The purchasing power of the US dollar has declined by 87% since 1971 ¹ — the year President Nixon severed the dollar’s last formal link to gold, ending the Bretton Woods system and ushering in the modern era of fiat money. Until 1971, the US dollar was backed by gold. This system ended because the US was creating more dollars than it had gold to support, and foreign countries were increasingly demanding gold in exchange for their dollar reserves. ²
What followed was predictable. Freed from the discipline of a fixed monetary anchor, governments expanded money supply in response to every economic challenge. The response to 2008 was quantitative easing. The response to COVID-19 was trillions created in months. The massive fiscal stimulus during the pandemic drove the sharpest inflation spike since the 1980s, with trillions of dollars created and injected into the economy through stimulus checks, PPP loans, and expanded unemployment benefits. ³ US national debt now exceeds $36 trillion, with interest payments exceeding $1 trillion annually — and the only credible mechanism to service that debt is to continue creating money, which further erodes its value. ⁴
This is not a political argument. It is a structural one. The incentives of democratic governments run in one direction: spend now, defer the cost. There is no credible political path to reversing this trajectory. The debasement of fiat currency is not a risk to be modelled. It is a baseline assumption to be managed.
Against this backdrop, a new asset class has emerged with properties that fiat currency structurally cannot offer: programmatic scarcity, borderless settlement, and rules enforced by mathematics rather than governments.
The numbers confirm what the thesis predicts. Between 400 and 600 million people globally have now used or owned cryptocurrencies. ⁵ Bitcoin’s network settled over $6 trillion in on-chain transactions in 2024 — an annual settlement volume that exceeds the GDP of most major economies. ⁶ Stablecoins processed $18 trillion in transaction volume in the 12 months to August 2025, eclipsing Visa, which processed $15.4 trillion in total volume over all of 2024. ⁶
This is not speculation. This is adoption.
For the first decade of its existence, Bitcoin was a retail phenomenon. That has changed fundamentally. In 2024, the launch of the first US spot Bitcoin exchange-traded products was a watershed moment. Within their first year, US spot Bitcoin ETPs saw over $35.5 billion of net flows, far outpacing initial expectations and surpassing the success of any previous ETP launch. ⁶
BlackRock’s iShares Bitcoin Trust reached $20 billion in assets in just 71 trading days — a milestone that took the previous record holder, a JPMorgan equity fund, over 1,200 days to achieve. ⁷ Sovereign wealth funds, pension funds, and endowments are now in active diligence and research conversations about Bitcoin allocation, with BlackRock playing an educational role across these institutions. ⁸ Some university endowments and pension funds have already begun allocating — typically among the last movers with regard to new asset classes due to tight investment criteria. ⁶
Crypto ETFs briefly exceeded $200 billion in assets under management, with those funds receiving more than $40 billion in 2025 despite significant volatility. ⁹ As Morgan Stanley’s head of digital assets noted, adoption started on the retail side with institutions now slowly beginning to explore allocations — the opposite of what we have seen historically, with institutions traditionally leaning in ahead of retail. ⁹ The institutional wave is not arriving. It has begun.
The Asia-Pacific region grew on-chain crypto activity by 69% year-over-year, while Latin America grew 63%, and North America’s growth rate increased from 42% to 49% — signalling that regulatory clarity and institutional inflows are beginning to show up in transaction-level data. ¹⁰
South Asia emerged as the fastest-growing region for crypto adoption in the first half of 2025, recording an 80% increase in transaction volume year-over-year and reaching approximately $300 billion. ¹¹ Global user penetration is expected to reach 11.82% in 2025, projected to increase to 12.24% by 2026. ¹²
The regulatory tailwind has accelerated this. Congress passed the GENIUS Act — the first comprehensive stablecoin law — while the CLARITY Act, aimed at establishing a full market structure for digital assets, continues to advance. The uncertainty that kept institutional allocators on the sidelines for a decade is systematically being removed.
Bitcoin’s fixed supply remains one of the most compelling monetary innovations in history. But the history of technology offers a clear lesson: predicting the single dominant platform decades in advance is a dangerous assumption. MySpace was not Facebook. BlackBerry was not the iPhone. Netscape was not Google Chrome.
The digital asset landscape is evolving rapidly. Ethereum introduced programmable money. Solana introduced high-throughput settlement. New entrants challenge incumbents every cycle. Bitcoin commands approximately 59.3% market dominance in 2025 ⁵ — significant, but meaningfully lower than its near-total dominance in the early years, as other assets have earned institutional credibility in their own right.
This is why we do not concentrate in a single asset. Our strategy rotates across the top 10 digital assets by market capitalization — updated annually to reflect the market’s current consensus on which projects have earned their place. By holding the leaders rather than making a permanent bet on any one of them, we ensure we are always positioned in whatever is winning. The market tells us who the winners are. We listen.
Buying and holding is the obvious expression of this thesis. Over long horizons, it has rewarded patient investors handsomely. But it carries the full weight of crypto’s volatility. Crypto’s annualised volatility is approximately 55% — about four times that of the S&P 500 — and even a 6% allocation to crypto can nearly double a portfolio’s overall volatility. ⁹
Drawdowns exceeding 70% from peak to trough are not anomalies in this asset class. They are a recurring feature. Holding through them tests the conviction of even sophisticated investors and, more critically, destroys the compounding that long-term wealth creation requires.
The question is not whether digital assets will be worth significantly more in a decade. The structural forces described above make that a high-probability outcome. The question is how to participate in that appreciation without being devastated by the inevitable and severe corrections that define this asset class.
Our solution is to apply a disciplined rotation strategy across the top 10 digital assets by market capitalization. Rather than holding blindly through every cycle, we use weekly momentum signals to determine when to be invested and when to step aside — rotating into gold or cash during confirmed downtrends.
The result is a strategy that has historically captured the majority of the upside of digital asset markets while materially reducing exposure during the most destructive periods of decline. Not because we predict the future, but because we let price tell us when the trend has changed.
We embody a disciplined, long-only framework built to compound wealth over decades — riding the structural tailwind of digital asset adoption without being destroyed by its volatility.
The forces driving this thesis are not cyclical. They are structural.
Fiat debasement will continue. The political incentives that produce it have not changed — if anything, with debt levels at historic highs, the pressure to inflate the burden away has intensified. Digital asset adoption will grow from roughly half a billion users today toward the billions. The regulatory clarity now emerging in the United States and Europe will accelerate institutional participation. The infrastructure — custody, settlement, derivatives, ETFs — is maturing to institutional standards.
And the winners of the next decade will not be identical to the winners of the last. We are built to capture that — systematically, patiently, and with the discipline that compounding across decades demands.
The result is a strategy that has historically captured the majority of the upside of digital asset markets while materially reducing exposure during the most destructive periods of decline. Not because we predict the future, but because we let price tell us when the trend has changed.
We embody a disciplined, long-only framework built to compound wealth over decades — riding the structural tailwind of digital asset adoption without being destroyed by its volatility.
¹ Discovery Alert / IMF data — dollar purchasing power declined 87% since 1971. discoveryalert.com.au
² Visual Capitalist / Federal Reserve Economic Data (FRED) — declining purchasing power of the US dollar. visualcapitalist.com
³ National Gold Group — COVID-19 fiscal stimulus and dollar debasement. nationalgoldgroup.com
⁴ Federal Reserve Bank of St. Louis (FRED) — Consumer Price Index: Purchasing Power of the Consumer Dollar. fred.stlouisfed.org/series/CUUR0000SA0R
⁵ CoinLaw — Cryptocurrency Adoption Statistics 2025. coinlaw.io/cryptocurrency-adoption-statistics
⁶ Fidelity Digital Assets — The Maturation of Digital Assets (2025). fidelitydigitalassets.com
⁷ UnboxFuture / BlackRock IBIT analysis — $20B milestone in 71 trading days. unboxfuture.com
⁸ CoinDesk / BlackRock — Sovereign Wealth Funds and Pensions considering Bitcoin ETFs (May 2024). coindesk.com
⁹ Morgan Stanley Research — Digital Assets Go Mainstream as Global Adoption Accelerates (Feb 2026). morganstanley.com
¹⁰ Chainalysis — 2025 Global Crypto Adoption Index. chainalysis.com
¹¹ TRM Labs — 2025 Crypto Adoption and Stablecoin Usage Report. trmlabs.com
¹² Statista — Digital Assets Worldwide Market Forecast. statista.com
