Market commentary, Bitcoin education, and the BDG perspective on a changing financial world. Written for investors who take the denominator seriously.
When the measuring stick itself is being debased, optimizing for nominal returns becomes a dangerous exercise. A deep dive into why the denominator matters.
A professional approach to Bitcoin's volatility transforms what most see as a structural flaw into a durable competitive advantage.
Bitcoin's four-year supply cycle is among the most predictable patterns in all of investing. What does the current cycle setup look like?
The emergence of Bitcoin treasury companies creates a new investable category — one with unique premium/discount dynamics that disciplined capital can exploit.
When nation-states begin holding Bitcoin as a reserve asset, the investment thesis shifts from speculative to structural. Mapping the current landscape.
How do you stay invested through 60–80% drawdowns? The answer starts with understanding how and why Bitcoin cycles work.
The Bitcoin Denominator conversation spans multiple channels. Find the format that works best for you.
Long-form market commentary, investor letters, and educational deep dives. The primary home for BDG's written thinking.
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The BDG annual investor letter — covering the fund's philosophy, positioning, and outlook for the year ahead.
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