Kevin Tang

Kevin Tang@kevtanggg · 16 天前市场影响

This is the #Bitcoin thesis. If the stock market is too important to fail, the backstop eventually becomes the money supply. The Japan example matters. The BOJ bought equity ETFs for years, became one of the dominant buyers in its own stock market, and then struggled to get out without disrupting prices. That may stabilize things in the short run, but it also weakens price discovery and makes the eventual exit harder. So if equity markets are going to be increasingly protected by monetary policy, the case for owning scarce assets outside that system gets stronger. Bitcoin, gold, commodities, etc.

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Kevin Tang@kevtanggg · 17 天前观点输出

@NFTmickrich Bullish! 🚀

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Kevin Tang@kevtanggg · 17 天前观点输出

@metricxyz Great to see this come out of stealth!

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Kevin Tang@kevtanggg · 19 天前赛道影响

Good piece. It’s worth adding the part it understates: what bond desks are doing isn't a preference, it's an obligation. The edge is a few basis points, so funding has to be the cheapest and shortest available, which ends up being overnight repo. But thin margins select for fragile funding. With the potential for downstream consequences. Crypto desks have run the same book for years. Delta neutral long short across venues. It doesn't break because price moved. It breaks when funding moves, margin gets pulled on one side, and both legs come off at once. The desks backstopping sovereign debt are running the same carry crypto has run for a decade. When it unwinds, and it has before, the bonds won't be the problem. The funding will be. The safest assets on your screen are now increasingly dependent on cheap leverage. When that leverage gets expensive, they can move the most, not the least. Safe is a funding condition now, not a fixed property. https://t.co/T7iKfp6xtq

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Kevin Tang@kevtanggg · 22 天前赛道影响

Agree with many of the comments that unless a smaller subset of this group is truly invested and driving the effort, this risks becoming more signal than substance. I saw this firsthand at BlackRock across both TradFi and web3: large consortiums are easy to announce but very hard to execute. The difference this time is that many key players are now actively exploring how to move meaningful parts of their businesses onchain.

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Kevin Tang@kevtanggg · 23 天前观点输出

Momentum versus quality is approaching historically extreme territory. That can persist, but it also suggests the market is leaning heavily into what has already worked, leaving less room for disappointment

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Kevin Tang@kevtanggg · 25 天前观点输出

@insights4vc This was a great read

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。

Kevin Tang@kevtanggg · 25 天前政策影响

@zayn4pf Agree. Probably not one clean stablecoin trade. Value keeps flowing to whoever the market believes controls the key choke points: distribution, users, liquidity, and the core stablecoin/financial userflows

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Kevin Tang@kevtanggg · 25 天前政策影响

Agree with this. Part of the difficulty is not just that direct options are limited (Circle was private, Tether is still private) but that the value keeps migrating. Value moved from issuers to distribution partners (Coinbase) and ultimately land with whoever controls the user (Binance, Hype, AAVE). The best exposure from here will be projects that make stablecoins useful: fintechs, wallets, cards, payment apps, and DeFi protocols built around collateral, yield, credit, and spending.

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Kevin Tang@kevtanggg · 25 天前政策影响

Stablecoin issuer economics have been squeezed for years. OpenUSD just drove a gasoline tanker into the fire.

AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。