Stone Ridge Asset Management, with over $20B under management, operates on a Bitcoin Standard. From their 2023 investor letter: "Since 2017, bitcoin has been S

Stone Ridge Asset Management, with over $20B under management, operates on a Bitcoin Standard. From their 2023 investor letter: "Since 2017, bitcoin has been Stone Ridge’s treasury reserve asset because of my extreme aversion to risk. We run net short USD – which is fancy way of saying we net borrow fiat – to pay bills and make investments. We save in bitcoin. It would be impossible to overstate the corporate advantages of being on the Bitcoin Standard. Since 2017, we’ve doubled our franchises to ten, more than 10x’d our trading profits, and delivered 25% annualized ROE for our shareholders. Our firm compensation, rent, and total expenses are up 89%, 119%, and 69%, respectively, in fi at, and down 36%, 26%, and 43%, respectively, in bitcoin. The more fiat we make, the more bitcoin I buy. You cannot print bitcoin."