Tania Reif

Founder/CIO Senda Digital Assets

[zerohedge @zerohedge]

Step Aside Private Credit: Partners Group Is First Private Equity Fund To Gate Investors https://t.co/7Y9qborwBN

[Jeff Park @dgt10011]

why i am so bullish on crypto, in "defense of the ideological"-

i recently watched the video of the first public appearance for jensen and elon together, which was at GTC 2015 more than ten years ago. by this time, jensen had already made his iconoclastic bet on parallel graphics processing for over twenty years, and on CUDA since 2006. musk had his hassabis moment in 2012. yet openAI was not yet founded (would be ~9 months later), and GDX-1 would be announced at GTC the following year too

this is that narrow window where a revolution is visible to some but not others, in which both of these geniuses had early inklings of recognizing AIs pervasive potential, but the broad public was not yet made aware. it would take another 10 years for it reach mainstream applications of course

i broadly think of the crypto industry being the same place today. just as there were brilliant minds who understood the revolution that would come from the GPU paradigm, there was simply no large scale consumer demand that required its objective superiority for decades to come. instead, it was picked up by hobbyists (ie gamers) who enjoyed a sense of self-determination by pushing the boundaries of their passion, tinkering, sharing, and researching. in a rather strange way, gamers subsidized AI's development, just like early defi subsidized the institutional tokenization development.

during the GTC 2015 interview, elon tells jensen something interesting: the 0-10 mph autonomous driving is very easy to solve because the car can be stopped. the 50+ mph zone is also easy to solve because there are rules of engagements at that speed that dont have as many randomness. the hardest part to solve is actually the 10-50mph, what i call the "the middle game" where a car in an urban setting with bikes, children, cones, manholes, create all kinds of need for precision and speed that sensors today need to develop further. it's fundamentally solvable, but this is the most challenging portion of fulfilling the dreams of autonomous driving

this is where crypto is today. the 0-10mph was easy because people can understand why permissionless money is useful from a practical sense to start developing. the 50mph+ will also be really easy because by that point, onchain capital markets is going to be so obvious that you could never go back with all the benefits of self custody, capital efficiency, money velocity/rest optimizations. but its the 10-50 thats hard, where money in a pre-internet financial infrastructure is hitting AML/KYC, offshore capital conduits, discretionary bank risk models, lagging reporting regimes create all kinds of need of need for precision and speed that institutional infrastructure today needs to develop further. its fundamentally solvable, but this is the most challenging portion of fulfilling the dreams of onchain capital markets

i love bitcoin. but contrary to some opinion, i believe its possible to love crypto too, because bitcoin is a monetary experiment enabled by the evolution of technology, while most of crypto is the inverse: a technology experiment enabled by the evolution of money. they are fundamentally solving different problems, though rooted in one ideal: to make its access as much of a public good as possible

this is why crypto is going to be such an important force for the future during this "narrow window" for those can can see it. and while most early pioneers got into the game because of the ideology behind decentralization, it's time to admit that the winning ideology is technological financialization: it is hyperfinancialization with elements of decentralization that exports sovereign finance as a public good, decentralizes agentic rails for humanity as a public good, promote self-determination as a public good.

this is worth fighting for, and im excited to recommit my focus to these ideals that began my crypto journey. this "middle game" period will be remembered as the most critical juncture for the industry and for anyone who is doubting the industry at this time, i hope reading this helps you reanchor your beliefs for what you are actually fighting for, and more importantly, know that you can play a meaningful part in the revolution too

the future belongs to those who recognized it was always ideological

[Tania Reif @ReifTania]

SOFR 👀

[Liz Ann Sonders @LizAnnSonders]

Between April 2021 and April 2026, monthly retail and food services sales (adjusted for seasonal variations, holiday and trading day differences) increased by 24.3%. While that sounds like the economy must be humming along nicely, sales were essentially flat when adjusted for inflation.
@StatistaCharts @uscensusbureau

[Omid Malekan @malekanoms]

The world has a long (long) way to go before understanding what actually makes a token valuable. Case in point: the new wave of tokens tied to corpo databases masquerading as chains.

These are some of the least investible assets I've ever seen, like algo stables or memecoins, just dressed in a Patagonia vest.

They offer none of the utility of an actual native coin (BTC, ETH, etc) and none of the investor protections of actual equity (V, CRCL, etc). Instead they occupy a no-man's land of confusion. which is why they'll all end up worthless.

The history here is instructive, because the first editions of enterprise networks never had a coin. They came of age during the "blockchain, not Bitcoin" era when real crypto was pooh pooh'd and innovation theater was the only goal.

But now Bitcoin is a trillion-dollar asset and stablecoins are eating the world. The Suits simply must do something.

Well, how about a "blockchain" that's designed to empower rent-seeking intermediaries, not replace them?

And how about a "coin" that only they can own, at pennies on the dollar, without having to so much learn how to spell consensus?

The coins of corporate databases are the ultimate thirst trap for the executives who spent a decade telling us Bitcoin is a Ponzi and stablecoins are a scam, but now find themselves on the wrong side of history.

I am almost impressed by the crypto folks willing to sell them this crap. Some of them actually know better.

But I can't go along with it because I never support selling someone a bag of goods, even if the Bag is Hermes, and the buyer really wants to be fooled.

[Tania Reif @ReifTania]

Looking forward!

[Tania Reif @ReifTania]

@DavidDuong @CoinbaseInsto Don't unplug for too long - we will miss you! Thanks for all your great research and looking forward to your next chapter 💪

[Bitcoin Archive @BitcoinArchive]

JUST IN: Legendary investor Paul Tudor Jones says “Bitcoin is unequivocally the best inflation hedge. More than gold because Bitcoin is finite.”

[Erik Voorhees @ErikVoorhees]

Like oil itself, Bitcoin is neutral

A purely honest mechanism to move value between parties, regardless of their relationship or degree of trust.

[Tania Reif @ReifTania]

👇 world monetary system is not going back

[Wu Blockchain @WuBlockchain]

Iran Eyes Crypto Tolls for Oil Tankers

According to the Financial Times, Iran plans to charge crypto-denominated transit fees of about $1 per barrel on fully loaded oil tankers passing through the Strait of Hormuz during the two-week ceasefire with the U.S.; vessels must submit cargo details via email and settle payments in digital assets such as Bitcoin, while empty tankers may be exempt; Hamid Hosseini said the move aims to monitor traffic and prevent weapons transfers during the ceasefire.

[Wu Blockchain @WuBlockchain]

According to Bloomberg, the New Hampshire Business Finance Authority of New Hampshire, U.S., plans to issue about $100 million in Bitcoin-backed municipal bonds, rated Ba2 by Moody’s, two notches below investment grade. Debt service will be supported by proceeds from the Bitcoin collateral, with price-triggered liquidation provisions to protect repayment. The bonds are not backed by the state’s credit or taxing authority.

https://t.co/4zSOPCQFMX

[Grok @grok]

The Granger chart checks out historically—gold has led BTC by ~4-7 months in weekly returns with low p-values. Mayer multiple confirms BTC looks undervalued vs gold right now (near cycle lows).

In 2026 so far, gold's safe-haven run (up big since '24, recent ATHs near $5k+) has dominated while BTC lagged ~30-47% off peaks. If gold is stabilizing post-Jan highs as forecasts eye $4-5.4k end-year, a risk-on shift could spark that BTC rotation you note.

Patterns align for a potential window, but macro/geopolitics will decide. Solid setup to watch.

[Tania Reif @ReifTania]

https://t.co/0BiX1xhxaq

[Wu Blockchain @WuBlockchain]

Quantum technology company BTQ Technologies announced that it has successfully deployed the first functional implementation of Bitcoin Improvement Proposal BIP-360 on its Bitcoin Quantum testnet (v0.3.0). BIP-360 introduces a new output type called “Pay-to-Merkle-Root”, aimed at minimizing the exposure risk of elliptic curve public keys.

[Watcher.Guru @WatcherGuru]

Explaining Bitcoin to an empty room in 2013 when it was worth $100.

[André Dragosch, PhD⚡ @Andre_Dragosch]

WATCH:

Cool to see #bitcoin outperforming both gold and the S&P 500 last week amid geopolitical turmoil.

[unfolded. @cryptounfolded]

The Bitcoin reserve in CEXs fell below 2,708,000 $BTC today, the lowest level since Nov 2018

[Dan Held @danheld]

AI agents choose Bitcoin.

[Bitcoin Magazine @BitcoinMagazine]

JUST IN: 🇮🇷 Iranians are buying Bitcoin and mass withdrawing it into self-custody amid the war.

Bitcoin is the flight to safety 🙌

[Matt Hougan @Matt_Hougan]

New study update: Adding bitcoin to a 60/40 portfolio has increased cumulative and risk-adjusted returns in 100% of three-year holding periods.

The win rate over two years is 93%!

Updated study from @Bitwise with data through year-end 2025. Link and details below.