I am not an ultra-high-net-worth individual, but I spend a lot of time with this community given my profession. I have about a dozen instances in the past month of such folks finally getting off zero, or substantially increasing existing bitcoin positions. Mostly ETFs, but about 1/3 self custody. A key theme has been unsustainable govt debt and increased distrust from the recent shutdown. But I think there’s also a feeling that Bitcoin is about to get started on a run. Interesting times.

@jack mallers Jack, on the last Mailbag Monday you mentioned not understanding why someone using Strike would want BTC interest vs being all in BTC. Here’s a quick example: - work in finance. Industry standard is low salary and like 75% of total comp comes in a bonus once a year - big family, big fixed costs and combined with low salary, the result is a monthly “burn rate” - so I need to hold 8-12 months of budgeted expenses in something relatively stable to cover known expenses in the year. - could do this in bitcoin, but everything outside of those 8-12 months of expenses is already in Bitcoin or otherwise invested. So this is on the margins. Maybe you’d say put every dollar in Bitcoin, but with the big family it’s certainly peace of mind having that amount to cover < 12 mo. expenses in cash without the downside potential. Would be even better to earn some Bitcoin interest on that.