. The direction is clear — Digital assets are going to be a meaningful part of the portfolios of the future.

Thanks to explosive new document releases, the Russiagate hoax is now exposed, commencing a new era that will be about accountability for the guilty racket.news/p/note-on-new-…

This right here is Alpha…Every time I am in a room like this, I am reminded that crypto isn’t just about tech or money, it’s about relationships, trust and shared conviction. Excited to be part of all your journeys! @MoneroMahesh @lior_eth @HHorsley @sethginns Ken Seiff

@lior_eth 😂

This is absolutely insane

⚠️ Warning: @manoj0033_ is impersonating me and sending DMs to people I know. This is NOT me! Please block/report this account.

“3,3” is a concept rooted in game theory and inspired by the Prisoner’s Dilemma—where everyone cooperates to maximize the collective benefit. Popularized by OlympusDAO, it symbolizes aligned incentives, long-term thinking, and win-win behavior. $MSTR is 3,3