BitStone Partners

In 2000, @amazon was down 80%. @JeffBezos ' letter ignored the price and asked one question: is usage growing? Is the tech improving? We ran that test on #crypto in 2026. The answers are still yes. Full letter: drive.google.com/file/d/1r_luk0…

Five years ago, US institutions held under 1% of all #Bitcoin. Today they hold over 10%. This is one front of US–China financial competition. Deep research: drive.google.com/file/d/16PXl3Q…

@OurCryptoNation @amazon @JeffBezos Sure, what is it?

In 2000, @amazon was down 80%. @JeffBezos ' letter ignored the price and asked one question: is usage growing? Is the tech improving? We ran that test on #crypto in 2026. The answers are still yes. Full letter: drive.google.com/file/d/1r_luk0…

Posture: defensive, patient, valuation-driven. Full letter — cycle checklists, AI bubble framework, crypto Poor Man's Guide — at drive.google.com/file/d/1eWtlpV… Repost if useful. Genuinely curious where readers disagree. @HowardMarksBook @Oaktree

Crypto itself is not in a greed phase. BTC –38% from Dec ATH. MSTR mNAV at parity (1.01x). F&G has reverted from Extreme Fear to Neutral. The risk isn't crypto's own excess. It's the correlation channel above. Gold at $4,689, meanwhile, is a different signal — a macro hedge.

Three numbers from our latest market letter that should give every allocator pause: 36.5 0.58 60% Thread on what each means — and why we're positioning defensively. ↓

If that framing is even directionally right: – escalation risk is higher than consensus – liquidity matters more than narratives – optionality becomes critical I wrote a short note to think this through: “The War Behind the War” drive.google.com/file/d/1sz9Apj…

This may not be the #IranWar‌ most people think it is. What looks like a regional Iran conflict may be one piece of a broader shift in global power — particularly the U.S.–China dynamic. History suggests these transitions are unstable. Markets may not be pricing that risk.

15/ My play explores this clash of worlds, characters wrestling with these very questions. Read it to dive deep into the nuances of RWA's path from zero to potentially redefining global finance. 👇 #CryptoMarket #InstitutionalAdoption #RWAsExplained

1/🧵 I helped grow #XRPLEDGER 's #RWA ecosystem from zero to $100mm. In the following blog, I synthesized some of my observations and lessons from being in the trenches of bringing Real World Assets on-chain. paulchencreate.com/writings/f/the…