Devin Baker

He presents evidence that liquidity tends to lead market movements by a window of three to six months. This insight suggests that tracking global liquidity can offer valuable foresight into potential market behavior, enabling investors to make more informed decisions.

The US is likely heading toward:

• Lower rates (circa 3%) despite near-term inflation


• More liquidity injections (US$1.5 trillion in 2026)


• Continued unconventional policy tools (Treasury QE, stable coin-driven demand)

Investment Implications

• Risk-On: favor Bitcoin, equities, and growth assets


• Watch for Fed rate cuts and monitor US Treasury bill

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So far, this post has focused almost exclusively on tokens’ ability to capture value by generating income streams for their holders. They are productive capital assets. This may very well be sufficient to value most tokens in the long-run. Equity-like analysis will do the trick here. Think DCF and DDM.

However, valuing tokens based on cash flows... See more

It is very important to my near-term positions whether I believe money printing will continue and accelerate after Trump’s 20 January 2025 coronation. That is because I think there exists a wide gap between crypto investor’s high expectations for how quickly Trump can change things and the reality that there are no politically acceptable solutions... See more

Consider cash to have a zero duration, technology stocks to have long duration (because they pay-off far into the future), counted, say, in decades, and Bitcoin to have a near infinite duration, because it pays no dividends and is never redeemed. If follows that, with just these three asset choices, an investor with an investment time horizon of,... See more

The output matters, but the intention, the struggle, the care is what makes it count — what gives it weight.

Disrupting traditional finance or improving global payment rails are two of the more widely accepted future use cases for crypto, while we argue there’s room for a third in DePIN.

Functionally, Bittensor is a decentralized network that uses its token rewards and a novel consensus mechanism to incentivize productive work. It is an incentive engine. The network's goal is to compete with centralized, state-of-the-art AI models by harnessing the power of decentralized, open-source technology.

That taste for outsized risk has seeped into everyday culture. Wage growth has severely lagged compounded capital, causing ordinary people to increasingly see their best shot at real upward mobility in negative EV jackpots. Online gambling, 0DTE options, retail meme stocks, sports betting, and crypto memecoins all testify to the phenomena of... See more