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Mike Cautillo

Why a Bitcoin Investment Fund Was Born.

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Why a Bitcoin Investment Fund Was Born

Hello friends,

It’s been some time so allow me to first wish you all a Happy New Year, may the forces of prosperity & health be with you & your loved ones!

It was a prosperous & healthy 2023 for Bitcoin. Its price was up ~155% for the year, 250% plus from its yearly lows, the network continued to process millions of unabated transactions & more dollars were invested into BTC scaling & infrastructure initiatives than any period prior.

It was a year in where the much-anticipated institutional adoption via spot BTC ETFS was the prime focus for many, which finally came to fruition via approval just last week.

It’s fair to say that the market & price has thus far been generally quite excited for this new ETF product as it exposes Bitcoin to a readily accessible pool of potentially large demand.

And while I can appreciate the magnitude the like of Blackrock can mean for Bitcoin adoption, it’s not without some systemic risk in my opinion-insofar as big corporations continue to grow enormous pools of capital resources which by proxy give them influential power, while at same time make them vulnerable to various forms of capture.

Why a Bitcoin investment fund was born.

Suffice it to say that Bitcoin has thus far been an effective means to distribute *control* via the ownership of a valuable resource on an open & public peer to peer system which can empower any user with sovereignty alike, whether an individual or nation state.

In the same vein, albeit more centralized as per legal requirements, I believe it to be imperative that options such as smaller funds/structures emerge & exist, in which capital has available exits it can be distributed to aside from traditional Wall Street behemoths.

There are two primary advantages of this for the market at large in my opinion. It helps build a network of much smaller pools of Bitcoin vulnerable to potential exploitation- distribution can mitigate larger systemic shocks & wider spread contagion.

Secondly, smaller funds will incentivize competition among the quality of stewardship; for what is manifesting to be one of the world’s most valuable capital resources, BTC. The sooner the markets understand that each of the 21M Bitcoin are essentially irreplaceable, the sooner each is treated with the vigilance they deserve.

The inspiration…..

Bitcoin is meaningful- This, in my opinion, is the most important reason. I’ve been a strong advocate of Bitcoin (since early 2015) & as a private investor managing proprietary capital since 2004, I’ve never come across this level of monetary innovation-its implications at scale are perhaps equivalent to what the internet has manifested to date, if not beyond. A truly revolutionary technology!

Gap in the market There exists no *active* Bitcoin fund that I’m aware of at least, which isn’t geographically constrained as per whom is allowed to invest, tax sheltered & that isn’t mandated to use a 3rd party custodian for the Bitcoin it holds-this allows us to offer zero fees on all Bitcoin allocated to its long-term reserves.

Unique strategy. There exists no Bitcoin fund which objective is to increase its BTC allocation to long term reserve while also increasing its USD cash position to *insure* the value of one’s original investment.

So, there you have it, eHodL 22 was born…..

Early days yet & much work to be done but if Bitcoin is going to be successful at scale, then I like our fund’s prospects!

Until the next time…..

Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” -Margaret Mead

*Disclaimer: The eHodL 22 AIM (alternative investment fund) is available to “accredited investors” only. This post should not be construed as a solicitation for eHodL 22. This content (blog) is intended exclusively for information purposes & not to be considered as investment advice. *

A Point of Confluence

By | In my opinion | No Comments


A Point Of Confluence

Hey there, just a quick note.

Bitcoin has thus far come off its late 2022 bottom of ~$15.5k USD. At time of writing this, price is ~$30k USD. In what appears to be the inception of a new bull market, we’re also amidst a confluence of rather positive supply/demand fundamentals that have provoked our attention.

Bitcoin’s yearly issuance rate will be reduced by half in April 2024 via what is called the halving- The amount of newly mined bitcoin will drop from current 6.25 every 10 min. to 3.125, from 328,500>164,250 annually until 2028 when it’s scheduled to reduce by half again.

This, while total circulating BTC supply at current prices suggests as per charts that not much of the supply is for sale.

Yet the scale of potential demand as per available dollar inflows has increased meaningfully. Interests across a wider spectrum of awareness & necessity are at levels Bitcoin hasn’t experienced to date. Here are just a few of the players with ~$27 trillion USD AUM that are actively working on garnering exposure to Bitcoin for clients.

Perhaps one of the most promising developments has been BTC’s growth in Africa.

Jack Dorsey, co-founder & former CEO of Twitter, co-founder of Block Inc. which focuses on helping various Bitcoin initiatives has been diligently dedicated on expanding Bitcoin in Africa.

But all of this wouldn’t be possible if it wasn’t for Bitcoin’s 14+ years uptime of reliable operation, favorable macro conditions & political/global governance environment increasingly proving the merits of Bitcoin’s architecture & efficacy.

Significant progress is also being made on Bitcoin’s UX side. Scaling transactional throughput globally with less friction for users as infrastructure connectivity options continue to proliferate, lending itself to adopting a new wave of users.

VC dollars investing into Bitcoin development has also been steadily increasing to support BTC infrastructure scaling & utility. Here is just one firm exclusively focused on that.

In conclusion, it is my view that we sit amidst a rather unique inflection point here. One in which indicates that the scale of demand is simultaneously seeking defense against precipitous dollar devaluation & necessitated by need to escape the perils of a concerning trend-over-reaching gate keepers . This is occurring amidst a backdrop of participants that are seemingly compelled to hold their existing bitcoin well into future.

In 2009, Bitcoin’s pseudonymous creator Satoshi Nakamoto  wrote, “It might make sense just to get some in case it catches on. If enough people think the same way, that becomes a self-fulfilling prophecy.”U

Until next time, peace!

**Please note that albeit Bitcoin has a total fixed supply of 21M bitcoin, each bitcoin consists of a smaller denomination  called “satoshis” or “sats” for short. As prices increase, this is for transactional purposes. Therefore you’re not obligated to spend/buy/hold 1 bitcoin, the system is designed to & often facilitates transactions of much less.**

Charts courtesy of-

Image courtesy of- 

Not having a Bitcoin allocation strategy is perhaps a financial blunder for the ages.

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Not Having a Bitcoin Allocation Strategy Is Perhaps a Privacy Blunder For The Ages

One of the more interesting developments with Bitcoin adoption over the last few years has been institution’s, corporation’s & business’s increased appetite to hold some. While some have purchased the bitcoin to add to their treasury, others have participated via a fund as a proxy. Each with their own unique objective.

Here’s a website that is solely dedicated to tracking various entity’s bitcoin allocation as per public info. & disclosures.

It’s mainly an interesting development because the aforementioned are typically some of the most prudent cashflow managers, many businesses alike understand that cash is the lifeline of their operation. And given Bitcoin’s volatility, you wouldn’t think it’s desirable for these entities at first glance.

But having said that, it’s difficult to continue to ignore bitcoin’s outsized returns over its 14-year life span (see charts below), while equally becoming impossible to ignore what has happened to the value of fiat dollars after years of devaluation via inflation, Sitting on excess cash reserves has necessitated the need to insure against value erosion. Bitcoin has become a worthy allocation in this regard thus far.

Legendary hedge fund managers like Paul Tudor Jones, George Soros, and Stanley Druckenmiller have made room for it in their portfolios. MassMutual, an insurer founded in 1851, purchased $100 million of bitcoin in December 2020. Large pensions & endowments such as Yale, Harvard & Brown which are some of the most sophisticated yet conservative investors in the world own bitcoin. The Houston Firefighters’ Relief and Retirement Fund (HFRRF), the pension fund for the City of Houston’s firefighters purchased bitcoin for the defined benefit plan’s portfolio.

One of the most noteworthy corporate Bitcoin advocates & accumulators of course has been Michael Saylor, CEO of MicroStrategy which has amassed ~140,000 bitcoin on their balance sheet since fall of 2020.

Despite who’s been jumping in, a new trend of accumulators has emerged & providing Bitcoin continues to work as effective as it has thus far, I don’t see this trend subsiding either. And given what I believe is the continuation of devaluing fiat currency globally, it will only accelerate in my opinion which perhaps makes not having a Bitcoin allocation strategy a financial blunder for the ages!

Until next time…….

Charts courtesy of

When you arise in the morning think of what a privilege it is to be alive, to think, to enjoy, to love …”- Marcus Aurelius

The means of traditional wealth creation have reached an inflection point.

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The Means Of Traditional Wealth Creation Have Reached An Inflection Point

It used to be that your options were limited unless you had a certain amount of wealth or connections when seeking lucrative investment opportunities. Today much of that has changed. As the internet progressed, what was once too big and too inefficient for individuals to acquire, quickly became readily available in abundance. Whether it be Amazon filling and shipping a single book order to your home or sending $500 to your friend across the globe at cost of .50 cents via Bitcoin on your smartphone-to describe this as an efficient and effective democratization of our economic landscape would be a gross understatement!