Jeff Park

So I think volatility is really healthy and we should demand it on both sides.

And what you've seen is though, to your point,

The drawdowns in Bitcoin are no longer that violent in the way that it doesn't stay there for very long.

So this is the key.

When you have big liquidation events or macro resets like FTX, for example, there's some structural oversupply that comes to market where there's no bid and it remains suppressed for a long period of time.

And what you've seen with almost most of the drawdowns we've experienced is there's often a pretty quick bid.

Yeah, 2026 is the year of the ideological investor in my mind.

And for those who have read my substack that I posted last year, I wrote about the rise of the ideological investor pitted against the death of the intelligent investor, meaning Benjamin Graham's version of investing is long dead.

We are moving to a world where ideology is everything, attention is everything.

How people want to position across three different categories of meta is going to mean whether they make it or they don't make it.

And the three metas that I chose were one, geopolitics,

two, AI, and three, culture.

And all of those three in the first week of January have hit.

Geopolitics, man, what a thing to wake up to one day and realize that Maduro has been captured and brought to New York overnight.

That is geopolitics right there.

And that theme is going to stick with us for a long time because we are re-underwriting the death of the Washington Consensus.

And so already people are thinking about what does this mean?

If Venezuela is potentially a protectorate of the U.S., it may or may not be there in the long run, but

Energy companies are finding renewed interest.

I think there's several companies that had operated in Venezuela, America known, that are still demanding reparations for how they were treated.