The club believes that despite a year of bear market, cryptocurrencies remain resilient, and for this reason the club lists 10 reasons why he thinks cryptocurrencies can still rise 10 times.

1) Stablecoins, at this point, have clearly proven themselves to be a “sticky use case” for cryptocurrencies. There is a huge global demand for the U.S. dollar, and stablecoins are increasingly meeting that demand.

2) Superior financial rails, through the rise of extremely cheap blockspace such as L2, coupled with the popularity of stablecoins, have created a payment tool that is significantly superior to traditional banking. Anyone who has conducted online business using on-chain stablecoins knows that this is 100x more efficient than relying on tools such as Payoneer/Wise.

3) Institutional adoption, it seems increasingly likely that we will see a spot Bitcoin ETF approved, and more and more respected traders are expressing support for Bitcoin (and DeFi in many cases). In fact, Wall Street seems to have finally decided that it would rather make money from the public's enthusiasm for cryptocurrencies than fight it.

4) Privacy/Account Abstraction. The lack of privacy-enabling options has hindered the adoption of cryptocurrencies for mainstream business needs, but solutions like Silent Protocol and other projects will provide the strongest impetus in this direction.

5) An increasingly digital economy. The theme of this decade seems to be the increasing networking of global commerce. Remote work, cryptocurrencies, artificial intelligence, social media, etc. are all part of this. As this evolution accelerates, the advantages of Internet-native crypto assets/infrastructure over existing bank-based systems, which are not adapted to the online world, will become increasingly apparent.

6) Separating the true from the false / reflexivity, it is clear that Western countries do not have the political will to implement fiscal austerity, and even Powell's interest rate hikes only reveal the problem of fiscal dominance, as the United States' interest payments have surged, leading to a larger budget deficit. This forms a fascinating feedback loop, where depreciation increases the nominal price of crypto assets, further catalyzing speculative frenzy, thereby stimulating public interest in crypto assets and promoting their adoption.

7) Individual sovereignty. I’m a natural optimist, but I don’t think anyone can argue that places like the US, Canada, and Western Europe are in decline socially, culturally, demographically, economically, etc… As things inevitably get worse, and the aforementioned sovereign debt crisis escalates, the permissionless and self-regulated value proposition offered by cryptocurrencies becomes all the more important.

8) Fatalistic bullishness. As things become increasingly dysfunctional and the traditional path to upward mobility becomes less realistic for the average person, the public’s preference for gambling and more “degenerate” forms of speculation increases. This leads me to a fatalistic bullishness on the success of cryptocurrencies. This is not a positive development, but I think it is an important variable in the discussion of the success of cryptocurrencies.

9) In line with cultural change, cryptocurrencies in many ways draw on the growing backlash against cubicle farm-style corporate work culture. This paradigm shift has been going on since the 1990s, but has accelerated immeasurably in recent years. Obviously, this is partly a downstream effect of the digital economy, but it is also deeper than that, representing a profound and positive spiritual shift away from the late Kafkaesque bugmanism of Western culture.

10) Intellectual Capital. Finally, perhaps the strongest reason I think cryptocurrency is destined to 10x is that it attracts the best/smartest/most creative young people on the planet.