Essays on Bitcoin, crypto markets and AI, exploring how money works, where market advantages come from and what makes financial systems trustworthy.
Bitwise added $HYPE to its 10 Crypto Index, weight around 0.95%. First-half numbers: $1.34T in volume, $320M in revenue, +165% for HYPE. The timeline is celebrating: institutional validation, HYPE in the big leagues. Index inclusion by itself means nothing. The same wrappers package Bitcoin, ETH, and whatever else has demand into their files. They don’t go deep into the technology and don’t…
Read on XA chain is only as fast as its slowest link. In RWA credit, that link is not the token. It is the borrower, the documents, the collateral, the servicer and the court. Goldfinch is what happens when crypto capital buys private credit and expects it to behave like a crypto product…
Read on XWhat do Warren Buffett, an AI agent named "Warren," and insider bets on the Super Bowl have in common? More than you'd think. And it's not about AI, it's about the nature of alpha... where it lived, where it moved, and why most people are looking for it in the wrong place…
Read on XI've held Bitcoin for around ten years, and I've learned the biggest risks aren't the ones we can quantify precisely, but the ones where the timeline is fundamentally uncertain. Quantum is exactly that kind of risk. I recently reviewed materials from both @CoinShares and @nic__carter on Bitcoin's quantum vulnerability…
Read on XBitcoin hit $67,000 this week, below its 2021 all-time high of $69,000. The market calls this a "crash" with -46% from the October peak and around $2 trillion wiped from crypto's total market cap in four months. Fastest drawdown we've seen since 2022. I get it... It hurts... leverage got flushed, paper gains evaporated, CT is in full fear mode. But look, I've been holding for approximately ten…
Read on XFrom the essay’s conclusion
The real perpetuals war is not Hyperliquid vs Lighter, but transparency + composability vs opacity + isolation. Short term: UX and performance win. Long term: transparency and liquidity access win…
Read on XWhile going through dozens of pieces of people whose opinion I respect, I realized I wanted to make my own 2025-2026 writeup. I decided to focus on what shifted the fundamental rules, rather than on “what was loud” or “what are people talking about.” Okay now, what do I think about 2025, 2026 and beyond…
Read on LinkedInSome people keep treating Bitcoin, Ethereum, and Solana like competing assets. But I won't be talking about price correlation or market cap rankings. I want to talk about why they're fundamentally different economic systems, and why understanding this matters more than any technical analysis…
Read on LinkedInAs someone who cares deeply about the field of Crypto in general and DePIN in particular, I want to address the clear contrasts and risks that exist in the hottest area, which is DePIN for Crypto x AI. I firmly believe that we can achieve our goals. However, it seems that in the Crypto x AI space, we are going through a phase similar to the ICO boom of 2017, when many questioned the need for…
Read on XDeFi is huge. But have you noticed the DePIN? It’s infrastructure. It’s important. Many of you believe that DeFi holds immense potential and is considered one of the most significant sectors within the crypto industry. This perception is widely justified, primarily due to the enormous size of the financial sector…
Read on MediumIn recent years, the world of cryptocurrencies and DeFi (decentralized finance) has attracted the attention not only of investors and technology enthusiasts, but also of government regulators. Traditionally, the US is considered a leader in technological innovation, while Europe is seen as a more conservative and cautious player. However, in the context of DeFi regulation, the situation is quite…
Read on MediumOn the occasion of Bitcoin’s 15th anniversary, this article is published to mark the significant milestone that was the start of a groundbreaking era. It was 15 years ago, on January 3, 2009, when Bitcoin was introduced by Satoshi Nakamoto. The inaugural block of Bitcoin, also known as the "Genesis Block," included a headline from The Times stating "Chancellor on the brink of second bailout for…
Read on MediumGet ready, folks! It’s 2024 prediction time (not financial advice though😏)!…
Read on MediumStablecoins, often backed by audited assets like the US dollar or bonds, lack transparency. Today, in the world of crypto, trading, both on centralized and decentralized exchanges, lending platforms, and the broader DeFi ecosystem, these currencies (mainly USDC, USDT, and recently FDUSD on Binance) are predominant…
Read on LinkedInYou may think, talking about Bitcoin no longer surprises many, but even today, when I speak before an audience of people outside the industry or so-called no-coiners (i.e., people who don't hold any crypto coins), just about 10-15% are knowledgeable beyond Bitcoin's existence and its price fluctuations. However, it's encouraging that there's widespread interest. But this article isn't about that…
Read on LinkedInThe traditional finance industry, or “TradFi,” has long been considered the cornerstone of the global economy. For centuries, banks, insurance companies, and other financial institutions have operated on a centralized model, with few incentives to innovate or explore new business models. However, the emergence of Web3 and decentralized finance (DeFi) is shaking up the financial world, and…
Read on MediumWe find ourselves at the cusp of a new era of technological transformation, one that is characterized by rapid and sweeping changes that surpass anything humanity has ever seen before. In the past, technological disruptions tended to occur slowly and in a piecemeal fashion, but the 2020s are poised to bring about simultaneous disruptions across all sectors of the economy. One of the driving…
Read on MediumDespite passive resistance from legislators in many countries, the cryptocurrencies are slowly being integrated into the global financial system. Started by enthusiasts, crypto exchanges have transformed into a huge industry with billions of dollars in trade and investment…
Read on LinkedInThis archive brings together Rezo Shmertz’s essays on money, markets and technology. Topics include Bitcoin and stablecoins, decentralized finance (DeFi), market infrastructure and artificial intelligence. Recurring questions concern how financial systems earn trust, how incentives shape decisions and where market advantages come from.
Each entry includes an excerpt and a link to the original publication. Read across the years to follow an argument over time, or choose a subject from the titles above. Older pieces remain dated so their arguments can be read in the context in which they were written.
For data alongside the essays, explore the Bitcoin Cycle Tracker. Interviews, podcasts and public appearances are collected separately in Media.