
jonathanmarcus
9.2K posts

jonathanmarcus
@jonathanmarcus
Head of Strategy, Custody & Staking at Kraken. Previously co-founded Staked, acquired by Kraken in 2021. 1st GM at Vimeo. UPenn alum. Chargers & Heat fan.





📬@AlbertBreer’s mailbag: ✉️ Are the Dolphins tanking? ✉️ How the Chargers are building the roster ✉️ Should the 49ers sign Joey Bosa? ✉️ Will the Steelers draft a QB? ✉️ More si.com/nfl/albert-bre…

I think the world of Balaji intellectually and if you were to ask me which four humans do i look up to aspirationally from an intellect standpoint it would be Balaji, Thiel, Andreessen and Ilya. That said I completely disagree with Balaji here because while he (as usual) comes armed with lots of relevant datapoints he is missing the forest from the trees. If you start with the premise that the ask from Canada is to lock out China then you’ll see why the current adversarial approach was the only viable approach. And when you see what the admin is trying to accomplish vs China you can understand why the death of the dollar is far from certain and entirely contingent on how successful the admin is at securing hegemony at the end of all this. (Medium to long term obviously, re the dollar, before @SantiagoAuFund comes for my scalp)

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…



A fleet of R2 Robotaxis is coming exclusively to @Uber. ⚡🌿 Today, we announced a partnership to help both companies accelerate their autonomous vehicle plans across 25 cities in the US, Canada and Europe by the end of 2031. rivn.co/uber



Free-agent offensive tackle Austin Deculus reached agreement today with the Tennessee Titans Titans. Deculus started five games last season and now becomes the newest OL to be added to the Titans’ line.









Abra is set to become the first public company with an RIA and digital assets platform, via a SPAC at a $750M pre-money valuation. Blockchain Capital, Pantera, and a few other digital asset firms are involved in the transfer to this new company. The biggest allocators in the world are doubling down on digital assets. Its happening.


Mason Miller, Mechanics







