INSIGHTS: Bitcoin adoption among countries is outrunning adoption among people. Analyst Willy Woo: about 5% of the world's population owns Bitcoin. About 8% of countries have policies to buy or hold it. In a follow-up, he added: about 12% of countries actually hold some. Here's why the comparison is shakier than it sounds. Ownership estimates range wildly. From 1.3% (about 106 million people) to 6% (about 500 million), depending on method. Woo's own range: 370 to 500 million people. That's 4.5% to 6%. Only about 800,000 to 850,000 individuals hold a full Bitcoin. The country figure is a count, not a weighting. 8% of roughly 195 countries is about 15 nations. El Salvador. The US. Bhutan. A handful more. A Luxembourg ETF position counts the same as a national reserve. The "policy" is also soft. Some are bills, not law. Some are pilots. The real signal is the direction. Adoption among governments started from near zero a few years ago. The US now holds a Strategic Bitcoin Reserve. A reserve bill cleared committee 28 to 21. Countries that adopt don't sell. Retail is the opposite. It flows in and out with the price. That makes sovereign demand the stickier of the two. Still very small. But stickier.

INSIGHTS: Raoul Pal's allocation advice fits in one sentence. Buy the Nasdaq. Buy Bitcoin. Stop overthinking it. His reasoning, repeated for years. Only two asset classes beat currency debasement. Technology stocks and crypto. Gold and real estate mostly just keep pace with it. On trading, his own words: "If you try to sell at the top and then buy back at the bottom, 99% of people can't do it." His racier swap: Layer 1s. Ethereum, Solana, others. His own bet is far more concentrated. He's said he can stomach a huge Sui position because his career and assets can absorb the risk. He tells most people to stick with BTC, ETH, and SOL. The data behind his case. Bitcoin is up about 4.2x from the 2022 low. The Nasdaq 100 is up about 2.9x. His liquidity numbers: Bitcoin tracks global liquidity at roughly 87% to 90% correlation. The Nasdaq at 95% to 97%. His current call: Bitcoin outperforms the Nasdaq as rates rise, because fiscal dominance forces new liquidity. Here's the part the one-liner skips. Bitcoin sits about 30% below its all-time high of $126,198. The Nasdaq is near record highs. Hedge funds hold their biggest net long since 2017. "Stop overthinking it" is easy advice when the trade is working. It's harder when one leg is at a record and the other is down a third.

Insights from @Nasdaq's 2026 Future of the Boardroom Forum explore how boards can adapt governance models to keep pace with AI-driven change in an increasingly dynamic operating environment. Read more:

INSIGHTS: Japan holds more U.S. Treasuries than almost any country on earth. And Japan's bond market just hit all-time high yields across every maturity. Here is why this matters more than anyone is talking about. When Japanese yields rise. Japanese investors sell U.S. Treasuries to bring money home. $1,000,000,000,000+ in potential selling pressure. On the U.S. bond market. The Fed has one response. Swap lines. Print dollars. Send them to Japan. Stabilize the system. Every swap line in history preceded a massive liquidity expansion. Swap lines. Markets recovered. Swap lines. Bitcoin went from $5,000 to $69,000. Japan is the trigger. Swap lines are the response. Money printing is the consequence. And Bitcoin is always the beneficiary. The most important story nobody is talking about. Is playing out in Japanese government bonds. Right now.

Insights📊: CEXs processed $19.17T in spot crypto in 2025 — but equities hit $155T and FX does $9.6T daily. This shift isn’t opportunistic. It’s structural: • $37B deployed in TradFi M&A by major players • Rise of multi-asset CEX models • Native vs acquisition-led strategies • Expansion into CFDs, RWAs, tokenized equities & more New research just dropped 👇

Creative insights come from daily rituals that immerse us in our efforts. The greats--whether they be Market Wizards or writers, artists, scientists--absorb themselves in what they do and emerge with fresh perspectives: @masoncurrey @gfc4 @jackschwager

「RWA Insights」 📈 Tokenized stocks keep growing, and the market share is shifting. The tokenized equities market is now around $3.7B–$4B (up ~483% YTD per @DWFLabs data through early October). Ondo’s share dropped from ~56% to ~26–30%. @bstocksfinance and xStocks each hold roughly 24–32%, with @BNBCHAIN overall share rising sharply⚡️. On-chain exposure to private and public markets continues to expand. Paimon’s Pre-Access SPVs trade on BNB Chain.