Investment thesis
Outside money is money that exists outside the financial system, with no one able to print more of it, freeze it, or devalue it.
Most money in the world is designed to be flexible. Central banks expand and contract the supply depending on economic conditions. That flexibility serves a purpose, but it also means the value of your savings is partly a function of decisions made by institutions you have no influence over. Bitcoin is the opposite of flexible. Its supply is fixed at 21 million, forever, and that number cannot be changed by any government, company, or individual. Every four years, the rate at which new Bitcoin is created gets cut in half, making it progressively scarcer over time. It is the first asset in history where scarcity is not a physical property, like gold, but a mathematical one. That is what makes it interesting as a place to store wealth over the long term.
Evidence locker
4 pieces
Research & commentary
Etherbridge
Q2 2026 Outlook covers the big picture, bitcoin onchain data, ethereum onchain data and the five forces transforming the industry from cyclical growth to secular growth.
With ETHBTC at 2018 lows, Ethereum is the most mispriced and misunderstood cryptoasset in the market, positioned as the institutional platform for Internet finance just as regulatory tailwinds and stablecoin adoption hit critical mass.
Six months into a brutal drawdown, with crypto obituaries everywhere and the fear and greed index at all-time lows, the indicators say the bottom is in or close to it and the next bull market’s narratives are already taking shape.
Investor toolkit
Further reading
Book
The full Etherbridge framework for valuing crypto assets, contextualized around all four themes.
Read the ebookWhere the thesis leads, the fund follows.
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