Excerpt from our Q1 2019 Investor Letter
Over the past 5 weeks, Matt and I have been working diligently to research the Bitcoin and crypto market cycle (in addition to exogenous factors such as the geopolitical climate and current global economic phenomena) in an effort to (dis)prove our hypothesis that the market had found a bottom in December 2018. While not yet out of the woods, the vicious upward price action in BTC this morning (UTC) lends further credence to our hypothesis.
Along the way, we began incorporating certain portions of our research into our Q1 2019 investor letter which will be going out to our LPs shortly. In discussions with several of our colleagues in the industry over the past few weeks and in light of the price action of the past few hours, we thought it would be beneficial to share some of our research with the community here. Below are a few excerpted pages exploring our thoughts regarding current market cycle positioning. (Shout out to @100trillionUSD whose work on Twitter we greatly enjoy.)
Stay tuned as we will be sharing additional aspects of our research over the coming weeks.
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