Markets and regulation

His worked example: 250K in reserves means about 7,500 into digital assets. Over-diversification is the most common mistake he sees; keep it to a few assets and hold long term.

US government bonds paying 3 to 5 percent lose value in real terms against actual money creation; equities barely clear the bar, which pushes investors further out the risk curve into private equity and crypto.

Tether holds up to 85 percent of its balance sheet in short-dated US treasuries and serves an estimated 400 million users, mostly in the global south. Ironic twist: a movement born against the fiat system now provides demand for government debt.

The 2017-era Fizzy pilot paid claims automatically via smart contract and oracle. Layered protocols like EY's Nightfall on Ethereum now allow selective disclosure, so businesses can keep margins secret while using shared public rails.

The effect comes from crypto's still-low correlation to traditional assets. Institutions are following: Bank of America now allows advisors to recommend up to 4 percent Bitcoin exposure, making the old 2-3 percent rule look conservative.

Across Oviva's markets (Switzerland, Germany, UK) patient needs and clinical effectiveness transfer, but reimbursement expertise does not; there are zero synergies on that side. Getting reimbursed per country is itself the learned skill and the real complexity of European health tech expansion.

They spotted brown suede at the Milan leather fair in September and launched it in October; it took 50 percent of sales versus the usual 50 percent black, showing both the payoff and the forecasting risk. Fashion forecasting cannot rely on historical data because models, colors and trends change every season, which was the subject of her data analytics PhD.

a16z's historical parallel on how slowly general-purpose technologies translate into measured productivity.

The 21 million cap is effectively unchangeable across hundreds of thousands of nodes. Houses built to live in and art stored in basements are misused as stores of value; Bitcoin is still under 2 trillion, less than half of NVIDIA alone, so he sees upside left.

SpaceX already collects Starlink payments in stablecoins in underbanked markets, and Revolut users moved about 10.5 billion dollars in stablecoins in 2025, growing over 100 percent. Off- and on-ramp costs and the chicken-and-egg supplier problem still slow adoption.

His serious list is short after 10 years in the sector: Bitcoin, stablecoins, exchanges, prediction markets like Polymarket, and tokenization of traditional assets. Hardly any token has outperformed Bitcoin over long horizons.

Charging patients directly makes you optional wellness, not healthcare, and caps accessibility. This is Europe-specific; other geographies work differently, but here the reimbursement route was the only way consistent with the mission.

His first advice to founders seeking reimbursement is do not complain. Most actors in healthcare genuinely want better care but act from different incentive positions, which produces conflicts and bad patient outcomes; negativity toward that is a signal of shallow understanding.

The reinforcement learning pioneers asked, upon winning the Turing Award: if we would not test bridges by making people walk on them, why are we doing it with AI?

A direct challenge to Dario Amodei's 'compressed 21st century' idea.

Yuval Noah Harari's view on how the most powerful technology ever created will change humanity.