Head of Strategy: any thoughts on a 30% allocation to ETH? I’ve historically been 100% BTC, and understand BTC’s price appreciation, but don’t quite grasp the upside catalyst of ETH.

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The investment thesis around Eth is muddled - you have gas fees, potential fee burning, risk from Eth 2.0 implementation, risk from competitors (Solana continues to come to mind on this), and many others. I don’t have a comprehensive framework through which to measure it, but I do believe it won’t unseat Bitcoin as the dominant store of value.

I don’t think Eth has no value (and it might be worth far more in USD terms than today!) but I measure my wealth in Bitcoin terms. At best I see slight outperformance for incurring a much higher risk profile. Bitcoin solves the age old problem of preserving value through time, and is SO undervalued relative to where it’s heading, that I can’t justify the additional risk. Once you start measuring wealth in Bitcoin it really clarifies things.

Does that help?

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Thanks for the insight. The more I learn about alts, the more I feel comfortable with my BTC allocation for long-term.

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personally i don’t understand how Eth could be worth more than 1,000 a coin. It’s supply is only going to continue to increase, where as bitcoin is fixed at 21M. Further, a lot of the “DeFi” “Dao” “Smart Contracts” and other Eth buzzwords are just noise. bitcoin is a protocol, a network, and a currency. peer to peer censorship resistant 24/7, 365 anywhere in the world and settled in a matter of minutes. thanks for listening to my TED Talk

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good points HoS, as the wise ones say: 1 BTC = 1 BTC

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I think a big driver in the value of eth will it’s use as collateral for DeFi.

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