This opportunity set going forward will have as its backdrop, an acceleration of the largest monetary and fiscal policy experiment hitherto never seen. The sheer size of the monetary and fiscal stimulus already enacted and assuredly coming down the pipe pushes central bankers and governments out on a spectrum of radicalness that has *never* ended well.

While near-term uncertainty abounds, we are confident the next move for BTC will likely not be predicated on crypto-specific fundamentals or crypto-specific market regimes. Instead the global macro environment will dictate BTC in the near term. Will crypto-specific quantitative data still be able to shine a light on the next move, even if that next move is dictated by 10yr yields and VIX’s?

10,000 Baby Boomers turn 65 every day. An estimated $59 trillion, with a T, of wealth will be transferred from Boomers to Millennials by 2061. This has been dubbed "The Great Wealth Transfer". The below table from Charles Schwab shows top self-directed 401k equity holdings by generation. The Grayscale Bitcoin Trust is the *fifth* most popular equity holding in Millennial 401k's. This is just GBTC holdings- excluding BTC owned in Coinbase, Cash App, Robin Hood, etc. I cannot overstate the importance of this demographic shift and Millennials’ understanding and demand for BTC to the coming years and decades.

2020 promises to bring just as much, and likely more excitement than last year. The 2020’s promise to bring just as much, and likely more excitement than the last decade. Today we find ourselves deeply involved in something that barely existed a decade ago, and something that I didn’t know existed at all a decade ago. We strongly believe that thing, Distributed Ledger Technology and crypto assets, is an important piece of an even bigger, more important thing we call The Trust Revolution. We strongly believe The Trust Revolution will advance significantly in the coming decade and in the decades that follow. We feel obligated to do whatever we can to help that cause because we believe it will make the world a better place. It’s our honor to participate.

While the last five months of price action has been disappointing, we believe it is transitory and explainable. The macro backdrop for BTC has unequivocally strengthened, despite lackluster price action. The whole world is racing to see who can devalue their currency the fastest by cutting interest rates and juicing QE. Governments are spending more than they bring in at an increasing rate – the US budget deficit will be a trillion dollars this year and another trillion next year.

As a career investor in traditional asset classes prior to jumping into crypto and founding Ikigai, I have plenty of experience with catalysts and market movements. Nothing moves like crypto. I can’t imagine a technology or asset class that could so quickly become so firmly entrenched in the global macro landscape while remaining still in a state of relative infancy. Said differently, we have SO much further to go and crypto/DLT are ALREADY front and center of global stage. This. Thing. Is. Never. Going. Away.

Make no mistake, Bitcoin is deeply antifragile – perhaps its single most attractive characteristic. I liken Bitcoin to an X-Man toddler. Yeah you can push on it right now and it will tump over. And you can even kick it in the head while its tumped over. But it will be fine. It will get back up, no worse for wear. And when it grows up, it is going to kick your ass.

We believe a higher likelihood outcome could be a short-term, further correction down to the $7.5-$8.5k range. This would still be within the range of historical pullbacks in an overall cyclical uptrend for BTC when looking at past cycles.