# Early Riders

> Bitcoin-denominated venture capital. Early Riders invests in digital asset infrastructure and the founders building sound money, treating Bitcoin as the hurdle rate.

Early Riders is a venture firm founded by Liam Nelson, Michael Tanguma, and Brian Cubellis. This file indexes the site for AI agents and answer engines; content may be quoted with attribution to Early Riders (earlyriders.com).

## Firm
- [Thesis](https://earlyriders.com/thesis/): Why Bitcoin is the hurdle rate and how we invest under a Bitcoin standard.
- [Portfolio](https://earlyriders.com/portfolio/): Companies Early Riders backs across digital asset infrastructure.
- [Team](https://earlyriders.com/team/): Partners Liam Nelson, Michael Tanguma, and Brian Cubellis, plus advisors.
- [The Stables](https://earlyriders.com/stables/): Where Early Riders funds and builds alongside founders.
- [Guild](https://earlyriders.com/guild/): The Early Riders Guild network.
- [FAQ](https://earlyriders.com/faq/): Common questions about the fund and the Bitcoin hurdle rate.
- [Contact](https://earlyriders.com/contact/): Get in touch with Early Riders.

## Charts
- [Chart Library](https://earlyriders.com/charts/): 40 original Early Riders charts on bitcoin, monetary debasement, capital allocation and AI deflation. Each states a claim, the data behind it, the period covere
- [Sound Money Let Prices Fall for Decades](https://earlyriders.com/charts/the-money-broke/#sound-money-let-prices-fall-for-decades): US wholesale prices fell 69% from the 1864 greenback peak to 1894 as the country returned to hard money, showing that sustained deflation coexisted with a growi
- [For 150 Years, Prices Always Came Back](https://earlyriders.com/charts/the-money-broke/#for-150-years-prices-always-came-back): This image pairs two panels: the left shows the U.S. price level rising 38x since 1790 with nearly all of the gain arriving after 1940, and the right, titled "A
- [The 1913 Dollar Buys Three Cents of Goods Today](https://earlyriders.com/charts/the-money-broke/#the-1913-dollar-buys-three-cents-of-goods-today): A dollar held since 1913 has lost 97% of its purchasing power, leaving it able to buy about three cents of the goods it once bought.
- [2% Is a Floor, Not a Target](https://earlyriders.com/charts/the-money-broke/#two-percent-is-a-floor-not-a-target): US CPI has printed above the Federal Reserve's 2% target for 65 straight months since March 2021, averaging about 4.5% over the stretch. The July 2026 reading i
- [Money Printing Has Repeatedly Outrun the Risk-Free Rate](https://earlyriders.com/charts/the-money-broke/#money-printing-has-repeatedly-outrun-the-risk-free-rate): M2 growth has repeatedly exceeded the 10-year Treasury yield since 1960, most extremely in 2020 when money supply grew 19% against a yield under 1%, meaning the
- [Every Crisis Ratchets the Debt Permanently Higher](https://earlyriders.com/charts/the-money-broke/#every-crisis-ratchets-the-debt-permanently-higher): U.S. federal debt rose from about 57% of GDP in 2000 to 122.6% in early 2026, stepping up sharply at the 2008 and 2020 crises and never returning to its prior l
- [Interest Is Eating the Federal Budget](https://earlyriders.com/charts/the-money-broke/#interest-is-eating-the-federal-budget): Net interest has climbed from about 5% of federal outlays in 2021 to a projected 14% in fiscal 2026, the highest share since the late 1990s, which crowds out di
- [Trump Checks Cost More Than COVID Stimulus](https://earlyriders.com/charts/the-money-broke/#trump-checks-cost-more-than-covid-stimulus): A $5,000 dividend to every adult citizen would cost over $1.2 trillion in 2027, more than the three COVID stimulus rounds of 2020 and 2021 combined and 1.6 time
- [The Services That Matter Have Outrun Wages](https://earlyriders.com/charts/the-money-broke/#the-services-that-matter-have-outrun-wages): Hospital services, college tuition, and medical care have each risen faster than average hourly earnings since 2000, so the household categories with the least 
- [Seed Rounds Inflated Faster Than the Money Supply](https://earlyriders.com/charts/the-money-broke/#seed-rounds-inflated-faster-than-the-money-supply): This image stacks two panels: the top shows the average seed round growing 3.1x from 2014 to 2023 against 1.9x for M2, and the bottom, titled "Starting a Busine
- [Zombie Companies Have Nearly Quadrupled Since 1987](https://earlyriders.com/charts/the-money-broke/#zombie-companies-have-nearly-quadrupled-since-1987): The share of mature firms whose interest costs exceed profits for three straight years rose from 4% in 1987 to 15% in 2020, indicating that cheap credit kept a 
- [Gold Reserves Are Set to Eclipse Dollar Reserves](https://earlyriders.com/charts/better-money/#gold-reserves-are-set-to-eclipse-dollar-reserves): Central bank gold holdings are forecast to reach $5.8T in 2026 against $3.4T in dollar-denominated reserves, the first time gold has exceeded the dollar in offi
- [The Only Money Whose Future Supply Is Fully Knowable](https://earlyriders.com/charts/better-money/#the-only-money-whose-future-supply-is-fully-knowable): Bitcoin's issuance rate falls to 0.8% a year in 2026 with 20.1M of 21M coins already mined, and because the halving schedule is fixed in the protocol, the entir
- [Bitcoin Grades A on Six of Eight Traits of Money](https://earlyriders.com/charts/better-money/#bitcoin-grades-a-on-six-of-eight-traits-of-money): Graded against the eight classic properties of money, Bitcoin earns an A on six of them and its only D is established history, the single row where gold holds t
- [Hashrate Follows Price Up, and Barely Follows It Down](https://earlyriders.com/charts/better-money/#hashrate-follows-price-up-and-barely-follows-it-down): Bitcoin's price sits 45% below its August 2025 high while the computing power securing the network is down only 21% from its November 2025 record, the same asym
- [Value Stored in Other Assets May Flow to Bitcoin](https://earlyriders.com/charts/better-money/#value-stored-in-other-assets-may-flow-to-bitcoin): Applying capture rates of 5% to 50% across roughly $1,000T of store-of-value markets implies $222T of full potential value for Bitcoin, or about $10.6M per coin
- [Bitcoin Is in a Category of Its Own](https://earlyriders.com/charts/better-money/#bitcoin-is-in-a-category-of-its-own): Bitcoin sits far outside the risk and return cluster formed by 24 other assets and strategies, returning about 58% a year at roughly 68% annualized risk, which 
- [The Flagship Phone Costs Ten Thousand Times Less Bitcoin Than in 2012](https://earlyriders.com/charts/better-money/#iphone-priced-in-bitcoin-and-gold): A flagship iPhone fell from 50,616 bitcoin to about 5 between 2012 and 2025, while its price in gold stayed near half an ounce throughout.
- [Nothing Has Kept Pace with Bitcoin](https://earlyriders.com/charts/better-money/#nothing-has-kept-pace-with-bitcoin): Bitcoin returned about 590% from January 2020 through August 2026, against roughly 150% for equities and gold and near zero for bills and bonds, so it set the r
- [Nothing Traditional Has Cleared the Bitcoin Hurdle](https://earlyriders.com/charts/better-money/#nothing-traditional-has-cleared-the-bitcoin-hurdle): Measured against Bitcoin, equities, gold, bills, and bonds are all down between 58% and 83% since October 2020, and none of the four has spent any of the six ye
- [Even Priced in Real Dollars, Every Bitcoin Cycle Bottoms Higher](https://earlyriders.com/charts/better-money/#even-priced-in-real-dollars-every-bitcoin-cycle-bottoms-higher): Adjusted for CPI, Bitcoin has gained 197x in real purchasing power since January 2015 and each cycle low has printed above the last, so the drawdowns have not r
- [Incumbents Allocating 1% of Free Cash Flow to Bitcoin](https://earlyriders.com/charts/better-money/#incumbents-allocating-1-percent-of-free-cash-flow-to-bitcoin): Allocating just 1% of quarterly free cash flow to Bitcoin would have left Apple, Alphabet, and Dell holding about 160,000 BTC combined by Q2 2024, a position se
- [Moore's Law Has Held for Fifty Years](https://earlyriders.com/charts/the-singularity/#moore-s-law-has-held-for-fifty-years): Transistor counts on the leading microprocessor grew from about 2,300 on the Intel 4004 in 1971 to 58.2 billion on AMD Epyc Rome, a 25,000,000x increase sustain
- [AI Inference Is Deflating Three Times Faster Than Any Prior Wave](https://earlyriders.com/charts/the-singularity/#ai-inference-is-deflating-three-times-faster-than-any-prior-wave): AI inference costs fall about 75% a year, against 42% for genome sequencing and 21% to 31% for storage, microprocessors and bandwidth.
- [Token Consumption Grew 21x in a Year](https://earlyriders.com/charts/the-singularity/#token-consumption-grew-21x-in-a-year): Weekly token volume on OpenRouter rose from 3.2 trillion in August 2025 to 69 trillion by August 2026, a 21x increase in twelve months, while the market price p
- [The Longer the Job, the Steeper the Collapse in Cost](https://earlyriders.com/charts/the-singularity/#ai-cost-by-job-length): AI job costs fell 35 times for a fifteen minute task and 305 times for a full day of work between 2023 and 2026, because reliability improved alongside price.
- [From Two Seconds to Twelve Hours in Seven Years](https://earlyriders.com/charts/the-singularity/#from-two-seconds-to-twelve-hours-in-seven-years): The task length frontier models can complete at 50% reliability grew from 2 seconds for GPT-2 in 2019 to 12 hours for Claude Opus 4.6 in 2026, a gain of about 2
- [Adoption Has Compressed From Millennia to Years](https://earlyriders.com/charts/the-singularity/#adoption-has-compressed-from-millennia-to-years): The time a new technology needs to reach half of households has fallen from thousands of years for agriculture and the wheel to roughly three years for consumer
- [Paying for AI Is Becoming the Enterprise Default](https://earlyriders.com/charts/the-singularity/#paying-for-ai-is-becoming-the-enterprise-default): Paid AI adoption rose from 25% to 35% of enterprises in 2020 to between 68% and 85% by 2026 across all three regions, making AI spend a standard line item rathe
- [Enterprise AI Adoption Is Wide but Shallow](https://earlyriders.com/charts/the-singularity/#enterprise-ai-adoption-is-wide-but-shallow): Only 3% of enterprises report extensive or fully integrated AI usage today against an expected 28% in two years, so most current adoption is minimal or moderate
- [S&P 500 Companies Do Nearly 4x More with Every Worker](https://earlyriders.com/charts/the-singularity/#s-p-500-companies-do-nearly-4x-more-with-every-worker): S&P 500 companies now need 2.1 workers to generate $1M of revenue, down from 7.8 in 1988, a 3.7x improvement in output per employee accumulated steadily over th
- [AI-Native Software Breaks the Revenue per Employee Ceiling](https://earlyriders.com/charts/the-singularity/#ai-native-revenue-per-employee): Cursor runs at about $13 million of revenue per employee against $610,000 for a typical top SaaS company, roughly 21 times the operating leverage.
- [Government-Funded Prices Ran Away From Everything Else](https://earlyriders.com/charts/the-singularity/#government-funded-prices-ran-away-from-everything-else): Prices in heavily subsidized categories such as hospital services and college tuition rose far faster than wages since 2000, while categories exposed to competi
- [Custody Models Compared: MIC Resolves the Security-vs-Usability Trade-Off](https://earlyriders.com/charts/bitcoin-market-structure/#custody-models-compared-mic-resolves-the-security-vs-usability-trade-o): Scored across control, usability, counterparty risk, regulatory alignment, scalability, and inheritance, multi-institution custody holds counterparty risk to mi
- [Individuals Held 70% of All Bitcoin in 2025](https://earlyriders.com/charts/bitcoin-market-structure/#individuals-held-70-of-all-bitcoin-in-2025): Individuals held 69.9% of total bitcoin supply in 2025, roughly six times the combined holdings of funds, ETFs, businesses, and governments, so the ownership ba
- [Institutions Went From 1% of Bitcoin Supply to 15% in Five Years](https://earlyriders.com/charts/bitcoin-market-structure/#institutions-went-from-1-of-bitcoin-supply-to-15-in-five-years): Public companies, governments and exchange-traded funds together held 0.9% of circulating bitcoin in 2020 and 14.5% by 2025, a sixteenfold increase in five year
- [Advisors Recommend 1% to 5% Bitcoin and Hold 0.008%](https://earlyriders.com/charts/bitcoin-market-structure/#advisors-recommend-1-to-5-percent-and-hold-0-008): US investment advisors hold 0.008% of $146 trillion in bitcoin, between 125 and 625 times below the 1% to 5% their own institutions recommend.
- [The Fastest ETF Launch in History Was a Bitcoin Fund](https://earlyriders.com/charts/bitcoin-market-structure/#the-fastest-etf-launch-in-history-was-a-bitcoin-fund): BlackRock's iShares Bitcoin Trust went from zero to about $90 billion in assets in the 22 months after it began trading in January 2024, the fastest asset gathe
- [Lost Keys, Not Hacks, Explain Most of the 6.55 Million Bitcoin Gone](https://earlyriders.com/charts/bitcoin-market-structure/#lost-keys-not-hacks-explain-most-of-the-6-55-million-bitcoin-gone): Of the 6.55 million bitcoin that are permanently gone, 3.8 million were lost by their own owners to forgotten keys, more than the losses from exchange hacks, fr
- [When Infrastructure Wins, the Research Stops](https://earlyriders.com/charts/bitcoin-market-structure/#when-infrastructure-wins-the-research-stops): Mentions of http and https peaked around 2012 to 2014 and then fell by about three quarters as encryption became the web's invisible default, the same arc bitco

## Research
- [The Singularity Stack](https://earlyriders.com/singularity-stack/): Early Riders' framework for the AI buildout: nine layers from energy to Bitcoin settlement, the 2026 evidence, and where the gains settle.
- [AI & The Push & Pull of Deflation & The Right Denominator](https://earlyriders.com/research/ai-deflation-and-the-right-denominator/): For most of human history, the world barely changed within a single lifetime. Controlling fire took hundreds of thousands of years to spread across human pop…
- [How Artificial Intelligence Is Restructuring the Firm](https://earlyriders.com/research/how-artificial-intelligence-is-restructuring-the-firm/): Corporate hierarchy has always been an information routing system. Every middle management layer ever built exists to relay context up and down a chain of co…
- [How Stablecoins Are Changing Fintech Infrastructure Today](https://earlyriders.com/research/stablecoins/): The stablecoin market surpassed $300 billion in total capitalization in late 2025, representing a ~50% year-over-year increase. Annual settlement volume hit …
- [Early Riders 2026 Whitepaper](https://earlyriders.com/research/early-riders-2026-whitepaper/): Early Riders is the venture firm pioneering bitcoin as the hurdle rate. Early Riders is raising the first investment fund that uses Bitcoin as its unit of ac…
- [Bitcoin Is The True Fintech](https://earlyriders.com/research/bitcoin-is-the-true-fintech/): Over the past two decades, improvements in financial technology have sought to address persistent inefficiencies in the global financial system: limited acces…
- [Investment Under a Bitcoin Standard](https://earlyriders.com/research/investment-under-a-bitcoin-standard/): After 55 years of fiat money, and more than a century since the end of the Classical Gold Standard, it can be difficult to imagine a world in which money pre…
- [From Hobbyists to the World: Bitcoin’s Breakout Phase](https://earlyriders.com/research/from-hobbyists-to-the-world-bitcoins-breakout-phase/): “Institutions cannot self-custody without severe regulatory issues. Most individuals would prefer not to self custody. Crypto will remain a sport for hobbyis…
- [Do More With Less](https://earlyriders.com/research/do-more-with-less/): This report examines how our historical efficiency gains through collective knowledge and technology pairs with the highest leverage deflationary tools today…
- [Metcalfe’s Law, Moore’s Law, and Reflexivity In Bitcoin](https://earlyriders.com/research/metcalfes-law-moores-law-and-reflexivity-in-bitcoin/): Bitcoin infrastructure represents a unique convergence of three powerful economic forces that create exceptional investment opportunities. Metcalfe’s Law dem…
- [Why Multi-Institution Custody Is Winner Take All](https://earlyriders.com/research/why-multi-institution-custody-is-winner-take-all/): Bitcoin has grown into a roughly $1.3 trillion asset class as of August 2026, but cumulative losses from hacks, frauds, and user error underscore one of the ind
- [Reckoning with the New Cost of Capital](https://earlyriders.com/research/reckoning-with-the-new-cost-of-capital/): "$1.4B Fartcoin¹ is what you get when the “risk-free” asset underpinning the entire banking & currency system is a bond issued by an insolvent government w/d…
- [Bitcoin Will Change Capital Stacks](https://earlyriders.com/research/bitcoin-will-change-capital-stacks/): Fiat currencies have distorted incentives for both founders and venture investors alike. This report examines how Bitcoin offers a superior alternative to fi…
- [Bitcoin Is The Hurdle Rate](https://earlyriders.com/research/bitcoin-is-the-hurdle-rate-1/): The hurdle rate represents the minimum acceptable rate of return that a project or investment must achieve to be considered viable. Traditionally, when a pro…
- [Every Company is a Bitcoin Miner](https://earlyriders.com/research/every-company-is-a-bitcoin-miner/): While bitcoin mining has been predominantly associated with specialized mining firms investing heavily in computational power and energy resources, a compell…

## Investment Memos
- [Onramp](https://earlyriders.com/memos/onramp/): Solving Bitcoin’s Biggest Constraint Bitcoin hasn’t gone mainstream because of custody, not because of demand. Bitcoin infrastructure has a $746B problem, an…
- [Arch](https://earlyriders.com/memos/arch/): Arch is a bitcoin and digital asset lender and financial services firm on a mission to deliver secure, reliable, and effortless financial products to the nex…
- [Argo](https://earlyriders.com/memos/argo/): Argo offers secure, simple, and cost-effective financial services for investors focused on scarce assets in a digital age. Executive Summary Argo is a digita…
- [Aureo](https://earlyriders.com/memos/aureo/): Aureo offers best in class financial services for bitcoin investors in Latin America, as well as institutional grade infrastructure for companies looking to …
- [Acropolis](https://earlyriders.com/memos/acropolis/): Acropolis offers the first global Bitcoin Treasury Solution built on Multi-Institution Custody Founding Story Acropolis was founded with a mission to simplif…
- [Flash](https://earlyriders.com/memos/flash/): Flash is the easiest and most comprehensive way for any business to charge and receive payments in Bitcoin. Flash enables businesses to charge and instantly …
- [Stables](https://earlyriders.com/memos/stables/): The Neutral Account Layer for the Stablecoin Economy Stables is building the universal operating account for stablecoins. One regulated account where busines…

## Podcasts — Final Settlement
- [Final Settlement | AI Cybersecurity Just Stole $500M AGAIN (What's Next?)](https://earlyriders.com/podcasts/ai-cybersecurity-just-stole-500m-again-whats-next/)
- [Final Settlement | Bitcoin’s Surprise $46B Bid Starts Today](https://earlyriders.com/podcasts/bitcoins-surprise-46b-bid-starts-today/)
- [Final Settlement | Bessent Just Doubled Treasury Buybacks - Did Something Break?](https://earlyriders.com/podcasts/bessent-just-doubled-treasury-buybacks-did-something-break/)
- [Final Settlement | How NVIDIA Just Became AI’s Central Bank](https://earlyriders.com/podcasts/how-nvidia-just-became-ais-central-bank/)
- [Final Settlement | Bitcoin Had its Worst Month and Didn’t Even Flinch](https://earlyriders.com/podcasts/bitcoin-had-its-worst-month-and-didnt-even-flinch/)
- [Final Settlement | The ‘Safest’ Bitcoin Wallet Just Got Hacked. What’s Next?](https://earlyriders.com/podcasts/the-safest-bitcoin-wallet-just-got-hacked-whats-next/)
- [Final Settlement | Dorsey’s Buzz & Open Source is Building a $1M Bitcoin Future](https://earlyriders.com/podcasts/dorseys-buzz-open-source-is-building-a-1m-bitcoin-future/)
- [Final Settlement | Kimi K3, Stripe’s $53B PayPal Bid, & Where the Clarity Act Stands](https://earlyriders.com/podcasts/the-bitcoin-catalyst-wall-street-isnt-pricing-in/)
- [Final Settlement | Why The Banks Changed Their Tune On Bitcoin](https://earlyriders.com/podcasts/why-the-banks-changed-their-tune-on-bitcoin/)
- [Final Settlement | The Strategic Bitcoin Reserve Is Back & Trump's Crypto Empire?](https://earlyriders.com/podcasts/the-strategic-bitcoin-reserve-is-back-trumps-crypto-empire/)
- [Final Settlement | Saylor Abandons Bitcoin Strategy](https://earlyriders.com/podcasts/saylor-abandons-bitcoin-strategy/)
- [Franklin Templeton's New Bitcoin Product & The Truth Behind AI](https://earlyriders.com/podcasts/franklintempletons-new-bitcoin-product-the-truth-behind-ai/)
- [Inside the SpaceX IPO And Why Bitcoin Is the Value Trade](https://earlyriders.com/podcasts/inside-the-spacex-ipo-and-why-bitcoin-is-the-value-trade/)
- [Inside Saylor's Bitcoin Sale & Jamie Dimon's War On Coinbase](https://earlyriders.com/podcasts/inside-saylors-bitcoin-sale-jamie-dimons-war-on-coinbase/)
- [Iran Just Turned the World's Most Important Waterway Into a Bitcoin Market](https://earlyriders.com/podcasts/iran-just-turned-the-worlds-most-important-waterway-into-a-bitcoin-market/)
- [The Clarity Act Isn't Priced In: BNY, Morgan Stanley, & the End of Coinbase's Moat](https://earlyriders.com/podcasts/the-clarity-act-isnt-priced-in-bny-morgan-stanley-the-end-of-coinbases-moat/)
- [Stablecoins Are the Most Bullish Bitcoin Catalyst Ever](https://earlyriders.com/podcasts/onramp-finance-schwab-morgan-stanley-who-wins-pyg2c-kxmgw/)
- [Blocksize War II: Quantum & The Battle Over Satoshi's Coins](https://earlyriders.com/podcasts/onramp-finance-schwab-morgan-stanley-who-wins-pyg2c/)
- [Onramp Finance, Schwab, Morgan Stanley — Who Wins?](https://earlyriders.com/podcasts/onramp-finance-schwab-morgan-stanley-who-wins/)
- [Final Settlement: Bitcoin Is Money for Enemies](https://earlyriders.com/podcasts/final-settlement-bitcoin-is-money-for-enemies/)
- [$280M Stolen, OpenAI Buys TBPN, & Coinbase Joins the Banks](https://earlyriders.com/podcasts/280m-stolen-openai-buys-tbpn-coinbase-joins-the-banks/)
- [Morgan Stanley vs. BlackRock, Fannie Mae Blesses Bitcoin, & the End of DATs](https://earlyriders.com/podcasts/morgan-stanley-vs-blackrock-fannie-mae-blesses-bitcoin-the-end-of-dats/)
- [MasterCard’s $1.8B Bitcoin Play, OpenAI Promises 17.5% Yield, & Bezos Bets $100B](https://earlyriders.com/podcasts/mastercards-18b-bitcoin-play-openai-promises-175-yield-bezos-bets-100b/)
- [Travis Kalanick, Tech Layoffs, & the Rebuilding of Everything](https://earlyriders.com/podcasts/travis-kalanick-tech-layoffs-the-rebuilding-of-everything/)
- [The $3 Trillion Market Bitcoin Just Cracked Open](https://earlyriders.com/podcasts/the-3-trillion-market-bitcoin-just-cracked-open/)
- [Jack Dorsey Just Gave Every CEO Permission to Fire Half Their Company](https://earlyriders.com/podcasts/jack-dorsey-just-gave-every-ceo-permission-to-fire-half-their-company/)
- [OpenClaw Takeover & the Agentic AI Revolution](https://earlyriders.com/podcasts/openclaw-takeover-amp-the-agentic-ai-revolution/)
- [Tether’s Sovereign Empire, Collapsing Bank Barriers, & AI Bots Using BTC](https://earlyriders.com/podcasts/tethers-sovereign-empire-collapsing-bank-barriers-amp-ai-bots-using-btc/)
- [Elon Says the Singularity Is Here — Why That Sends Bitcoin to $1M+](https://earlyriders.com/podcasts/elon-says-the-singularity-is-here-why-that-sends-bitcoin-to-1m/)
- [BitGo’s $2.1B IPO & Silver’s Surge: The Sound Money Reset Is Just Starting](https://earlyriders.com/podcasts/bitgos-21b-ipo-amp-silvers-surge-the-sound-money-reset-is-just-starting/)
- [Goldman, State Street, NYSE: The TradFi-Crypto Takeover Is Underway](https://earlyriders.com/podcasts/goldman-state-street-nyse-the-tradfi-crypto-takeover-is-underway/)
- [Why Morgan Stanley, Walmart, Rumble & Silicon Valley Are Betting BIG on Bitcoin](https://earlyriders.com/podcasts/why-morgan-stanley-walmart-rumble-amp-silicon-valley-are-betting-big-on-bitcoin/)
- [Inside Venezuela’s Regime Change, Global Asset Seizures, Dollarization & Currency Wars](https://earlyriders.com/podcasts/inside-venezuelas-regime-change-global-asset-seizures-dollarization-amp-currency-wars/)
- [2025 Recap + 2026 Predictions: Real Signals, Fake Noise, & BTC’s Path to $250K](https://earlyriders.com/podcasts/2025-recap-2026-predictions-real-signals-fake-noise-amp-btcs-path-to-250k/)
- [The Banks Are Here: OCC Just Opened the Floodgates to Bitcoin](https://earlyriders.com/podcasts/the-banks-are-here-occ-just-opened-the-floodgates-to-bitcoin/)
- [Larry Fink & Stanley Druckenmiller Describe the Bitcoin Endgame](https://earlyriders.com/podcasts/larry-fink-amp-stanley-druckenmiller-describe-the-bitcoin-endgame/)
- [The Truth About Tether, Stablecoins & JPMorgan’s Quiet Bitcoin Bet](https://earlyriders.com/podcasts/the-truth-about-tether-stablecoins-amp-jpmorgans-quiet-bitcoin-bet/)
- [Kraken’s IPO, Tether’s Power Play, & Why Bitcoin Still Wins](https://earlyriders.com/podcasts/krakens-ipo-tethers-power-play-amp-why-bitcoin-still-wins/)
- [The U.S. Shutdown, Stimmies & Bitcoin’s Next Move](https://earlyriders.com/podcasts/the-us-shutdown-stimmies-amp-bitcoins-next-move/)
- [Everyone’s Short Bitcoin — Wall Street Is Buying the Plumbing](https://earlyriders.com/podcasts/everyones-short-bitcoin-wall-street-is-buying-the-plumbing/)
- [The Banks Are Here — JPMorgan Just Made Bitcoin Collateral](https://earlyriders.com/podcasts/the-banks-are-here-jpmorgan-just-made-bitcoin-collateral/)
- [Citi, Schwab, Nubank, & Aureo: The Global Bitcoin Race for 21 Million](https://earlyriders.com/podcasts/citi-schwab-nubank-amp-aureo-the-global-bitcoin-race-for-21-million/)
- [Altcoins Implode, Bitcoin Stands Strong: A Masterclass in Signal vs Noise](https://earlyriders.com/podcasts/altcoins-implode-bitcoin-stands-strong-a-masterclass-in-signal-vs-noise/)
- [Debasement Endgame: Bitcoin ATHs, Gold near $4K, & Bonds Bleeding](https://earlyriders.com/podcasts/debasement-endgame-bitcoin-aths-gold-near-4k-amp-bonds-bleeding/)
- [The Hidden Truth About Tether’s $500B Valuation: What Wall Street Isn’t Telling You](https://earlyriders.com/podcasts/the-hidden-truth-about-tethers-500b-valuation-what-wall-street-isnt-telling-you/)
- [Yield Traps, Paper Games, & Bitcoin’s Path to $10M](https://earlyriders.com/podcasts/yield-traps-paper-games-amp-bitcoins-path-to-10m/)

## Blog
- [The 50 Most Interesting Companies in Bitcoin's History](https://earlyriders.com/blog/the-50-most-interesting-companies-in-bitcoins-history/): An interactive history of fifteen years of Bitcoin company formation: what the failures cost, what the winners got right, and where the next ones get built.
- [The Architecture Problem](https://earlyriders.com/blog/the-architecture-problem/): Why last week's Coldcard exploit argues for shared key management, and why the custody industry should build on Bitcoin's native primitive together.
- [Early Riders Mid-Year Investor Update](https://earlyriders.com/blog/early-riders-investor-update/): Early Riders Mid-Year Investor Update
- [Early Riders Invests in Stables' Pre-Seed Investment Round](https://earlyriders.com/blog/early-riders-invests-in-stables-pre-seed-investment-round/): Early Riders Invests in Stables' Pre-Seed Investment Round
- [Early Riders Leads Onramp’s Series A](https://earlyriders.com/blog/early-riders-leads-onramps-series-a-to-expand-bitcoin-financial-services-built-on-multi-institution-custody/): Early Riders Leads Onramp’s Series A
- [The Deflation Paradox Isn’t Priced In](https://earlyriders.com/blog/the-deflation-paradox-isnt-priced-in-ai-task-autonomy-is-doubling-faster-than-moores-law-ever-did-what-it-means/): The Deflation Paradox Isn’t Priced In: AI task autonomy is doubling faster than Moore's Law ever did & what it means
- [The Head of Claude Code On Doing More With Less](https://earlyriders.com/blog/early-riders-how-to-do-more-with-less/): How the Head of Claude Code Did More With Less
- [Early Riders’ 2025 Investor Letter](https://earlyriders.com/blog/early-riders-2025-annual-investor-letter/): This past year’s price action perplexed many, but beneath the surface sovereign and institutional capital entered at scale while custody risks and digital asset
- [Early Riders 2025 Recap & 2026 Predictions](https://earlyriders.com/blog/early-riders-2025-recap-and-2026-predictions/): Early Riders 2025 Recap & 2026 Predictions
- [Early Riders Leads Seed Round in Argo to Build Out Sound Money Infrastructure Focus](https://earlyriders.com/blog/early-riders-leads-seed-round-in-argo-to-build-out-sound-money-infrastructure-focus/): Early Riders Leads Seed Round in Argo to Build Out Sound Money Infrastructure Focus
- [Early Riders Acts As Exclusive Investor in Aureo’s Pre-Seed Round to Build LatAm-Native Bitcoin Financial Services & Infrastructure](https://earlyriders.com/blog/early-riders-acts-as-exclusive-investor-in-aureos-pre-seed-round-to-build-latam-native-bitcoin-financial-services-infrastructure/): Early Riders Acts As Exclusive Investor in Aureo’s Pre-Seed Round to Build LatAm-Native Bitcoin Financial Services & Infrastructure
- [The Return of Sound Capital: How Early Riders Is Restoring Venture Capital to First Principles](https://earlyriders.com/blog/the-return-of-sound-capital-how-early-riders-is-restoring-venture-capital-to-first-principles/): With the death of the gold standard in the 20th century, capital lost its anchor. The venture industry followed suit. Returns were celebrated regardless of valu
- [Early Riders Launches Guild Network and Adds Bram Kanstein As Advisor](https://earlyriders.com/blog/early-riders-launches-guild-network-and-adds-bram-kanstein-as-advisor/): The Guild is a formal network of developers, operators, creators, and capital allocators, creating a better world. We are stronger as a collective than as indiv
- [Early Riders Leads Seed Investment in Acropolis; The First Global Bitcoin Treasury Solution Built on Multi-Institution Custody](https://earlyriders.com/blog/early-riders-leads-seed-investment-in-acropolis/): Acropolis offers the first global Bitcoin Treasury Solution powered by Multi-Institution Custody, revolutionizing how businesses securely manage Bitcoin within 
- [Early Riders Leads Funding Round in Bitcoin Payment Gateway Company, Flash; Parallel Economy & Flash Announce Strategic Partnership](https://earlyriders.com/blog/early-riders-leads-funding-round-in-bitcoin-payment-gateway-company-flash/): Flash enables businesses to charge and instantly accept Bitcoin payments online or offline for a competitive fee structure that allows Flash to scale and moneti

## Newsletters (weekly)
- [The Singularity Roundup With Early Riders](https://earlyriders.com/open-range/early-riders-newsletter-09-07-2026/)
- [The Singularity Roundup With Early Riders](https://earlyriders.com/open-range/early-riders-newsletter-08-31-2026/)
- [The Singularity Roundup With Early Riders](https://earlyriders.com/open-range/early-riders-newsletter-08-24-2026/)
- [Early Riders | Open Range Weekly | 07.27.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-07-27-2026/)
- [Early Riders | Open Range Weekly | 07.20.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-07-20-2026/)
- [Early Riders | Open Range Weekly | 07.13.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-071326/)
- [Early Riders | Open Range Weekly | 07.06.26](https://earlyriders.com/open-range/open-range-07-06-2026/)
- [Early Riders | Open Range Weekly | 06.29.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-06-29-2026/)
- [Early Riders | Open Range Weekly | 06.22.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-062226/)
- [Early Riders | Open Range Weekly | 06.15.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-06-15-2026/)
- [Early Riders | Open Range Weekly | 06.08.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-06-08-2026/)
- [Early Riders | Open Range Weekly | 06.01.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-06-01-26/)
- [Early Riders | Open Range Weekly | 05.24.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-05-17-26-waerc/)
- [Early Riders | Open Range Weekly | 05.17.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-05-17-26/)
- [Early Riders | Open Range Weekly | 05.10.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-05-10-26/)
- [Early Riders | Open Range Weekly | 05.03.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-05-03-26/)
- [Early Riders | Open Range Weekly | 04.26.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-0426-2026/)
- [Early Riders | Open Range Weekly | 04.19.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-04-12-2026-s454s/)
- [Early Riders | Open Range Weekly | 04.12.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-04-12-2026/)
- [Early Riders | Open Range Weekly | 04.05.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-0405-2026/)
- [Early Riders | Open Range Weekly | 03.29.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-03-29-2026/)
- [Early Riders | Open Range Weekly | 03.22.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-22-2026-mmrjc-lzafz-zg4mt/)
- [Early Riders | Open Range Weekly | 03.15.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-22-2026-mmrjc-lzafz/)
- [Early Riders | Open Range Weekly | 03.08.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-22-2026-mmrjc/)
- [Early Riders | Open Range Weekly | 02.22.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-22-2026/)
- [Early Riders | Open Range Weekly | 02.15.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-15-2026/)
- [Early Riders | Open Range Weekly | 02.08.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-08-2026/)
- [Early Riders | Open Range Weekly | 02.01.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-02-01-2026/)
- [Early Riders | Open Range Weekly | 01.25.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-0125-2026/)
- [Early Riders | Open Range Weekly | 01.18.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-01-18-2026/)
- [Early Riders | Open Range Weekly | 01.11.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-01-11-2026/)
- [Early Riders | Open Range Weekly | 01.04.26](https://earlyriders.com/open-range/early-riders-open-range-weekly-01-04-2026/)
- [Early Riders | Open Range Weekly | 12.28.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-12-28-2025/)
- [Early Riders | Open Range Weekly | 12.21.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-12-21-2025/)
- [Early Riders | Open Range Weekly | 12.14.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-12-14-25/)
- [Early Riders | Open Range Weekly | 12.07.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-12-07-25-awnlm/)
- [Early Riders | Open Range Weekly | 11.30.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-11-30-25/)
- [Early Riders | Open Range Weekly | 11.23.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-112325/)
- [Early Riders | Open Range Weekly | 11.16.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-111625/)
- [Early Riders | Open Range Weekly | 11.9.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-11925/)
- [Early Riders | Open Range Weekly | 11.2.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-102625-je9fa/)
- [Early Riders | Open Range Weekly | 10.26.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-10-26-2025/)
- [Early Riders | Open Range Weekly | 10.17.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-101925/)
- [Early Riders | Open Range Weekly | 10.12.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-101225/)
- [Early Riders | Open Range Weekly | 10.5.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-10525/)
- [Early Riders | Open Range Weekly | 9.28.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-92825/)
- [Early Riders | Open Range Weekly | 9.21.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-92125/)
- [Early Riders | Open Range Weekly | 9.14.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-91425/)
- [Early Riders | Open Range Weekly | 9.7.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-83125-lklfg/)
- [Early Riders | Open Range Weekly | 8.31.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-83125/)
- [Early Riders | Open Range Weekly | 8.24.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-82425/)
- [Early Riders | Open Range Weekly | 8.17.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-81725/)
- [Early Riders | Open Range Weekly | 8.10.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-81025/)
- [Early Riders | Open Range Weekly | 8.3.25](https://earlyriders.com/open-range/early-riders-open-range-weekly-8325/)
- [Early Riders | Open Range Weekly | 7.27.25](https://earlyriders.com/open-range/open-range-banks-brokerages-amp-bills-h9e9d/)
- [Open Range | Banks, Brokerages & Bills](https://earlyriders.com/open-range/early-riders-open-range-weekly-07-19-2025/)
- [Open Range | Historic Prints, Durable Demand](https://earlyriders.com/open-range/historic-prints-durable-demand/)
- [Open Range | Cross-Border Coins & Capitol Compromises](https://earlyriders.com/open-range/early-riders-open-range-weekly-07-06-2025/)
- [Open Range | SBR Standards & Public Policy on Bitcoin](https://earlyriders.com/open-range/open-range-sbr-standards-public-policy-on-bitcoin/)
- [Open Range | Reserves Rise, Hackers Strike, and Futures Cool](https://earlyriders.com/open-range/open-range-reserves-rise-hackers-strike-and-futures-cool/)
- [Open Range | Custody Centralizes, Credit Cards Commercialize, and Clarity Advances](https://earlyriders.com/open-range/early-riders-open-range-weekly-06-15-2025/)
- [Open Range | Global Heavyweights Back Bitcoin As Collateral](https://earlyriders.com/open-range/global-heavyweights-back-bitcoin-as-collateral/)
- [Open Range | Sats, Silicon, & Sovereigns — Tether's Hashpower and Pakistan’s Mining Play](https://earlyriders.com/open-range/sats-silicon-sovereigns-tethers-hashpower-and-pakistans-mining-play/)
- [Open Range | May 25th, 2025 | Hard-Asset Haven — Tariffs & Treasuries Ignite a Bitcoin Bid](https://earlyriders.com/open-range/may-25th/)
- [Open Range | May 18th, 2025 | Rating Cut, Risk-On Run, and Main Street Retail Checkouts](https://earlyriders.com/open-range/may-18/)
- [Open Range | May 11th, 2025 | From Tariffs to Treasuries, Bitcoin Outshines Equities](https://earlyriders.com/open-range/may-11/)
- [Open Range | May 4th, 2025 | Bitcoin Finds Its Floor. Capital Finds Its Benchmark.](https://earlyriders.com/open-range/may-4/)
- [Open Range | April 27th, 2025 | Institutions, Trade Wars, and the Safe Haven Awakening](https://earlyriders.com/open-range/early-riders-open-range-weekly-04-27-2025/)
- [Open Range | April 20th, 2025 | ECB Cuts, Gold Surges, BTC Steady](https://earlyriders.com/open-range/early-riders-open-range-weekly-04-20-2025/)
- [Open Range | April 13th, 2025 | Bitcoin Shines Amid Tariff-Driven Market Turbulence](https://earlyriders.com/open-range/early-riders-open-range-weekly-04-13-2025/)
- [Open Range | April 6th, 2025 | Tariffs Galore, Bitcoin Sells Off](https://earlyriders.com/open-range/early-riders-open-range-weekly-04-06-2025/)

## Full Content
- [llms-full.txt](https://earlyriders.com/llms-full.txt): Every research piece, investment memo, blog post, newsletter issue and podcast episode in full, as plain text, in one file.