Dear Investors, Let’s pretend it’s January 1, 2022. Imagine that I told you that by January 17, 2023 Tesla would be down 63%, Meta down 60%, Amazon -42%, PayPal -57%, Square -54%. It was the worst-ever year on record for U.S. bond investors, according to an analysis by Edward McQuarrie, a professor emeritus at Santa Clara University who studies historical investment returns: “Even if you go back 250 years, you can’t find a worse year than 2022.” Now, I ask you to guess how much Bitcoin would be down. I’d imagine that the majority would say more than 54%. (Bitcoin as a proxy for our industry is down 54% from January ... (full story)