The introduction of global trade tariffs has marked a change in world order we have not seen in more than 50 years. Free trade has been the key component that has spurred increases in productivity and economic growth that has led to the biggest secular bull run the world has ever seen. Marking a shift from an open to a protectionist stance will have ramifications that will take years to play out, unless Trump is to fully U-turn on his tariff plans. I view this as a very low possibility. This will be a considerable headwind to global risk on assets over the giga long term.

Crypto wise, the structural decline of active devs in recent times is probably the most worrying thing to me. Back in the last cycle we could look at developer activity and take solace knowing that our industry was still benefiting from a secular tailwind. Fast forward 2-3 years and not only have we produced nothing of particular interest or importance, but the outlook for the future is even worse than it was then.

In the past cycle we h