How much of your savings is prudent to invest
in cryptocurrency? I tell new individuals
to put one or two percent in. I've got a lot
more than that. But I kind of live on top
of the Bitcoin price. What percentage of your
crypto portfolio should be in Bitcoin?
Bitcoin is a bellwether, and you have to have
that in the portfolio. Is it 50 percent is
a 30 percent.How much should you bet on altcoins
and Defi projects?
You got to really size it down accordingly
just because it is going to whip around so
much, like it just wouldn't be prudent to
have, like, a huge position in it.Learn how
to build an optimal crypto portfolio with
Mike Novogratz, Dan Matuszewsky, Paul Eisma,
Robert Materazzi and Ran NeuNer. These are
the highlights from Cointelegraph Crypto Traders
Live.
Panel with these esteemed guests talking about
how to build the optimal crypto portfolio.
And when I looked at this topic on. I thought
to myself, this is a very strange panel to
be running because everyone has different
risks and different needs and requirements,
and so they must not be one cryptid portfolio
for all people. So you've got a very diverse
bunch of people. Unless you've got a fund
manager with two fund managers. We've got
Mike, we've got Paul. Let's look at the markets
where we stand today. And if we look today,
the markets are the equity markets are coming
down a little bit, but bitcoin and gold seem
to be holding quite strong, Mike, I'm going
to send this question to you. Do you think
that Bitcoin is now becoming an option as
a digital gold or as a commodity, almost as
a safe haven and a safe haven when equity
markets collapse and the safe haven when governments
print more money? Are we there?
Well, I think those two are two separate things.
So, yes, I think the most important thing
that's happened this year is Bitcoin has been
credentialized as a proper macro tool in the
toolkit, part of the arsenal of investors,
hedge fund investors, individual investors
and institutional investors.
It is in Crypto World taking the taking the
lane or the narrative of digital rolled right?
It's the only pure store of value. Bitcoin
is only as good as the social construct It's
valuable because we say it's valuable. But
I think all the rest of the cryptos who have
some of that store value in smaller communities
are going to have to prove use case. They're
going to have to be they're going to have
to be useful doing something else. But I think
Bitcoin is a finished product. And I think
that's why the bulk of the energy from the
new participants and institutions are all
going into Bitcoin.
Gold is a 10 trillion dollar market cap. Bitcoin
is a little more than two hundred billion.
We're really early on the adoption cycle.
Bitcoin is still hard as hell to buy for most
institutions, for most people. I had three
different people call me yesterday and we're
trying to figure out how they can buy it in
their funds. And so I think we're in early
stages of people moving, of institutions moving
into the space. I think they'll all with one
hundred percent start with Bitcoin. And so
in lots of ways for big capital, it's going
to be the dominant piece of any portfolio.
It doesn't mean if you have a smaller amount
of money, a smaller fund, there's not lots
of money to be made in some of the other cryptos.
But if you're talking anybody who's moving
big capital, it's all Bitcoin.
Now, when we look at the crypto markets today
and specifically you spoke of institutions,
are institutions looking at anything else
but Bitcoin at the moment? And I open the
question up to anyone on the floor who wants
to answer it.
Let me finish and I'll let those guys go.
You know, the way I look at it is everything
else is in your venture bucket.
If you're an institution, you should have
a big venture bet in the blockchain, in DeFi.
DeFi is going to change the way we do finance
in the next 10 years. But it's not the next
one year. And so I put that in venture. There
are some people that are putting Ethereum
in as well. They're saying, OK, Ethereum.
I mean, maybe I do an index of Ethereum and
even XRP and some of the other top five just
to get diversity. But mostly it's Bitcoin.
And then hey should I have more of Etheruem?
Ethereum seems to be way out in front now
in the protocol race.
Mike, you've always been an Ethereum lover.
We've all drank the Kool-Aid, we are all well
down the crypto rabbit hole.
And I mean, we are spending our lives in crypto,
but let's try to improve ourselves and look
at the outside world, the traditional fund
managers. If you were talking to a traditional
fund manager with a equities fixed income
portfolio, etc, what percentage of their fund
do you think would be prudent to allocate
to crypto today? And I know it's difficult.
Bitcoin's implied vol is 80.
It was 50 last week. So call it 65 vol, right?
And so, you know, if currencies are usually
10 vol and gold can trade historically a little
higher than that. You know, it's vol adjusted.
It's not that large of a position. Right.
I tell new individuals to put one or two percent
in.
I've got a lot more that but I kind of live
on top of the Bitcoin price.
But, you know, if you're an equity PM, four
percent is a pretty big position in a stock.
There are some funds that go up to 15 or 20
percent.
So it's a little bit of vol adjusted based
on your strategy, but it's probably somewhere
in the three to five percent for aggressive
funds.
It's got to be small.
I mean, it's just it's so volatile and relative
to everything else, I think it's like 80 realized
on the year. I mean, obviously, March was
like wild, but you got to really size it down
accordingly just because it is going to whip
around so much, like it just wouldn't be prudent
to have, like, a huge position in it. So I
think you're going to see very small allocations,
especially until that vol comes in significantly,
which it does not appear to be.
So let's talk about that. If we agree that
the percentage in a big fund is between three
and five percent, if you were one of those
fund managers or advising one of those fund
managers, what percentage would you tell that
fund manager to put into Bitcoin?
And if it's not 100 percent, where would you
tell them to put the balance, knowing that
they're not as close to the fire as we are
in terms of being able to trade in and out
of different crypto as they have a lot more
friction. Ran, if you're a big fund, It's
probably almost all Bitcoin because the liquidity
in the other crypto just doesn't pass the
liquidity test. Right. And so if you're an
individual, you might have looked at the Ethereum,
Bitcoin chart and shifted 70, 30 Ethereum
to Bitcoin just because you can move in and
out. But if you're talking to the funds that
have to buy one hundred million, one hundred
and fifty million dollars worth of Bitcoin,
they're not going to be flipping it in and
out of Bitcoin and Ethereum, so they are going
to be mostly Bitcoin. And so a lot depends
on sizing. If you're a retail customer, I
would probably maybe have half Bitcoin and
half everything else.
When you say half everything else, I'm interested
to know what you mean by everything else,
because I've looked at coin market cap. There
are a lot of everything elses. In my portfolio,
personally, when I look at Galaxy, my portion
of Galaxy, it's probably 50 percent Bitcoin,
five percent other coins and then forty five
percent venture bets.
And so investments in other funds, investments
in infrastructure and exchanges and custody
businesses, in new products, in what I hope
to be the next version of you know, things
that get built on DeFi. And so I've got a
big venture portfolio.
Yeah. The, the venture piece is like, that's
the other way, right. Either you buy Bitcoin,
or buy Ether, like you stick it in the corporates.
And this is why the venture funds have had
so much better time raising than the active
trading funds. Right. You see a lot of like
sixty to one hundred, one hundred fifty million
venture funds coming together to invest in
the corporates on the crypto side, you don't
see a lot of the same sort of tickets getting
punched for the active management side. And
a lot of that is the liquidity. Right. You
can plough 10, 15 million into a handful of
deals and you can make that money go to work.
But once you're over one hundred million,
you're just bater to Bitcoin anyway, so you
might as well just buy it outright. It's hard
to give that money to then somebody to, like,
manage.
Daniel, I'm interested to know your portfolio
or your fund that you speak about, what's
the breakdown of assets in the fund at the
moment? Bitcoin, other coins and venture.
Yeah, so it's probably 30, 30, 30. So that
would be like a steady state where it's like
a third Bitcoin Ether, a third sort of the
board and then a third of stuff that's like
not liquid. Right. Like the tokens that like
we have vesting on or equity positions that
we have no chance of getting liquidity on
in any foreseeable future. And that 30, that's
like the board, that moves around wild. We're
churning intra day, between days, like it's
very unlikely we're keeping positions multi
month. Right. It's like a lot of like where's
this hot bowl of money going? Like, what's
interesting, where's the action? And sort
of like follow with that. But that's because
we like have a very active bias. So like that
pool of names moves around a lot unless we
have a really strong thesis about something.
And then we're going to keep it for a longer
time horizon. But for the most part, like
that's sort of very evolving sort of bucket
of risk that we have.
Paul, when I look at you, what what do you
believe is the optimal split today in a portfolio
for you or for someone like you between Bitcoin
and all the other coins and venture?
Sure. That's a good question. I just like
to caveat, this is not investment advice.
And, you know, obviously we're not allowed
to talk about anything proprietary to the
business that we do. Just a caveat. That said,
I think listen, with both Mike and Dan, that
is very correct. You want, you know, actual
companies you want to invest in. Those are
those are actual real projects with material,
you know, almost call option like optionality.
Right. You know, and then, you know, you want
out of proportion, obviously, to Bitcoin as
a bellwether. You have to have that in the
portfolio. Is it 50 percent, is it a 30 percent?
It's going to be a good portion of your portfolio
because that's, you know, that's going to
be leading potentially the rest of the coins.
Before, I guess, the alternative coins, which
is a euphemism that are further out in the
risk spectrum, I think, again, to keep to
this options like analogy, you need a few
call options where you're willing to burn
the premium. In other words, you're willing
to lose all your money, but then have that
upside up optionality should they actually
pay out. Right. So I think if you think of
a diversified portfolio that, you know, I
think Dan's structure of like thirty, thirty,
thirty, I think is a good place to start.
And then within those buckets, you can, you
know, shift around, you know, your structure,
for example, to different factors, for example,
within the ecosystem, very much like how Mike
described, infrastructure plays, you know.
Essentially this is a goal of ours that we
always like to talk about. What are the picks
and shovels? Who are the entrepreneurs that
are stepping into the space to filling in
the gaps of this still developing ecosystem?
Those are the types of companies that actually
make us really excited. And those are actual
companies, not necessarily at the token level.
Robert, last one, very quickly. The split
between Bitcoin and the coins, and then we're
going to dig much more into how to actually
construct the crypto portfolio.
I mean, my advice is obviously a bit a bit
focused differently. I mean, when we're talking
about the post trade side of operations and
you're adding more coins and more liquidity
providers, all of those dimensions add more
complexity, which can add very material costs
if they're not thought of while setting up
the portfolios. So just even your wallet providers,
how you're classifying things for tax purposes,
how many financial controllers you need, all
of those things. So I just say just Bitcoin.
You're pretty simple. You probably don't need
some advance software to manage the back office
for that. When you start adding the other
coins, by the nature of how the ecosystems
evolved, you need to go out to different exchanges
or trading desks to acquire them. And and
that adds more complexity and then more back
office costs.
Ok, so let's look at the top 10 coins on Coinmarket
Cap today. We've got Bitcoin, ETH, XRP and
so the list goes down. Do you guys think that
that is representative of the future of this
industry? Is that a good litmus test of what
we think are going to be the winners in the
industry?
You've got Bitcoin and ETH, leading by a country
mile and then you've got Cardano, XRP, BSH,
BSB working their way down. Is that a true
representation of the possible winning protocols
three to five years from now?
You know? Absolutely not. Yeah, hit it Dan.
As I look, if you made me make a bet, like,
how many of those are going to stay in the
next five years, I don't know, three. Like
Bitcoin and ETH are not going anywhere. And
then give me a third is like a toss up. Maybe
Ripple has so much like inertia that you can't,
like, move it out, but like that that list
is going to move around a lot.
Ok, I'm looking a little different way Ran.
So let's take crypto currency so far, right.
It's been a social construct, but it's not
the code of Bitcoin that gives it value. Like
we could fork the code and call it Ran Ran
coin and it might not be worth that much.
That's a great idea. Right. There's this community
of over one hundred million people that own
at least a piece of a Bitcoin, that there
are these people that believe in it and it's
built this brand that it's a store of value
because we say it is. And so a lot of this
is about the community. And so, like, listen,
Ripple has a really aggressive community,
mostly based in Asia, the XRP army, and they
have a use case. Right. It's cross-border
payments. And there's a story that gets people
buying it.
Can I stop you for one second about community.
I want to stop you around communities.
Because the way I understand communities is
developer communities, developing cool stuff
on a protocol. VC communities or funding communities,
investing in the smart people that are building
on the protocol. And then there's user communities.
Now, when you talk about communities and specifically
in the XRP context, yes, I get that there
is an XRP army. I've been attacked by them
several times for mentioning XRP on my show.
But how many people are actually building
and funding projects like XRP?
Let me answer that specifically. I think 75,
80, 90 percent of the smartest people in the
space are working on things in and around
the Ethereum project. Right. So they've got
the most developers and probably have the
best chance of being the base level trust
blockchain that shit gets built on. It doesn't
invalidate that Bitcoin's got a far higher
market cap and I think it will continue to
have a far higher market cap, even though
not that many people are building on Bitcoin.
Right. Bitcoin has this lane of digital gold.
It's a finished product. And so if XRP can
actually become this cross-border payments
and they're having some success in Mexico
and if they become the interbank for that,
they have a shot. And so even some of the
smaller ones, I mean, I badmouth Litecoin
a couple of times, just tongue in cheek. I
was like, Litecoin is a poor man's bitcoin
and it's a test net and oh my God, I got attacked.
I thought I got to get bodyguards almost.
But I've learned to change my view. There's
a group of people that believe Litecoin has
value and so to them it has value. It'll never
be nearly as big as the other ones because
it doesn't really have a lane.
And so the way I look at these is do you have
a lane and a purpose? And can you create people
in some cases to build on your things, to
create a broader community, in some way to
get people to believe in that thing you're
doing? You know, in the periodic table, only
gold is a store of value just because of store
value. The other hundred and thirteen elements,
all we use them for something. Like copper
is valuable because we use it. We build cars
and wires and gutters and all kinds of shit
with copper. Gold, we don't do anything with
it. We just stare at it or put it on jewelry
and wear it. And so I think you can think
of it that way. But it doesn't mean, you know,
smaller cryptos won't have a purpose. They're
just not going to ever be as big. And a lot
them are going to go away because people lose,
you know, it costs something to keep the project
up, right. Like right now, it's the energy
equivalent of Three Gorges Dam that Bitcoin
mining uses every single day.
Let's talk about actually what we're supposed
to talk about, which is how to actually build
a crypto portfolio. There are a lot of the
viewers who are thinking, you know, I logged
in and actually what I want to do after this
session was come up with takeouts about how
to build an optimal portfolio. So
let's take your average investor. The average
investor has a little bit of spare cash, let's
call spare cash ten thousand dollars. And
this average investor wants, or let's say
a hundred thousand dollars and you can break
it up. If you have one hundred thousand dollars,
you are in your 30s. You've just started out.
How would you go about building a crypto portfolio?
And let's work under the assumption that you're
going to hold this portfolio for three years
or five years.
If their whole net worth is one hundred whatever,
one hundred thousand. Their left over income,
the money they can afford to invest,
And let's say for argument's sake, that that
is 10 percent of the entire asset holdings
around their portfolio.
If this is just for crypto and I'm in a three
year period, I would put 40 percent in Bitcoin,
30 percent in Ethereum, 10 percent in some
other projects that I might like, that are
smaller. What are those projects? What are
those projects?
This is what people want to hear. I want to
know what Mike Novogratz likes.
So to be honest, I don't have a lot of coins
right now. We have a lot of venture. Look
at Compound. Who do you think made money on
Compound? People who bought the token or the
people that backed the team early on that
when they put Compound out, it's trading 40
times what they originally they made 40 times
their money. And on Compound, like most cryptos,
it traded up with the frenzy and straight
back down. How much money do you put into
venture?
What are you putting into early stage? 30
percent of it.
Thirty five percent of it. 35
five percent of the money goes to venture,
40 percent goes to Bitcoin, 30 percent goes
to ETH.
But that's over allocated. Well, make ETH
smaller.
Mike, before I move on to the next, we're
going to go through all of you guys but before
I go on to the next guys,
If you want to put a stack of chips on DeFi
today, do you put your money into individual
projects or do you put it into the Ethereum
network, because that's kind of like a become
the DeFi protocol?
I think you put it into individual products.
I'm not smart enough. I'm not sure anyone
is to know how does Ethereum become this base
case with a decent market cap, but isn't where
the growth is and the real growth is on the
projects that are built on top of it.
If you are Compound and you literally become
the interest rate clearing market for the
world, not just for the small little crypto
kitchen we have right now, but it becomes
like the potential market cap of Compound
is a mess. Right? If you're the derivative
version of Compound, it could be a mess. And
so I actually think more value is being created
on top of the blockchain than the blockchain
itself. But that's a that's a thought as a
hunch. I'm not positive on that. I talk to
all the guys and you try to do. Because right
now, if their Ethereum is not being valued
by any kind of discounted cash flow model,
how much it's used, it's being valued kind
of like Bitcoin, there's a community that
says this is valuable because we think it's
valuable. Right. It's purely speculative at
this point.
And because you have the collective power
of so many smart individuals holding and the
collective power of the venture capitalists
who are comfortable to invest in projects
that are building on Ethereum because we know
that basically the protocol is solid.
Yeah, but Ran, everything in the world almost
other than gold at one point,
you have to value it with some discounted
cash flow model. Like even crazy Tesla with
its three hundred billion dollar market cap,
you know, people say, well, they'll sell every
car in the world and they'll dominate batteries.
They tie it back to something. And at one
point, those assumptions have to be right
or the price goes back down. That's why in
nineteen ninety nine, the Internet crashed
and then out of that, the companies that actually
made money became the most valuable companies
in the world. And so we're still too early
to understand the Ethereum pricing model,
right? Gas gets too expensive. How do they
fix the Ethereum inflation pricing that you
can even make some mathematical assessment
of what it could be? So right now, until we
do that, it's just speculation.
Robert, I want to go to you in terms of this
person building one hundred thousand dollar
portfolio, in your mind, where do you tell
them to put their money in?
I'm pretty basic. A big portion of the population
of the world still doesn't have crypto. And
when they think about it, Bitcoin is the Kleenex
of crypto.
So that I usually recommend that, like when
my mom says, hey, I want to buy some crypto.
She doesn't say that. Actually, she says,
I want to buy some Bitcoin. I'm a big fan
of the Ethereum protocol and it hosts a lot
of assets. So I stay pretty simple. And then
I always recommend, obviously, to make sure
you understand the tax consequences. Right.
I mean, if you're and and how that ripples
through, because it's not always straightforward
when you're trading crypto and ultimately
that impacts your income.
Daniel, you guys actually have a fund. I'm
assuming that you're going to tell people
to allocate their assets as your friend or
something along or just that..They can just
allocate them to Daniel's fund.
Is that it's pocket money? Apparently it's
like a billion dollars of propietors' money.
That would be sweet.
No, it's not. Not that many commas yet. But
do I understand it? It's a hundred thousand
to get allocated or my net worth is one hundred
thousand? One hundred thousand to be allocated.
And it represents 10 percent of your net worth.
OK, and you are 35 years old. All right.
You buy a minting BTC and you forget about
it and you roll that in six months and you
keep doing that. You put 30 grand in ETH and
you just lend it out and then you take that
10 percent.
And I don't know, you spray and pray or whatever,
like names you like that are hot that you
think have some. And if you want to take a
more concentrated bet on an industry like
you want DeFi, you go buy the DeFi basket
curve backward dated on FDX and you just roll
it as well and you get some extra yield on
top of it. I think that's how you do it, If
you got put 100K to work. Maybe I'm not understanding
something, but if you keep rolling these contracts,
You're not paying tax every time a contract
expires? You're not getting taxed on income
every time the contract expires?
Yes, I am not a tax guy, so I might not be
doing this efficiently, but maybe you don't
roll it depending on what your cost basis
is. But you may be you use
The role is like an efficient way to, like,
harvest like your losses. I would also spend
a thousand of that hundred thousand to get
tax advice. Gret great advice. Paul, your
portfolio.
This guy. Hundred thousand dollars, thirty
five years old, coming in, coming in hot,
bitcoin is just gone from nine thousand to
eleven thousand. He is coming in and wants
to put his money somewhere. Where does he
put his money?
So I think to echo what the guys have already
said, I think it's pretty consistent. Right?
I mean, the majority say 30 or 40 percent
has to go within Bitcoin and ETH. Probably
over with Bitcoin. I think the next 30 to
40 percent, I think you've really got to think
about venturers, actual companies that, again,
if it's a gold rush, you want picks and shovels.
Ironically, I didn't know Robert from Lukka
was going to be on the panel. Lukka is one
of these companies. They're in accounting
audit tax firm for the Blockchain and crypto
industry. And in fact, it is in XBTO's ventures
portfolio. So it's things like that. We're
big in the derivatives space. We think, again,
entrepreneurs stepping in to fill the gaps
that are not there. Great, elegant technology
solutions such as Paradigm, which is a, you
know, a crypto institutional OTC chat and
settlement for derivatives. X-Margin is another
good one that is, you know, basically a zero
knowledge margin calculator that makes basically
trading in collateral efficiency across counterparties.
So you really need the ventures part. You
really need further out on the risk spectrum.
And I would honestly, I would lead the last
probably 10 to 20 percent to hedging.
I mean, you need to hedge your portfolio,
right? So you want to go to Terabit and get
exposure to BTC and ETH options to hedge the
beta. Right. You want me to go to the cinema?
You want to maybe use X margin, which actually
now you can you can actually do bilateral
options trades efficiently. This is getting
a little bit more down the rabbit hole. Too
far down the rabbit hole for this thirty five
year old.
So we've got a few minutes.
I would tell people that the options in general
in life, when you're trading at 50, 80, 90
vol, you don't make money on. There are very
few people I know that have made eighty vol
for options. You can if you get your timing
exactly perfectly. And so I think you've got
to be, if you're a retail investor coming
in, you want to participate in crypto, you
know, to some degree, keep it simple stupid
and don't think you're going to become a billionaire
overnight, you know. Exactly.
And you want some quality of life, right,
you don't want to be like watching this thing.
I though that's all we do in lockdown. It's
watch the prices go up. People ask me, what
are you doing tonight? I'm watching Bitcoin
going to ten thousand again.
You got to look at Bitcoin as a multi-year
bet. I think we could get to twenty thousand
literally within a year, maybe by the end
of the year. Things all happen. We're in this
weird macro world where things are shifting
quick. That's close to double your money,
but it's not ten times your money.
Mike, I'm going to challenge you on that point
specifically. And I have a theory. I want
to run a theory by but then I've got two questions
I want to ask one of you guys. So my theory
is that if you look at commodities, you look
at silver, you look at gold, those silver
and gold trades have run way past the all
time highs, they've broken through all resistance
levels. Gold's trading on two thousand dollars
where it's never, ever been before. Bitcoin
seems to me like the digital version of the
commodity that hasn't even been traced to
60 percent of its all time high. Don't you
think that when the gold price gets too high,
when the gold price is to two thousand two
hundred, two thousand three hundred, institutions
are going to look at this and they're already
doing this and say, hold on a second, gold
is too expensive, it's run too much, silver
is too expensive, it's run too much. Copper
going through the roof.
There's another option out there which is
at 60 percent of its all time high. And the
amount of money that we need to get Bitcoin
way past the twenty thousand dollar, twenty
thousand dollar mark is insignificant in the
big scheme of things.
So here is my counter, right, like if you
pitch that to me and you're like buy this
thing, it's 60 percent from its high, but
this other stuff is at its all time high,
I'm just like, I'm not saying this, I agree
with you because I actually do think some
of that thought process will stick ok. But
you could just be like, this thing is clearly
a dog, why am I going to buy it? It's lagging
everything else right. I'm going to stick
with the winners and I'm going to run with
the stuff that's clearly working and like
the thesis I have. So it's not necessarily
like a home run just because it's lagging.
Well, it's a great alternative to the existing
hedges that they're applying to the equity
portfolio. Right.
I think it's hard to get people to even buy
in that logic already. Right.
I don't think it's just like a foregone conclusion
that you're like, oh, I can just swap gold
for Bitcoin.
Like, I think that takes a little bit of work
still to get through.
I think, you know, listen, gold, I think should
be, given obviously the macro environment
that Mike spoke about, should be in everyone's
portfolio. And I think, you know, listen,
we're trying to prognosticate as best we can,
which is obviously very difficult. Right.
But I think, you know, I think about proportion
and sizing. Right. And then managing your
downside risk. So I think if you get that
same quality exposure, which is one of the
factors you want to look at besides like size
and momentum, it could also be a momentum
factor. Right. So depending on how you define
these factors and then how you size these
position, some type of Kelly Criterion, you
know, it's really all about position sizing,
knowing your downside risk, having whatever
that percentage size with a defined downside
risk in your portfolio. I think yeah, I think
gold's got to be in there. And obviously digital
gold, which I'm partial to, has to be in there
as well.
Ok, fantastic. I was hoping to get Mike back
but I want to ask you guys, we're all deep
down, we get far down and you know, our lives
all around and Blockchain, what percentage
of your personal total assets today are exposed
to this industry? Bitcoin, crypto, VC.
I'm trying to get a feel for how responsible
we are, having gone down the rabbit hole.
How much convictions do we have in the space
relative to our total asset base? And I'm
going to ask Dan, you go first.
Yes, I'd say the most irresponsible. Besides
residences that I own, 80 percent.
And probably more, if you like, consider any
equity value on CMS.
Ok, Paul.
Yes, not as high as Dan, but it's definitely
north of 50. I mean, it's know I'm a big believer
in the space and, you know, it's not only
about timing, but how long your time horizon
is. So but, yeah, it's I mean, it's north
of 50. I'm a believer in the space. It's not
going away. And we're really in front of really
almost a tsunami, almost a wave that will
never break. We're all still in front of it,
even though we're, you know, even a decade
in. Robert, what about you?
Yeah, I'd say I'd have more in if I could
sell a couple of my investment properties
right now. But outside of the properties I'm
all in. However, the majority of that is in
the venture side.
Well, I'd love to know what Mike's answer
is but it seems like we've lost him and I
guess he's going to leave us with guessing.
What percentage of his personal wealth is
in crypto? I imagine it's very, very high.
Gentlemen, thank you very, very much. It's
been an amazing, amazing panel. And you guys
have given a whole lot of great information
helping people build up their crypto portfolios.
And I look forward to catching up with you
guys again and finding out how all this went.
Thank you very much.
Thanks for having me. Thanks. Cointelegraph.
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