🚪 Hold the door

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Hey! You made it to Friday.

As crass as it is, you might know that “big green dildos” is a common dysphemism (TIL: the opposite of a euphemism) for big green candles. Massive price rallies.

It’s absurd, then, that while we all debate whether there will be more big green candles in crypto’s near future, the Brooklyn’s DA office now wants to crack down on the alleged memecoin crew throwing green sex toys at WNBA players.

The story is frustrating and the crypto angle is less than fortunate. But it begs the question: how does one allocate in a market this ridiculous?

Today’s roundup episode of the Empire podcast at least gives us a window into how Santi and guest Roshun Patel are thinking about their portfolios right now.

“I’m rotating a lot of my crypto exposure to Bitcoin, and I’m feeling good just doing that,” Santi said. The non-crypto side of his book is more and more skewed towards long-term plays but holding greater amounts of cash (not reinvesting it).

“I have a bunch of stuff that is maturing, structured products and whatnot, and so I’m just kind of holding cash and putting it on [US] Treasurys and being patient. If I get paid 3-5% to be patient, it’s not nothing. And so I’m kind of comfortable holding greater amounts of cash for the next two, three years. If it gets ugly, I would love to buy bitcoin again at $60,000.”

Yano had brought up the notion that the end of the cycle is sometimes the most parabolic. He asked Ro how that impacts what he does with his money at times like these.

“I think we’re not at an inflection point here where it makes sense to be, let’s say, 100% unallocated, but I also think you can’t be 100% fully allocated,” Ro said. “Because if this parabolic situation is truly true, you know, multiples on your less-than-50%, less than 70% or less than 80%, whatever you want of your portfolio, is still fine.”

Perhaps we haven’t reached the cycle peak just yet. Still, it’s telling that Santi is paying more and more attention to the size of the door — the way out — as he put it.

“For anyone that’s been around this space, you know that the door shuts down really quickly, especially for NFTs; there’s basically no liquidity,” he said. ”Even stuff like Terra/LUNA — good luck trying to get out of that trade if you had size. You just don’t have that problem with Bitcoin.”

And now you know.

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It’s the summer of DATs and the party is going strong. 

But when October rolls around, everyone will be looking to DAS: London to hear from these meta-defining voices on where things stand and where they’re headed.

Get your ticket today with promo code: EMPIRENL

📅 October 13-15 | London

Last week, we asked: What are your thoughts on David’s return?

71% of you replied: “Who’s David?” I’m asking that myself, tbh.

This week, we’re wondering: