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Health, Wealth, and Happiness

June 21, 2024

"The greater part of our misery or unhappiness is determined not by our circumstance but by our disposition."

- Martha Washington

Howdy, investors!

Read on!

The Value Investor’s Case for Bitcoin

by John Hargrave

This week I discovered a hidden gem called “The Value Investor’s Case for Bitcoin?!” Note the outlandish

punctuation, which is unusual for professional fund managers.

Even more unusual, the investment memo was written in 2015 (!!) by Bill Miller IV, the Chief Investment

Officer at Miller Value Partners, a firm known for its long-term value investing approach (!!!).

MVP (great initials) was founded by his father, Bill Miller III (we'll call them BM3 and BM4 to keep them straight), and the firm famously beat the SP 500 for 15 consecutive years. Like all value investors, their approach was to find undervalued companies and hold onto them for the long term.

The value investing approach is safe and boring, and crypto is risky and exciting. But somehow, back in 2015, Bill Miller IV – the heir to the value investing hedge fund – believed in bitcoin.

Learn more about the Value Investor's Case for Bitcoin >>

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New Risk Scorecard: TrueUSD (TUSD)

TrueUSD (TUSD) is a stablecoin pegged to the US dollar, maintaining a 1:1

backing with USD reserves. It is issued by Archblock, a U.S.-based company,

and is unique in the stablecoin space by providing daily reports of its reserves.

While TUSD suffered some volatility and difficulty holding its peg in its early days, it has largely been stable since 2020. It is also benefiting from its adoption by Binance, which could help it close the gap with its major rivals USDT and USDC.

Our analysts ran the TUSD token through our industry-leading Blockchain Risk Scorecard to determine how much risk is involved with keeping your wealth in TUSD.

Premium members can download the TrueUSD Risk Scorecard here to learn what our analysts say about the stability of TUSD.

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Must Read

Today's most important stories for crypto investors.

Consensys Says SEC Is Ending Investigation Into Whether ETH Is A Security (The Defiant)

This is a significant victory for the crypto industry: the SEC has reportedly dropped its lawsuit against Consensys, which means much of the risk of investing in ETH is removed. (It's unlikely that the SEC would take up the issue again, especially with the upcoming approval of Ethereum ETFs.) This is good news for ETH investors, and for those taking advantage of our most recent investing opportunity.

How we Look at Crypto will Change It (Blockworks)

This bull market has been different. Rather than seeing bitcoin gains spread to altcoins, the market skipped directly to more speculative assets like memecoins. This shift suggests traditional valuation metrics are gaining importance, with an increasing focus on fundamentals. This matches our own approach, which has long been focused on project fundamentals in valuing blockchain projects.

Reflections on the State of Crypto: Q2 2024(Back of the Envelope)

Alana Levin, an investment partner at Variant, notes that several trends and projects are showing sustainable growth and market fit, including stablecoins, asset creation, AI models, Solana, Ethereum, Coinbase, and Uniswap. Other trends include the proliferation of new chains, particularly L2s and L3s. These trends show the industry is maturing: great news for long-term investors.

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Chart of the Day

Layer-1 Daily Active Users

Layer-1 (L1) blockchains provide basic infrastructure and security for the crypto ecosystem, enabling the building of secondary blockchains and applications.

While bitcoin (BTC) and Ethereum (ETH) are often mentioned as the biggest L1 blockchains, the data shows a different picture, at least based on actual usage.

Tron (TRX) and BNB Chain (BNB) have the most Daily Active Users. Ronin (RON), Polygon (MATIC), and Solana (SOL) all outpace Ethereum, too. All five are smart contract L1s and can be considered direct competitors of Ethereum.

If you believe in the future of these smart contract chains, consider looking beyond Ethereum. Yes, it is considered the biggest and best now, but there are alternatives, and some show impressive use and growth.

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Stablecoin Supremacy: Which Stablecoin is Winning?

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