Bitcoin Money Market Funds: Returns and Stability

This chapter explores the potential returns and stability of Bitcoin money market funds, comparing them to government securities and traditional benchmarks. It discusses the distribution of returns for individuals using this trade as a cash balance and highlights the impressive sharp ratio of Bitcoin money market funds.

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Episode notes

Marty sits down with Théo Mogenet to discuss his piece written for Axiom on the financialization of Bitcoin.

Théo's Twitter: https://twitter.com/theomogenet

Théo's Substack: https://substack.com/@theomogenet

0:00 - Intro
7:00 - Théo’s background
11:06 - Explaining money market funds
16:46 - UK Gilt duration mismatch
22:32 - US bank failures
25:08 - Weaponization of monetary system
39:41 - How Bitcoin fixes this
49:26 - Bitcoin’s increasing demand
52:47 - Through the lens of monetary policy
55:28 - Perpetual markets
1:00:46 - DLCs for futures contracts
1:07:55 - Acquiring liquidity for DLCs
1:18:24 - Nascent companies
1:23:52 - Inciting hyperbitcoinization
1:29:12 - What drives further adoption?
1:40:47 - Théo’s upcoming writing

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