Peter Johnson
@TheChicagoVC
Followers
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Following
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We're not lucky, but we're fortunate I'm pretty sure of it
Joined June 2015
Forever 21 would be a great name for a Bitcoin company.
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"The Institutions Are Here" 🧵. For years, the crypto community has been saying "The Institutions are Coming". and for a long time, we were wrong. Now, in the depths of a bear market, it is becoming clear the institutions are indeed here. Starting with some data. .
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BNY Mellon will custody crypto. Dalio speaking at Consensus. Bitcoin at $48,000. Slowly. then rip your face off suddenly.
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"The Relentless Rise of Stablecoins" is the result of hundreds of hours of onchain stablecoin analysis. Download here: Top 10 takeaways below.
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Hearing an amazing amount "Web3/crypto has no value" takes from prominent investors and firms, many of whom just months ago were heralding its promise. When the tide goes out, it shows who truly has conviction.
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Thrilled to announce our $350mm 7th fund, with a major focus on crypto.
Jump Capital launches a $350M fund to invest in DeFi, Web 3.0, tokens, blockchain infrastructure, and more. Via @jacqmelinek .
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In the coming years, stablecoins will grow to well over $1tn outstanding. As this happens, they will become a significant part of dollar deposits outside of the U.S. banking system (commonly known as Eurodollars).
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I’m starting to think it is irresponsible to not be irresponsibly long.
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LUNA and Solana are just getting started. @stablekwon and @aeyakovenko are building some of the most innovative stuff out there - UST will soon be the dominant decentralized stablecoin and the financial infra of the future is being built on SOL (along with some cool NFTs).
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Probability many central banks are holding bitcoin within the next few years has gone to…like 100%?.
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Some personal news – I am thrilled to announce that after 9 years at Jump, I will be joining the BH Digital team (@BHDigitalAssets), where I will co-lead private investments with Colleen Sullivan (@colleenklein).
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Today is a major milestone for @jumpcapital as we announce our $350mm 7th fund, with a particular focus on crypto - which we believe will be a generationally defining technological innovation.
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The importance of being able to buy/sell this amount of BTC without moving the price cannot be understated for large asset allocators to allocate towards BTC.
To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously 74 hours, executing 88,617 trades ~0.19 BTC each 3 seconds. ~$39,414 in BTC per minute, but at all times we were ready to purchase $30-50 million in a few seconds if we got lucky with a 1-2% downward spike.
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Absolutely amazing interview with Microstrategy CEO on his decision to invest $400mm+ of their balance sheet in #bitcoin. Think we’ll look back on this as a tipping point.
New episode with @michael_saylor is now live!. We discuss how Michael built MicroStrategy, what his $500 million dilemma earlier this year was, and why he choose to put more than $400 million into Bitcoin with the company's balance sheet. Enjoy :).
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This week marked a major milestone for @JumpCapital as we announced our $350mm 7th venture fund. A quick thread on the new fund 👇.
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Huge day for our friends @StackedCrypto 🚀. $35mm raise from @AlamedaResearch @jumpcapital @DRWTrading @Fidelity . Announcing their registration as RIA. With new capital and RIA status, Stacked will continue to lead the way in offering the best crypto investments to investors.
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“My big feeling was I just missed it, I missed the whole thing. It had happened in the '80s, and I got here too late.”. - @pmarca on worrying that he missed the technology wave.
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Interviewing @Brett_FTXUS President of @ftx_us for the Jump podcast this week. What should I ask him?.
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There is a whole generation of kids growing up who are going to have crypto wallets before they have bank accounts. Think most folks are still significantly underestimating the implications of this.
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Under-appreciated 2nd order effect of futures-based ETF - Adds to buy pressure on futures, making basis trade more profitable, which fuels demand for borrowing for this trade, and sustains the high yields available on stablecoins.
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Thrilled to announce that @jumpcapital has led a $12mm Series A for @acretraderinc. We believe farmland is the next major asset class that will achieve widespread adoption, and AcreTrader is making investing easy and accessible.
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Thrilled to be investing behind the deeply experienced team at @0xProject and their industry-leading decentralized finance solutions which are providing a more efficent and open financial system. @willwarren89 @abandeali1 @PanteraCapital .
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"Crypto starts to eat the word" that's the theme of Jump Capital's 2022 predictions from me, @zsparta, @shanav_m and @rahul_maganti.
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Thrilled for the Jump partnership with Serum. We are at the beginning of building an open financial system with DeFi, and Serum is a big step forward towards this.
EXCLUSIVE: Veteran market maker Jump Trading forays into DeFi — to provide liquidity for FTX’s Solana-based DEX (via @Yogita_Khatri5 and @fintechfrank) .
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75% chance of BTC ETF next month…that would be big. Now the question is…is ETF priced in? . @nic__carter @APompliano.
There's a 75% chance a #Bitcoin Futures ETF is approved next month according to Bloomberg's @EricBalchunas .
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"Do I think it will take the place of gold to a large extent?, Yeah, I do" - Rick Rieder, BlackRock. BlackRock has $7 trillion in AUM.
Wow. BlackRock CIO of Fixed Income Rick Rieder talking about Bitcoin replacing gold on CNBC this morning.
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Excited to announce that @jumpcapital has led a $4.2mm seed round for @getBusha to support their vision of using crypto to help provide financial freedom to millions of people across Africa.
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We're hiring for the crypto investing team at @jumpcapital. Come join me at the best place in the world to be a crypto investor.
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I’m becoming more and more convinced that CBDCs are what Enterprise Blockchains were a few years ago….
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Solana is on fire 🔥🚀. Thrilled that Jump is partnered with 4 of the 7 projects on @solana with over $1bn in TVL. Who's next? 👀. @ProjectSerum @Saber_HQ @orca_so @TulipProtocol . @jumpcapital @JumpCryptoHQ.
Over $15 billion in TVL in the @Solana DeFi ecosystem rn (+14 billion in the past 4 months). 📈. @RaydiumProtocol, @MarinadeFinance, @ProjectSerum, @Saber_HQ, @orca_so, @SunnyAggregator & @TulipProtocol each with over $1b in TVL. It took Ethereum DeFi 5 years to reach $15b TVL.
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ICYMI - 2023 Web3/Crypto Predictions - Thread Form: . 1) Stablecoin volumes (on-chain only) surpass the largest card network, @visa, which processes around ~$12tn / year.
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@QwQiao I’ve found a lot of people re-examining what they want to spent their time on and who they want to spend it with. The wonderful thing is that for many, when money isn’t a constraint, they want to spend it building in crypto. What could be more interesting?.
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Huge fan of, investor in, and user of @BlockFi, and @BlockFiZac is one of the best folks in crypto. Excited for them to put the regulatory overhang behind them and move forward scaling a great company. Total BS by SEC to go after them though. @matt_levine put it well:
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I've been in the space years for 8 years or so now, and plan to be for the rest of my life because I believe open financial networks and digital ownership will be the most impactful innovations in my lifetime.
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"There are a lot of things people run to when money is devalued, including rocks". - Ray Dalio, Principles for Dealing with The Changing World Order
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So excited to be joining the dream team at @BHDigitalAssets - Alan Howard, Aron Landy, @colleenklein, @koeppen_brad, @randomoracle, @theKat_Sullivan, Emanuel Burgener, and the rest of the team. Some of the very best from across the crypto industry coming together at BH.
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Will be biggest story in crypto over next few yrs.
I think the impact of stablecoins is wildly underestimated right now. Tether created bad halo effect on the category, but with USDC and others gaining momentum, impact will only continue to grow and grow.
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Thrilled to have partnered with my friends at @jump_ to back @InjectiveLabs which is leading the way in building the next generation of on-chain derivatives and financial products.
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Getting goosebumps reading this. No doubt this is going to be in the curriculum of future courses on the history of bitcoin, money, and technology. 👏👏👏 Jonathan Bier @BitMEXResearch.
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Thrilled to invest in @Bitso - the leader in digital assets in Latin America, and in an demonstrating real uses cases for these assets.
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We are hiring a crypto intern! . Know anyone that is passionate about crypto and venture? Shoot me a note.
@jumpcapital is looking for a crypto-focused intern to join our investment team. This is an incredible opportunity to work directly with JC FinTech Partners @TheChicagoVC & @zsparta to help identify new ops in the ever-evolving world of cryptocurrency.
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2) In a @BNYMellon survey of 270 institutional investors:.- 97% agree that “tokenization will revolutionize asset management” .- 88% said they are planning to move forward with current plans around digital assets despite the market downturn.
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DCG companies w/ 1,071 open jobs. Fidelity and JPM ramping up crypto hiring. In 2021, the only thing more scarce than bitcoin will be crypto talent. And the M&A wave for that talent will be big.
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1) In a @Fidelity / @DigitalAssets survey of 1,052 institutional investors - 58% currently hold digital assets, and 74% of investors plan to buy or invest in digital assets.
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Previously investors created GBTC at NAV to speculate that premium would persist. Now the opportunity is to buy at a discount to speculate that you can sell at NAV. Current opportunity is much surer bet IMO.
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@lloydblankfein Tension between crypto being treated as a risk asset (that is how many allocators bucket it and trade it) vs. it’s fundamental value as a censorship resistant fixed supply store of value with no counterparty risk. Like your inclusion of the words “so far”….
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The next year or so is going to be big for institutional money in crypto. Great podcast on what it will take to get us there. @laurashin
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The crypto activity (investing, building, partnering) that is happening at @jumpcapital and @jumptrading right now is absolutely astounding. And we're hiring. Come join me at the center of it all: .
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1) In 2022, stablecoins settled over $11tn onchain, dwarfing the volumes processed by PayPal ($1.4tn), almost surpassing the payment volume of Visa ($11.6tn), and reaching 14% of the volume settled by ACH and over 1% the volume settled by Fedwire.
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“Cardano is the greenest blockchain because no one uses it”. - Jump intern quote of the week.
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1/ Today on @jumpcapital’s crypto podcast, I sit down with @lmrankhan, founder of @defialliance, to discuss the growth of the its accelerator program, community-building in the defi ecosystem & more.
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Seriously - who is building this?.
Why isn’t there one app that can connect all your wallets, NFTs, staked tokens and long-term holdings in one place?. Major bonus points if I can buy/sell, stake, lend, and trade as well.
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This @PeterMcCormack interview with the president of El Salvador @nayibbukele is just amazing. Having the a country president talk about bitcoin this way is surreal.
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Spent ~8 years studying how markets are efficient…and now ~8 yrs in crypto have unlearning everything.
pour one out tonight for the efficient market hypothesis RIP academics once again gg wp.
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Russia losing access to its currency reserves held around the world is going to be looked back on as one of the most important monetary shifts ever. Massive shift to bearer assets that are not just liabilities of another country.
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Welcome @terra_money! Very excited about the @defialliance work in the Terra ecosystem.
We’re excited to welcome @Terra_Money to our Ecosystem Partnership Program!. This enables Terra-specific programming for our next cohort. We believe Terra (and the broader @cosmos ecosystem) will play a key role in the multi-chain future of DeFi.
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Happy to see the tourists leave. Let them get washed out with the scammers and gifters who are also in the space for the wrong reasons.
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Nice coverage of @PythNetwork in the @WSJ. Pyth is unquestionably one of the most important projects in crypto right now and is reimagining data distribution and usage in a decentralized world.
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Merchants paying Visa and Mastercard ~$60bn / yr in interchange, and fees getting hiked per WSJ. This gets decimated as merchants realize stablecoins offer near zero fees and no chargebacks. Some of largest retailers in the world will roll out this yr.
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The best podcast about stablecoins, that doesnt mention stablecoins. @tracyalloway @TheStalwart .
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Great conversation with @APompliano on the future of crypto, stablecoins, and what Jump is investing in.
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This ones for you, crypto twitter. Introducing @jumpcapital’s crypto series within #TheJumpOffPoint podcast where @zsparta & I will be interviewing the best in the space, with the first episode airing this week. Who would you like to see on the pod?.
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When will blockchains reach Visa scale?. @jump_firedancer demoed at 10x Visa TPS capacity. - Visa
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Crypto holiday gift guide:.- Tugsten cube.- Blockclock.- Opendime (w/btc).- FUD dice .- Ape themed NFT.- TradingView subscription. What’d I miss?.
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@jump_ , @KanavKariya and the team at Jump sure as hell aren’t going anywhere. Rough week, but they are the strongest, best capitalized, most resilient, highest conviction folks crypto. Always have been, always will be. 🦬🦬.
I’m not going anywhere. Jump is not going anywhere. Crypto is not going anywhere. I believe in this space, its ideas, and the people.
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Global no fee FX just happened.
Coinbase removes commission fees for customers buying or selling USDC via any fiat currency.
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The @CastleIslandVC mini series on crypto-dollarization is so good. This is going to be the biggest impact crypto is has on the world in the coming years. Nice work @nic__carter.
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Tip of the hat to @twobitidiot and @balajis who were out on front of this. Have been thinking a lot about base thinkers (the future will be like today), vs. exponential thinkers (it will not) lately. Feel lucky to be mostly around the latter camp.
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Awesome move by Jump to cover the losses. That’s leadership and commitment right there. 👏👏👏.
.@JumpCryptoHQ believes in a multichain future and that @WormholeCrypto is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.
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We're hiring a crypto researcher at Jump Capital. Come join me at the most exciting place to be in crypto.
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Looking forward to releasing @jumpcapital's 2022 crypto outlook. In the meantime, here's a reflection on what I got right and wrong in 2021. Overall, think I got 7 right and 3 partially right last year. Didn't completely miss on anything.
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Excited to be here with the folks building on open networks for non-sovereign money, open networks for financial services, and open networks for creators and communities.
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"What motivates me is that when I am old, and my grandkids ask me what did you do with your career, I want to be able to say that I was part a large group of people that helped bitcoin succeed". great quote from @wences
Such a good interview. “Even though it made some engineering sense, it didn’t really make sense as a whole, There were huge incentives [around TCP/IP]. Today, the Internet won, and TCP/IP transports everything" . such a good analogy to bitcoin and building better blockchains.
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As annouced and discussed on @jumpcapital's From The Jump Podcast today - Pyth Network is bringing insitutional grade market data to DeFi. Huge news.
Hello World! We're excited to introduce Pyth Network. Pyth Network is designed to bring real-world data on-chain at a sub-second timescale that allows smarter data for smarter contracts.
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This is so big. @jumptrading + @VirtuFinancial + GTS + @LMAX puts a MASSIVE amount of market data into @PythNetwork. The market share of these trading firms is huge. And there is more to come….
This is a very big deal! @VirtuFinancial, a US publicly traded co, will be supplying equities, FX, futures, & crypto data for consumption by smart contracts on the @PythNetwork. Building those bridges from TradFi to DeFi w/ @TheChicagoVC & @jumptrading leading the way 🚀.
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For all my crypto friends - buy some farmland - it’s where the real yield farming is at.
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- 88% are comfortable with stablecoins, and 49% would be willing to forego overnight yield on cash deposits to send domestic payments 24/7/365, 69% for cross-border payments and remittances.
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“My big feeling was I just missed it, I missed the whole thing. It had happened in the '80s, and I got here too late.”. - @pmarca on worrying that he missed the technology wave.
Everyone is always worried that they're too late.
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Wow, @Tradingview's site (300th most popular site on the entire internet), is more popular than (#392).
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