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    <title>Vellum Capital</title>
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    <description>Independent research and long-horizon perspective on Bitcoin, cryptoassets, markets, and open financial systems.</description>
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      <title>Bitcoin Isn’t Dead. It’s Demoted.</title>
      <link>https://vellum.capital/bitcoin-isnt-dead-its-demoted/</link>
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      <pubDate>Sun, 12 Jul 2026 12:00:00 GMT</pubDate>
      <description><![CDATA[AI has taken Bitcoin’s old job as the market’s cleanest bet on a digital future. That’s not the end of the Bitcoin thesis — it’s a return to the only one that was ever durable: the monetary case.]]></description>
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    <item>
      <title>Investment Narratives and a Future Convergence</title>
      <link>https://vellum.capital/2026/06/29/investment-narratives-and-a-future-convergence/</link>
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      <pubDate>Mon, 29 Jun 2026 12:00:00 GMT</pubDate>
      <description><![CDATA[Vellum&#39;s June 2026 letter to investors: why crypto has ground lower while capital floods into AI and space—and the emerging thesis that crypto was always built for machines, not humans.]]></description>
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      <title>Open Source &amp; Closed Borders</title>
      <link>https://vellum.capital/2025/02/13/open-source-closed-borders/</link>
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      <pubDate>Thu, 13 Feb 2025 18:47:25 GMT</pubDate>
      <description><![CDATA[DeepSeek&#39;s $6M training claim rattled markets and Washington. What open-source AI and chip export controls reveal about a new era of tech nationalism.]]></description>
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      <title>Bitcoin and National Security (Part II)</title>
      <link>https://vellum.capital/2024/06/27/bitcoin-and-national-security-part-ii/</link>
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      <pubDate>Thu, 27 Jun 2024 17:04:00 GMT</pubDate>
      <description><![CDATA[Spot ETFs and a shifting Washington: how US policy-makers began treating Bitcoin as a strategic asset rather than a threat to national security.]]></description>
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      <title>Bitcoin and National Security: The Truth Machine Argument</title>
      <link>https://vellum.capital/2023/10/02/bitcoin-and-national-security/</link>
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      <pubDate>Mon, 02 Oct 2023 20:04:06 GMT</pubDate>
      <description><![CDATA[Bitcoin is a truth machine. Why a nation that values freedom should protect an incorruptible ledger, and how Jason Lowery&#39;s Softwar thesis frames Bitcoin as strategic power projection.]]></description>
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      <title>Bear Market Musings</title>
      <link>https://vellum.capital/2023/08/31/bear-market-musings/</link>
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      <pubDate>Fri, 01 Sep 2023 01:49:59 GMT</pubDate>
      <description><![CDATA[Crypto skeptics multiply in every bear market. Why dollar-based crime, payment friction, and American complacency say more about our system than about crypto.]]></description>
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      <title>Gary, Gary, Gary</title>
      <link>https://vellum.capital/2023/07/03/gary-gary-gary/</link>
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      <pubDate>Mon, 03 Jul 2023 16:50:53 GMT</pubDate>
      <description><![CDATA[A year after asking &#39;What if Gary Gensler is right?&#39;, the verdict: the SEC chair&#39;s crypto crackdown no longer deserves the benefit of the doubt.]]></description>
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      <title>Pro Crypto and Pro Dollar</title>
      <link>https://vellum.capital/2023/03/02/pro-crypto-and-pro-dollar/</link>
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      <pubDate>Thu, 02 Mar 2023 19:29:57 GMT</pubDate>
      <description><![CDATA[Being pro-crypto doesn&#39;t mean being anti-dollar. Why the internet-era analogy misleads regulators — and what is really at stake in the SEC&#39;s crypto campaign.]]></description>
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      <title>What If Gary Gensler Is Right?</title>
      <link>https://vellum.capital/2022/08/04/what-if-gary-gensler-is-right/</link>
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      <pubDate>Thu, 04 Aug 2022 18:32:56 GMT</pubDate>
      <description><![CDATA[What if the SEC is right that nearly every digital asset except Bitcoin is a security? A crypto fund manager steelmans Gary Gensler&#39;s case.]]></description>
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      <title>Words Have Meanings…So Do Acronyms</title>
      <link>https://vellum.capital/2022/07/26/words-have-meaningsso-do-acronyms/</link>
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      <pubDate>Wed, 27 Jul 2022 04:53:12 GMT</pubDate>
      <description><![CDATA[Hedge fund, VC, ETF, security: as crypto goes mainstream, borrowed financial terms are causing real confusion — and real harm. Precision matters.]]></description>
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      <title>Bitcoin Becomes a Stablecoin?</title>
      <link>https://vellum.capital/2022/05/20/bitcoin-becomes-a-stablecoin/</link>
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      <pubDate>Fri, 20 May 2022 19:55:17 GMT</pubDate>
      <description><![CDATA[The UST/LUNA death spiral shook crypto — and Bitcoin barely moved. Why Terra failed, why Vellum avoided stablecoin yield, and what stability really means.]]></description>
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      <title>Joe Knows Crypto?</title>
      <link>https://vellum.capital/2022/03/17/joe-knows-crypto/</link>
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      <pubDate>Thu, 17 Mar 2022 21:10:34 GMT</pubDate>
      <description><![CDATA[Parsing Biden&#39;s Executive Order on digital assets: no red flags for crypto investors, but 20-plus federal agencies now have marching orders. What to watch.]]></description>
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      <title>Stablecoins in an Unstable World</title>
      <link>https://vellum.capital/2021/12/22/stablecoins-in-an-unstable-world/</link>
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      <pubDate>Wed, 22 Dec 2021 17:49:56 GMT</pubDate>
      <description><![CDATA[Stablecoins confuse crypto newcomers. What dollar-pegged tokens actually do, why they grew so fast, and what they signal about where markets are headed.]]></description>
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      <title>Six Reasons Why Bitcoin Is Superior To Monetary Gold</title>
      <link>https://vellum.capital/2021/12/15/six-reasons-why-bitcoin-is-superior-to-monetary-gold/</link>
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      <pubDate>Wed, 15 Dec 2021 19:30:00 GMT</pubDate>
      <description><![CDATA[Gold and Bitcoin are both scarce, durable, and fungible — but Bitcoin is more portable, verifiable, divisible, and supply-capped. Six advantages, explained.]]></description>
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      <title>How Fiat Money Corrupted  Savings &amp; Made Us All Market Speculators</title>
      <link>https://vellum.capital/2021/10/14/how-fiat-money-corrupted-savings-made-us-all-market-speculators/</link>
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      <pubDate>Fri, 15 Oct 2021 02:46:06 GMT</pubDate>
      <description><![CDATA[Before fiat money, a savings account built wealth. How currency devaluation pushed ordinary households into stock speculation — and politicized markets.]]></description>
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      <title>What is Crypto Really All About?</title>
      <link>https://vellum.capital/2021/09/11/what-is-crypto-really-all-about/</link>
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      <pubDate>Sat, 11 Sep 2021 19:19:28 GMT</pubDate>
      <description><![CDATA[Crypto looks like libertarian economics from the outside — but institutions are driving the price. On crypto cards, irony, and what the space is becoming.]]></description>
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      <title>Pick Your Horse:  Gift or Trojan</title>
      <link>https://vellum.capital/2021/07/09/pick-your-horse-gift-or-trojan/</link>
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      <pubDate>Fri, 09 Jul 2021 05:02:36 GMT</pubDate>
      <description><![CDATA[China&#39;s mining crackdown handed the West a choice: treat Bitcoin as a gift horse or a Trojan horse. Why the answer will shape monetary leadership.]]></description>
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      <title>Correction vs Crash</title>
      <link>https://vellum.capital/2021/05/25/correction-vs-crash/</link>
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      <pubDate>Tue, 25 May 2021 15:17:54 GMT</pubDate>
      <description><![CDATA[Was the 2021 crypto drawdown a crash or a healthy correction? What leverage washouts reveal about who was selling — and why long-term investors stayed put.]]></description>
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      <title>How Many Horses are in the Crypto Asset Race?</title>
      <link>https://vellum.capital/2021/04/13/how-many-horses-are-in-the-crypto-asset-race/</link>
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      <pubDate>Tue, 13 Apr 2021 23:18:02 GMT</pubDate>
      <description><![CDATA[Thousands of &#39;cryptocurrencies&#39; exist, but they aren&#39;t all currencies: a guide to the four kinds of crypto assets — coins, utility tokens, security tokens, and NFTs.]]></description>
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    <item>
      <title>Bitcoin has already advanced global privacy and financial autonomy</title>
      <link>https://vellum.capital/2021/04/01/bitcoin-has-already-advanced-global-privacy-and-financial-autonomy/</link>
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      <pubDate>Thu, 01 Apr 2021 18:31:31 GMT</pubDate>
      <description><![CDATA[Even if crypto vanished tomorrow, Bitcoin&#39;s legacy would stand: it exposed fiat&#39;s flaws, gave savers under failing regimes a life raft, and mainstreamed strong cryptography.]]></description>
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