Bankless Betting the Fund on the Merge | Hal Press, North Rock Digital
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May 11, 2022 Hal Press, the founder of North Rock Digital and a hedge fund manager with deep conviction in Ethereum, shares his bold strategy of betting his entire fund on the Ethereum merge. He discusses the unique dynamics of ETH's supply and demand, the impact of core developer calls, and trading strategies surrounding the merge. Press also dives into the implications of staking in DeFi and contrasts Ethereum with alternative layer 1 blockchains, emphasizing the significance of market narratives and investor psychology in this transformative era for crypto.
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Betting the Fund on the Merge
- Hal Press is betting his entire fund on the Ethereum merge due to its strong fundamental case and powerful structural flow catalyst.
- He believes this is the most impactful structural flow catalyst in crypto history and expects a dramatic price impact.
Crypto as Equities
- Crypto assets derive value as currencies, stores of value, and equities, with the equity aspect being underappreciated.
- Proof-of-Stake cryptocurrencies function like equities, with staking similar to dividends and issuance akin to stock-based compensation.
Asset vs. Network
- In 2019, Bankless emphasized the distinction between a crypto asset and its network (e.g., ETH vs. Ethereum).
- They highlighted the need to analyze tokenomics, but the market hasn't consistently priced assets this way.