In this episode of Empire, Jason and Santi are joined by Eric Peters, the founder and CEO of One River Asset Management. Eric, a renowned macro investor, made a splash in the cryptoverse in November 2020 by making a $600M BTC purchase before sagely exiting the market with a $1B+ profit. Eric shares his views on the current macro cycle, investment strategies, the future of DeFi and crypto's inevitability. Highlights include: - The state of macro and why inflation was a choice - End of the 60-40 portfolio - Why this market cycle is over - The catalyst behind Eric's $600M BTC purchase - How to "time" markets - Why current DeFi implementations won't cut it - Crypto's breakout moment - Why Bitcoin is the most interesting trade - When will the Fed reverse course - What Eric would tell his younger self - - Follow Jason: https://twitter.com/JasonYanowitz Follow Santi: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw - - Referenced in the show: One River Asset Management https://www.oneriveram.com/ - - ParaSwap: If you want to make a swap at the best price across the DeFi market, check out http://paraswap.io/empire ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices and lowest slippage. Disclaimer: 0 fees are limited to 3 weeks or first 500k. - - Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Intro (01:49) The Current Macro Environment (07:06) How Eric Navigates Market Cycles (11:19) Deflationary Cycles & Expensive Ubers (17:04) Inflation is a choice (21:42) The $600M BTC purchase (27:26) How Do You Time the Trade? (33:20) Paraswap Ad (34:26) How to think about asset allocation (39:20) Why Eric's firm doesn't touch DeFi (43:27) Why Crypto is Here to Stay (49:55) DeFi's Zero to One Moment (55:00) How Eric views BTC (1:02:33) When will Bitcoin's price recover? (1:09:08) The 80 Year Debt Cycle (1:16:15) Eric's advice to his younger self -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.