The Stone Ridge 2023 Investor Newsletter is out:
"Bitcoin is not risky. Fiat is risky.
Over the last one, three, five, and ten years, long-term fiat savings (20Y+ US Treasuries Index) has cumulatively returned 2%, -33%, -8 %, and 24%, respectively. Over the same time periods, long-term non fiat savings, bitcoin,
has cumulatively returned 156%, 46%, 1,052%, and 5569%, respectively. Which one is risky? Which one is “backed by air”? Which one should we “close it down”? Which is the one “we don’t need”?
Since 2017, bitcoin has been Stone Ridge’s treasury reserve asset because of my extreme aversion to risk. We run net short USD – which is fancy way of saying we net borrow fiat to pay bills and make investments.
We save in bitcoin.”
https://w3.do/t30vkr3v
doc / ⚡️ᗪㄖ匚⚡️
npub1xy…f3urc
2023-12-30 14:34:34
Author Public Key
npub1xy54p83r6wnpyhs52xjeztd7qyyeu9ghymz8v66yu8kt3jzx75rqhf3urcPublished at
2023-12-30 14:34:34Event JSON
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"content": "The Stone Ridge 2023 Investor Newsletter is out:\n\n\"Bitcoin is not risky. Fiat is risky.\n\nOver the last one, three, five, and ten years, long-term fiat savings (20Y+ US Treasuries Index) has cumulatively returned 2%, -33%, -8 %, and 24%, respectively. Over the same time periods, long-term non fiat savings, bitcoin,\nhas cumulatively returned 156%, 46%, 1,052%, and 5569%, respectively. Which one is risky? Which one is “backed by air”? Which one should we “close it down”? Which is the one “we don’t need”?\n\nSince 2017, bitcoin has been Stone Ridge’s treasury reserve asset because of my extreme aversion to risk. We run net short USD – which is fancy way of saying we net borrow fiat to pay bills and make investments. \n\nWe save in bitcoin.”\n\nhttps://w3.do/t30vkr3v",
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