I try to see everything through the bigger picture. When every screen is red, the most useful thing I do is close the laptop and go for a walk in nature. It's how I hold my conviction when everything in me wants to panic. And I'll be honest with you, because pretending otherwise would be insulting. Crypto is painful right now. It is not the gift that keeps on giving that it once was, and all of us in it are feeling poorer and feeling like shit. I feel it too. But feeling bad and being wrong are not the same thing. Nothing in the actual mechanism has broken. The business cycle has already turned. Liquidity says crypto is running cold, not dead. And I still believe, deeply, that layer 1s are the place to be... Ethereum, Solana, Sui. I sat down and wrote my full thinking out today. My up to date thesis on crypto right now, why I'm still here, and where I think the real money gets made from here.(Raoul Pal)