Strive CEO Emphasizes Going Long on Bitcoin and Short on USD, Claims Currency Depreciation is Irreversible

On October 19, Strive CEO Matt Cole presented an investment framework, pointing out that long-term trends in money supply are an important reference for assessing capital costs. He noted that historical data from the past 55 years shows that scarce assets consistently outperform currency depreciation, with gold's compound annual growth rate at 9.0% since 1970, compared to 6.7% for M2 during the same period. Since the global financial crisis, the compound growth rates for gold and M2 have been 9.5% and 6.3%, respectively, while since the COVID-19 pandemic, they have reached 18.3% versus 6.5%. Cole believes that Bitcoin, as digital gold, is a superior store of value and is still in its early stages; as it matures, its performance should surpass that of gold. He pointed out that as long as the long-term trend of currency depreciation continues, the excess returns of scarce assets relative to the dollar will accelerate. Cole emphasized that Strive's success relies on the "amplification ratio" rather than capital costs, and establishing and maintaining a high amplification ratio is extremely challenging. He criticized consensus investors for overly focusing on capital costs and fiat cash flows, arguing that a true understanding of Bitcoin should lead to maximizing short positions on the dollar and long positions on Bitcoin. Additionally, Cole released Bitcoin holding data, stating that Strive increased its holdings by 2,822 Bitcoins between October 12 and October 13, at an average price of approximately $83,266 per coin, with a total investment of $235 million, raising its holdings to 35,600 coins.

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