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More Americans hold Bitcoin than Gold. In India, the case is the exact opposite: ~75% of adults (~700 million people) hold gold, vs ~10% (~97 million) who hold crypto. Having grown up in India and spent 8+ years building in fintech, this makes sense to me. In the US, ~62% of adults have investing accounts and Crypto is available on most of the fintech apps people use to buy stocks. In India, for a long time, people invested in physical assets like gold and real estate first and then looked at other avenues. That's changing though. A generation raised on UPI already treats digital as default for paying, and increasingly for investing and trading with VDA gaining strong consideration as an asset class. Gold took generations to reach 700 million Indians. Crypto went from zero to roughly 100 million users in about ten years. It'll be interesting to see how the data below changes in the next 10 years.

the long term capital gains threshold should be updated to one week

JUST IN: 🇺🇸 President Trump proposes renaming the Strait of Hormuz to the "Trump Strait."

The scale of wealth creation at the Anthropic IPO is hard to comprehend If your venture fund invested $100M at the Series C (not an early-stage investment by any stretch) Your stake would be worth $20B+ at the IPO Every GP likely becomes a billionaire on the 20% carry alone

The Anthropic & OpenAI IPOs will be the largest ever liquidity transfer from global institutions to SF futurists. And what will they plow their money into? I expect the two most concentrated beneficiaries will be SF real estate, and crypto. Employee lockups expire usually 180 days out from IPO. Anthropic IPOing by mid-October, so expect this to start in April 2027 and continue with OAI's IPO next year. Watch this space.

btw 100+ years of data shows basically no positive relationship between gdp growth and stock market returns. in some of the longest datasets, the correlation is actually negative ie., you don’t make money buying growth. you make money buying growth the market has *underpriced*

If you want to understand what a country that's ready for billion dollar investment looks like, look at Kazakhstan. Their memorandum of understanding with the Solana Foundation is a template for the future. It's a very strong contender for the next Network School node if Malaysia doesn't work out.

Crypto is finally cool again. New Chopping Block just dropped: > What’s actually driving the market rebound > Hyperliquid coming to the US? > Token crowdfunding is legal now?! > OpenRouter starting looking like DeFi & MEV

Training tiny models for special purpose use cases works so incredibly well if you have a great self improving recursive flywheel. Shopify ML team is on fire. finetuned 0.8b model beats GPT 5.6-sol xhigh in this very specialized task.