Devin Baker

Anxiety is not an answer to a problem we are worrying about but the measure of our distance from the place where the answer lies .

Now, many potential catalysts for Bitcoin (and crypto generally) will rise in 2025. Here are a few:

• A Strategic Bitcoin Reserve (at the U.S. Federal level)


• Strategic Bitcoin Reserves (at the U.S. State level)


• Strategic Bitcoin Reserves (for other countries globally)


• The removal of SAB-121


• Clear regulations out of the SEC and CFTC on crypto


• The Stablecoin

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Many of the talented people I've met and worked with in crypto have followed some version of a common trajectory: from getting humbled on a moonshot token, to learning to manage risk as a trader, to becoming a more sophisticated, long-term investor. Even in losing, a gambler who gets wiped out and decides to only place bets on things they know... See more

When I was jotting down notes for this piece I started listing out all the best observable reasons 2026 could be a bad year.

• the labor market is weakening


• AI capex can’t continue at this rate and is propping up the market


• stocks are expensive and multiples will contract


• private credit boogeyman


• inflation returns

This is what the taste thesis gets exactly backwards. The patron who built the cathedral was not exercising taste. He was exercising will. He was exercising worship. And that will was devoted to something beyond himself — towards God, towards the city, towards a future he would not live to see.

Strip the transcendent out and what remains is... See more

I only started making progress when I realized I was facing a toothbrushing problem: feeling normal again would probably require me to do stuff every day for the rest of my life. I might get better at doing that stuff, just like when you first start brushing your teeth as a kid you get toothpaste everywhere and end up swallowing half of it, and... See more

With growing demands coming from pending debt roll-overs as the ‘maturity wall’ of debt termed out during the COVID emergency comes nearer, to say nothing of the 30% of US Treasury debt that Treasury Secretary Scott Bessent must refinance, the Fed will be forced to raise US liquidity levels.

If Believe can execute on its vision, we think there is a nonzero chance that it can make a name for itself in early stage capital markets as a platform for microcap investing, especially as AI tooling and vibe coding lowers the barrier to app development.