Leon Fu

1/The question we keep getting asked is should we buy or sell X coin. What they’re really asking is if it will go up or down. We don’t know. Nobody knows. And we don’t need to know.

@wmhuo168 鼎泰丰 has multiple locations in Dubai and Abu Dhabi. I’ve eaten there. 😂

These aren't consultants you hire from LinkedIn. These are OCD freaks of the cleanroom who panic if particle counts rise by a dozen atoms. They eat lunch at 鼎泰丰 and debug sub-angstrom etching errors for fun. (7/16)

TSMC in the UAE? That’s not a semiconductor strategy. That’s a mirage funded by oil, sold by lobbyists, and dead on arrival. tomshardware.com/tech-industry/…

@pegnftfnd @milesdeutscher @HeyTaiZen Followers is more about engagement, entertainment, and producing content on a regular basis. Tai and I are more interested in living our lives than gaining followers on social media after multiple exits over the past decade+.

I never thought I'd be saying this – but I round-tripped millions from my portfolio ATH in 2024. Here are 10 hard lessons I learned.👇

Forget alt season. It’s Trump Season! 🤣🤣😂😂

@10XTraderJosh @blockchainchick Great idea. But not everyone has the interest or the ability. They are still family, however. That's the reality.

@leoncfu @blockchainchick Education. Financial and economic literacy.

Plan B blocked me several years ago because I called him out on a few things. Today my husband sent me this. What a clown. I feel sorry for his 2 million followers. Just because someone is popular doesn’t mean they’re contributing to this space.

@yangsteve @blue_domain @BonnieGlaser FYI, it might be your bank blocking connection from China. Some of my banks block connections from outside the US.

@blue_domain @BonnieGlaser When I visited China and needed to pay my bills. Don’t pretend you don’t know the existence of the firewall.

The PRC readout of Xi Jinping's meeting with Joe Biden in Lima, Peru contains three points that I found especially interesting. 🧵1/7 fmprc.gov.cn/mfa_eng/xw/zyx….

@crypt0snews I guess being a gold bug doesn’t cut anymore. 😂

@leoncfu You know the answer- clout. It’s one of his last ways to truly be relevant anymore. *shrugs*

I do not understand Schiff’s decade long jihad against Bitcoin since zero. Bitcoin started from nothing, a decade later is backed by the largest institutions, trading on global stock markets (not just US) and backed by the leading Presidential candidate is vindication we’re right

Why? When has buying Bitcoin -20%+ been been wrong a couple years later? Never….

I bought yesterday’s crash. I had a some ammo left for the crash below $10K that never came, that I deployed now. Will continue to DCA if we drop further.

That it crashed 20% yesterday is irrelevant. Markets crash. That’s just what they do regardless of the asset.

@davidpgoldman This is what Bitcoin was built for: defeating capital controls.

US sanctions threats against Chinese banks costs Russian importers additional fees but doesn't stop trade. "In order to solve these problems, Russian business is forced to use intermediaries, but this does not come cheap. According to Ruslan Dynda, an analyst at Alfa Capital Management, payment agents are companies which, having a certain infrastructure in different jurisdictions, transfer clients' money while receiving a percentage of the transferred amount as commissions for their services. In the case of sending money from Russia to China, commissions vary from 2% to 8%, while for sending money in the other direction they can be 1-3%. 'The best working payment scheme is to use payment agents from third countries such as Thailand, Laos or agents from CIS countries,' says Maksim Chepov, CEO of RFK Group. We should not expect normalisation of transactions in the near future. Rather, it will be necessary to permanently change agent schemes when transferring funds from Russian to Chinese companies, the expert believes." (from Natalya Trushina article "Chinese bank is your friend")

@nikstankovic_ @padsby This is exactly why Bitcoin was invented. China would have dominated in Bitcoin had it not been banned.

Well, strictly speaking that money is not for spending to go on vacation. They do print the equivalent (and often more) yuan and dump in the local economy. The problem is that the worst thing to do in an inflationary world economy is to have that money sit and do nothing. It has to earn interest, at least as much as the USD inflation, otherwise that cash is just losing value. And since we are talking about $80 / month = almost a trillion dollars / year, if you lose 2% that is $20 billion dollars of purchasing power. That is average annual income for 1.6 million Chinese people (that could just be given to them for as welfare) or a whole lot of new high speed rails in China or the entire loss of the HSR system. That is what is at stake. That's why thousands, perhaps tens of thousands of people are working on this. Not to mention that there are of course a lot of other benefits, like having strategic reserves, having soft power because you are building railroads and schools for people around the world, etc, etc. But since I wrote my first post another $100 million dropped. And when they come to work in the morning $1 billion dropped overnight while they were sleeping.

It's raining dollars in China. $80B / month is $2.6B per day is almost $2/day for every Chinese person, child, adult, grandma and expat. China is currently hiring people to spend $2 billion USD / day as it tries to get rid of all these dollars and convert them into something more tangible: grain, gold, metals, oil, gas, a railroad in Indonesia, a canal in Thailand, ANYTHING. problem is all storages are already full. Belt & Road burns only about $5B per month and we need to spend $80B. China used to send most of this back to the US in the form of US Treasuries but that of course is no longer interesting because it will be stolen like Russian and Iranian dollars, and it's still dollars. So if you have any ideas how to spend $2.6 billion per day send an e-mail to help@gov.cn Hurry up. In the time it took to write this another $100 million dropped.

Is it too late to buy? Yes and no. No, it’s not too late because it’s going higher. Yes it’s too late because we’re likely already higher than the bottom of the next bear market. Anything you buy now and don’t sell will likely be a loser in the next bear market.

What am I doing in the crypto bull market? Mostly nothing. I invested nearly all my AMMO with just a little left in case we fell to $10K like so many believed. The bottom was in Dec ‘22 at $16K, but so many were bearish through most of ‘23. The bears have all been vanquished!

@cryptoU2017 Yes. But will they? Do we really know whether GLD actually has the gold backing it for example?

@leoncfu Aren’t these ETFs supposed to have the equal amount of bitcoin in custody?

In the short run, the Bitcoin ETFs has been great! It's one of the reasons the new crypto bull market started. But I have mixed feelings about it, longer term.

If the majority of the capital ends up in Bitcoin ETFs rather than Bitcoin itself, it ultimately hurts adoption. The crypto industry still needs to work on adoption or it will end up just another asset in the traditional markets.

On one hand, it's a bridge to bring billions from the traditional markets into crypto. OTOH, every dollar that goes into Bitcoin ETFs is a dollar that didn't go into Bitcoin itself.

Contrast that with 2022 when we were BEARISH, but looking for reasons to BUY. We are looking for reasons to buy when the market is going down and reasons to sell when the market is bullish.

As for the market, there's not much for us to do. We switched from bearish to neutral to bullish last year, after the regional bank failures in the US. I was pretty much fully invested by Q2 of last year. We are BULLISH now, which means we're looking for reasons to SELL.