
Bitcoin class of 2017. Veteran of 3 market bubbles. Currently @Binance
Joined September 2015
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How much more precious can the precious metals get? open.substack.com/pub/khashi…
Khashim | Binance retweeted
Christmas is the time when I think about what I want. And then I realise that I have everything I could wish for rn. There are stuffs future me wants but rn I have everything.
So Merry Christmas ☺️
Khashim | Binance retweeted
We are obsessed with "talent" and people that have the "special something".
This is just a way of avoiding thinking about what it takes.
Excellence is real. There are people that get ahead nine times out of ten. Olympic swimmers, repeat founders, bestsellers... But, if you watch excellent people there is nothing magic about what they do*.
It's just the multi-dimensional set of skills, character, and ways of life playing out.
To give one example: Fortune 500 CEOs don't have a magic gift — maybe they are more likely to win if they are born in certain countries and have a slightly above average IQ and stamina but nothing otherworldly — instead what they have are: a willingness to have difficult conversations, a set of mental models to read a balance sheet fast, a mental model of the business they are running, mental models of how other businesses run, an idea of the psychology of their biggest rivals company, a strong motivation to increase profits, private drivers, expensive suits, intense time boxing, public speaking coaches, favourite restaurants they go to every time they are in a city, how well they celebrate after a win, keeping up the right kind of health routine to keep them sharp, spouses that do not create demands on their time.... and so on
These things are essentially mundane. There is no invisible special sauce. Pretty much all of it are choices that can be made, skills that can be learned, character that can be developed and more.
The key — the reason not everyone is a Fortune 500 CEO — is that these things are not arbitrary. The collection of things that need to be done to get to this level are vast and if the person is missing any of them they simply won't be excellent enough.
In other words to be part of the world of Fortune 500 CEOs you need to be perfectly optimized for that world.
Sometimes the collection of skills etc. can look arbitrary but this is usually because you are comparing different games. The list of what's needed is different for a software startup founder, a car dealership owner, a university dean, or even in the case of the example perhaps other Fortune 500 CEOs in different industries etc. Even between companies at a similar scale in similar industries the list of what's needed can be different at the margin because of contingent facts about how those particular organisations are constructed.
In the same way, while there may be a lot of overlap, being world-class at swimming will not make you world-class in football. If nothing else you will have to live in very different places (swimming pools vs. football pitches).
So achieving excellence is like solving of a hyper-dimensional problem. Each level requires a new bundle and a new way of life. It's similar to the way Christopher Alexander describes building a house in Notes on Synthesis of Form. You need to constantly adapt to resolve these internal tensions and enter the next world of skill.
So if you're interested in excellence you need to ask: What world do you want to be part of? And what do you need to change? What disciplines do you need to take on?
There are probably more transformations that are needed than you expect. But if you're willing to do it there's nothing stopping you.
Perhaps if there is something that the most excellent people have it's a willingness to connect with what's real. To be humble before what it actually take to succeed in their given field.
*All reflections on the paper: The Mundanity of Excellence: An Ethnographic Report on Stratification and Olympic Swimmers by Daniel F. Chambliss
Khashim | Binance retweeted
An engaging evening of networking and panel discussions at our recent reception in Warsaw 🇵🇱
As TradFi and crypto converge, #Binance continues to be the premier choice, providing unmatched infrastructure and liquidity for institutions.
👉binance.com/en/vip-instituti…
Governments are quietly buying crypto.
Not for hype. Not for politics.
But as a hedge against inflation and a way to hold neutral assets in a politically unstable world.
I shared this recently at ETHSofia, where I spoke about how governments and institutions are approaching crypto adoption and building reserves.
What surprised many people in the audience:
- Some countries already see Bitcoin as strategic infrastructure.
- Others are exploring stablecoins and tokenized reserves.
- And investors are starting to mirror that logic.
🎥 Watch my full talk here: youtube.com/watch?v=hMaQM_Gh…
Great interview with Paul Tudor Jones on Bloomberg , where he discussed why markets are broken, the "Big Beautiful Bill" and the playbook for investors right now
Key takeaways:
📉 US Fiscal Reality
- The US is fiscally constrained. Debt-to-GDP at 100%+ is unsustainable. First-term Trump normalized a 4% budget deficit; second-term Trump is normalizing a 6% deficit.
- The playbook chosen by the Trump administration is to lower interest rates as much as possible and reduce the interest burden. The key to that is appointing a new Fed Chair who would be uber-dovish.
- Negative real rates would likely mean higher inflation that must be absorbed by the population. “Have high inflation, try to offset it with high growth, row your way out of it, and hope voters don’t get too angry.”
- Same thing is going on in Japan now - they’re very reluctant to raise interest rates even though they have inflation.
- Potential Fed Chairs: Trump will pick someone loyal and growth-oriented - potentially Scott Bessent or Kevin Warsh.
📈 What Do You Do With a Portfolio in This Environment?
If Washington ever gets serious about fiscal responsibility, equity multiples collapse. Until then, the easy trades are:
- Long stocks
- Long gold
- Long Bitcoin
As long as the market tolerates kayfabe and a dovish Fed cuts rates to ~3% over the next year, owning risk is the right play.
Khashim | Binance retweeted
Joel Greenblatt, founder of Gotham Asset Management, on why he doesnt believe in the efficient market hypothesis
From his conversation with Howard Marks at Wharton
Trade deficits are good when done correctly.
You can spend more than you make, as long as the imports are tied to productive activities (buying infrastructure, high expertise services, tech etc)
In this case, the country’s GDP will outgrow its trade deficit. Print money, invest in yourself - simple loop.
Needless to say, it’s a process that requires discipline and is hard to maintain over a long time. Once politicians come and start introducing all sorts of entitlements, company bailouts, or other kickbacks to win over voters - the game is almost over.
This is when complacency kicks in and bad trade deficit happens.
A bad trade deficit is when the deficit is persistent and goes toward overconsumption.
The US has had decades of trade deficits, and much of it is overconsumption. But it was able to afford it because the dollar has special snowflake status.
Fixing trade imbalance is somewhere between hard to almost impossible
it's a combination of stagflation and market crashes over a long period of time (10+ years). No president with a 4-year mandate could pull it off.
You need a long-term trend supported by a big chunk of the population.
Which may or may not have already started happening in the US
The current system is painful for those on the wrong side of the imbalance. But change will be even more painful, and with no guaranteed success.













