March 2, 2022

Billionaire Calls Crypto ‘Jihad’…Then Admits He Was Wrong

GM, this is the Milk Road. The email that makes you smarter, and helps you front run the huge wave of crypto.

Prices are steady. Keeping yesterday’s gains.

My daughter asked me to pass along some advice during bath time last night:

In Today’s edition:

  • 🤔 He called crypto “Jihad”, now he’s changed his mind

  • 📊 An interesting chart

  • 🍗 News nuggets you don't wanna miss

  • 🤣 A meme

He Called Crypto “Jihad”… But Now He’s Changed His Mind

Ever heard of Ken Griffin? He’s worth $25B+ and runs Citadel (a giant market maker).

What happened? Citadel announced today that they will begin market making for crypto. Here’s what Ken said:

  • Crypto is one of the great stories of the last 15 years

  • He was a naysayer, but now with crypto at ~$2 Trillion in market cap “his call was wrong”

  • He still has some skepticism, “but hundreds of millions of people disagree with me on that”

  • Institutions want crypto in their portfolio, so Citadel will look to begin market making to help them

Why does this matter?

  1. He slammed crypto 6 months ago, saying it’s a “Jihad” call against the dollar and that he “wished young people would use that energy to make the US dollar stronger instead.”

  2. Now he’s admitting he was wrong, and said Citadel is going to start market making in cryptocurrencies soon.

So what, you say? Ken Griffin. Ray Dalio. Paul Tudor Jones. Stanley Druckenmiller.

What do they have in common?

  • All billionaire investors

  • All went from “no way” —> “yes” on crypto

  • All read the Milk Road daily*

*Maybe. possibly. We can’t know for sure

Every brand name that endorses Bitcoin, Ethereum etc .. increases the likelihood that crypto wins.

To steal a phrase from my buddy Sam Parr – “we’re a pirate ship, and every person who believes in crypto is a little gust of wind in our sails.”

Charts Of The Day 📊

Correlated, then uncorrelated

Crazy to see crypto donations outpacing the United Nations in support….so far, atleast

News Nuggets 🔍

These News Nuggets are so good you’ll want to dip ‘em in ranch.

Bitcoin is valuable: It's currently the 14th most valuable currency in the world.

Bank of America on crypto: “We see no crypto winter given user growth & developer adoption”.

$20m CryptoPunk loan: A guy who owns 100 cryptopunks (they’re worth $20m+), was able to take an $8m loan against his NFTs with a 10% APR and 30-day duration. Interesting. We will see many ‘loans against digital assets’ in the future. These are early days.

Parler gets into NFTs: The right-wing social network, just launched its NFT marketplace with Trump NFTs.

Dolly Parton's coming for crypto: Forget the metaverse, Dolly Parton is launching the “Dollyverse” with her own NFTs. (Don’t count her out. Her theme park in Tennessee rakes in $50m+ a year).

Is Russia going to adopt crypto? A great twitter thread on Russia and their potential adoption of crypto.

The macro market analysis that everyone on crypto Twitter is reading: Crypto Hayes (an OG in the crypto twitter space) dropped a LONG post about crypto & the macro picture last night.

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Meme of the day 😂


Alright, that's all we got for hump day!

Shaan "Chocolate Milk" Puri and Ben "2% Milk" Levy

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