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Macro Investors Sound Off! Featuring Ari Paul, Spencer Bogart and David Nage
Some of the smartest investors in the crypto space share how they think the larger macro context is shaping interest in bitcoin and digital assets.
Updated Sep 14, 2021, 8:54 a.m. Published Jun 22, 2020, 7:00 p.m.
Some of the smartest investors in the crypto space share how they think the larger macro context is shaping interest in bitcoin and digital assets.
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This episode is sponsored by Bitstamp and Ciphertrace.
Today on the Brief:
- New Federal Reserve research suggests reaction to Facebook’s Libra basket approach was overblown
- Italian Banking Association pushing to test a digital euro
- U.S. housing has worst month since 2010
Our main conversation:
Earlier this month, Messari hosted the Mainnet virtual summit. At that event, NLW moderated a session called “Macro Investors Sound Off!” featuring BlockTower Capital’s Ari Paul, Blockchain Capital’s Spencer Bogart and Arca’s David Nage.
See also: 5 Numbers That Tell the Story of Markets Right Now
The discussion included:
- The evolution of the Fed put and how it shapes the markets
- How the collision of Bitcoin’s halving and the Fed’s reaction to COVID-19 created a powerful narrative moment
- Why the Money Printer Go BRR meme was so effective
- Why the Paul Tudor Jones letter was hugely influential within Family Offices
- Why these investors expect to see some significant announcements around bitcoin exposure from traditional investors in the months to come
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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