Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

<ul><li>It should come as no surprise that inflation dominated headlines throughout 2022 and 2023.</li><li>This was largely because central banks around the world, including the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), had to respond to rising inflation by aggressively increasing interest rates.</li><li>The chart below highlights these interest rate changes.</li></ul>

It should come as no surprise that inflation dominated headlines throughout 2022 and 2023.This was largely because central banks around the world, including the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), had to respond to rising inflation by aggressively increasing interest rates.The chart below highlights these interest rate changes.

Crypto Moves #56 – Suddenly We Are Once Again Discussing Inflation

Podcast series by Dean Curnutt, Alpha Exchange

Alpha Exchange

Podcast series by Dean Curnutt

The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.

<ul>
<li>Discussion of ins and outs of option pricing and market risk</li>
<li>Examples of price volume spirals in meltdown and melt up scenarios</li>
<li>Exploration of value and instability in market dynamics</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Discussion of ins and outs of option pricing and market risk
Examples of price volume spirals in meltdown and melt up scenarios
Exploration of value and instability in market dynamics

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul>
<li>Trump is gradually building a team to “make America great again” in the crypto space—a move that certainly cannot come soon enough.</li>
<li>The most significant news from the past week includes the following highlights.</li>
<li>Trump Names David Sacks as White House AI and Crypto Czar’ at Bloomberg</li>
</ul>


Trump is gradually building a team to “make America great again” in the crypto space—a move that certainly cannot come soon enough.
The most significant news from the past week includes the following highlights.
Trump Names David Sacks as White House AI and Crypto Czar’ at Bloomberg


Crypto Crisp: Trump Is Assembling a Crypto Team

<ul><li>Just two days ago, Bitcoin surged past the $100,000 milestone for the first time, reaching a peak of $104,000.</li><li>This achievement is highly significant, not only because it represents a critical psychological threshold but also due to the immense media attention such milestones attract.</li><li>Historically, this kind of coverage has often spurred increased interest from retail investors, who may be prompted to purchase Bitcoin as a result.</li></ul>

Just two days ago, Bitcoin surged past the $100,000 milestone for the first time, reaching a peak of $104,000.This achievement is highly significant, not only because it represents a critical psychological threshold but also due to the immense media attention such milestones attract.Historically, this kind of coverage has often spurred increased interest from retail investors, who may be prompted to purchase Bitcoin as a result.

Crypto Moves #55 – The Charts That Determine Whether We End 2024 Above $100,000

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>Donald Trump’s election and the subsequent bull run to 100k has emboldened Bitcoiners. Many of them are now calling for the US government to build what they call a Strategic Bitcoin Reserve.</li><li>This idea has been floating around for a while. Robert Kennedy Jr. gave it a big boost in July when he promised to make the Treasury buy a quarter of all Bitcoin in circulation was he elected as president.</li><li>Since the election, various crypto celebrities have chimed in and politicians at the state and the federal level have come up with policy proposals to push this agenda.</li></ul>

Donald Trump’s election and the subsequent bull run to 100k has emboldened Bitcoiners. Many of them are now calling for the US government to build what they call a Strategic Bitcoin Reserve.This idea has been floating around for a while. Robert Kennedy Jr. gave it a big boost in July when he promised to make the Treasury buy a quarter of all Bitcoin in circulation was he elected as president.Since the election, various crypto celebrities have chimed in and politicians at the state and the federal level have come up with policy proposals to push this agenda.

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Bitcoin (XBTUSD CURNCY)

Crypto Moves #56 – Suddenly We Are Once Again Discussing Inflation

It should come as no surprise that inflation dominated headlines throughout 2022 and 2023. This was largely because central banks around the...

Steno Research

Bitcoin, Price / Vol Spirals and MSTR

A meeting is set shortly after Trump takes office, leading to discussions on uncertainty and option prices

Alpha Exchange

Crypto Crisp: Trump Is Assembling a Crypto Team

Trump is gradually building a team to “make America great again” in the crypto space—a move that certainly cannot come soon enough. The most...

Steno Research

Crypto Moves #55 – The Charts That Determine Whether We End 2024 Above $100,000

Just two days ago, Bitcoin surged past the $100,000 milestone for the first time, reaching a peak of $104,000. This achievement is highly...

Steno Research

Strategic Bitcoin Reserve?

Donald Trump’s election and the subsequent bull run to 100k has emboldened Bitcoiners. Many of them are now calling for the US government to build...

Fallacy Alarm

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