WistCap Flagship Long

Gold Leads, Bitcoin Follows - CHAINLETTER 50

Through the current bull phase, gold has led bitcoin, with one exception.

With fund flows firm, volatility structurally declining and market euphoria cauterised, the bases are loaded.

Technical: Gold leads, bitcoin follows - volatility, fund flows and back in the “Fear” zone

On-Chain: Valuing bitcoin through the lens of Metcalfe’s law

Macro: Inflation and debasement are back - the UK and Japan

Cryptoverse: Stablecoins arrive on the Bitcoin Network…it’s more than “digital gold”

Check out the full edition of CHAINLETTER here: https://bagster.substack.com/p/gold-leads-bitcoin-follows-chainletter

The Philosopher’s Stone and the Changing World Monetary Order

De-assetization is a long term risk for gold, as it has been for other stores of value. Bitcoin is the alternative. Countries and investors urgently need to understand the opportunity.

From Stars to Human Hands

“If I see a lump of gold, I know two things for certain. It was either made in a star or it was made by people.” – David Deutsch

Gold has served as a bridge between the cosmic and the human, representing permanence, trust, and value across millennia. For more than ten thousand years, it has shaped civilizations and monetary systems, becoming a bedrock of stability in an ever-changing world.

But with advances in science and technology, the very nature of value is being redefined.

Scarcity—once the cornerstone of value—is increasingly vulnerable to disruption. The age of alchemy may be closer than we think, and not through magic but through fusion reactors ^2 and space mining.

This shift forces us to question: What happens when gold is no longer scarce?

Click the link to find out: https://bagster.substack.com/p/the-philosophers-stone-and-the-changing

Crypto Related Equities in Emerging Markets

Crypto is an emerging asset class, but can public equity investors in Emerging Markets find ways to get exposure? It's surprisingly hard, as Emil Wolter finds out.

Emerging Markets are the ideal seedbed for crypto adoption

In this note we scour the planet to see what crypto-related equities are available to the Emerging Market equity investor. It’s relatively thin pickings, but there are some interesting companies to keep your eye on.

Of the listed companies we look at Mercado Libre, the Korean and Japanese gaming companies, two bitcoin mining companies (Canaan and Bitdeer) and Nu Holdings in Brazil. We also cast our eye over unlisted Binance, which has its own digital coin.

https://bagster.substack.com/p/crypto-related-equities-in-emerging

Hi folks, a nasty move in alts overnight on the back of fears over the impact of US tariffs. Feels like an overreaction. We'll take advantage to rebalance the book and bring $BTC back from 85% to 80%, and take the other smaller positions up to 2%. Also $STX has been taken out altogether, we don't have enough visibility into what's happening there, so happy to concentrate into higher conviction positions.

Note Bitcoin dominance starting to look overbought (having been very oversold at the start of December)...risk for alts looking much more asymmetric at this juncture.

Life After Google - Chain Letter 49

AI has probably used more energy composing articles about DeepSeek than anything else of late. This letter is hand-cranked, so this time we can’t be accused of wasting the planet’s energy, but the democratisation of AI, if that is what DeepSeek portends, could turn out to be a profoundly important moment, both for large tech and crypto. While staring at prices and charts, we often forget that the idea behind crypto centres around individual freedom and a reduced reliance on third parties.

Technical: Strong bounce off US$90,000, bitcoin dominance recovers

On-Chain: Average value per transaction

Macro: The loose money playbook

Cryptoverse: Life after Google

CryptoTutor: Incrypto Workshop update

https://substack.com/home/post/p-156161232?source=queue&autoPlay=false