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The Wolf Den

One important argument every weekday at the intersection of crypto, markets and money - for real investors in a fake world.

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Substack
PricingOnly free issuesPublishesDaily
Issues1521Founded6 years agoLast Issue4 days ago
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Latest Issues

Crypto Is Coming For The Most Exclusive Assets In The World

Crypto has spent years trying to convince sports fans that they owned something.

Teams launched fan tokens that let supporters vote on jerseys, unlock experiences, access special content and occasionally decide which song should play after...

4 days ago
91
1

Wall Street Just Discovered Tether’s Money Machine

For most of crypto’s history, traditional banks treated stablecoins somewhere between a nuisance and an existential threat. They warned about deposits leaving the banking system, fought over whether stablecoin companies should be allowed to...

5 days ago
52

What Is A Crypto Token Actually Worth?

For most of crypto’s history, asking what a token was actually worth was a surprisingly difficult question.

Bitcoin was relatively easy. It was scarce digital money with a fixed supply and a clear monetary thesis. Ethereum became more comp...

6 days ago
92
1

America Isn’t Paying Off Its Debt. It Has Another Plan.

Scott Bessent would like everyone to calm down about the Treasury market.

The Treasury Secretary has pushed back on concerns that America’s enormous debt load is beginning to create stress in the world’s most important bond market. His bas...

7 days ago
77

The Crypto Treasury Machine Is Turning Back On

Everyone tried to copy Michael Saylor near the top.

Once Strategy proved that a public company could raise capital, buy Bitcoin and watch its stock trade at a premium to those holdings, the idea spread everywhere. Companies raised billions...

10 days ago
94
1

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