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Mark Yusko

Bitcoin Adoption Acceleration​

The hosts highlighted Bitcoin's price reaching $103,000-$104,000 and the increasing corporate treasury adoption trend:

  • Multiple "Bitcoin treasury companies" are forming globally, including Nakamoto (described as a "conglomerate of Bitcoin treasury companies all around the world")
  • Similar initiatives are emerging in Brazil, Japan, and other regions
  • Even traditional companies are converting cash reserves to Bitcoin to potentially increase shareholder value

IPO Landscape and Market Evolution​

Stripe's valuation journey (from $100 billion in 2021 to a $50 billion down round in 2023, now listed at $70 billion) demonstrates the natural volatility of high-growth tech companies.

  • Coinbase's addition to the S&P 500, replacing Discover Card-symbolizing the mainstream acceptance of crypto companies. As Mark noted, "The 500 most important stocks in the United States" now includes a cryptocurrency exchange that was once considered fringe.
  • EToro's successful public debut, described as possibly "the biggest fintech IPO in four years," marking another win for the Morgan Creek portfolio.

The discussion emphasized how their "ABCD" investment framework (AI, Blockchain, Chips, Data) is playing out in the market:

  • AI advancements: Mark shared personal experiences with improved ChatGPT models, noting they're "much better at getting actual facts right" compared to earlier versions
  • Digitization acceleration: The hosts discussed how technology is disintermediating traditional institutions in banking and healthcare
  • Quantum computing investments: A new $1 billion quantum ventures fund launched from Qatar, representing the Middle East's strategic shift from oil dependency to technology leadership

Market Philosophy​

The hosts shared their investment perspective on volatility and market cycles:

  • "Volatility is not your enemy" and "volatility is simply a sign of disagreement about a future outcome"
  • Even successful companies like Amazon experienced extreme volatility (91% drawdown early in its history with an average annual drawdown of 31%)
  • The importance of adaptation: "It's the old Darwin-adapt or die"

The episode reflected optimistic sentiment about technology markets heading into summer 2025, with the hosts emphasizing that despite periodic downturns, well-positioned technology companies continue to demonstrate resilience and growth.