The Stone Ridge 2023 Investor Newsletter is out:

"Bitcoin is not risky. Fiat is risky.

Over the last one, three, five, and ten years, long-term fiat savings (20Y+ US Treasuries Index) has cumulatively returned 2%, -33%, -8 %, and 24%, respectively. Over the same time periods, long-term non fiat savings, bitcoin,
has cumulatively returned 156%, 46%, 1,052%, and 5569%, respectively. Which one is risky? Which one is “backed by air”? Which one should we “close it down”? Which is the one “we don’t need”?

Since 2017, bitcoin has been Stone Ridge’s treasury reserve asset because of my extreme aversion to risk. We run net short USD – which is fancy way of saying we net borrow fiat to pay bills and make investments. 

We save in bitcoin.”

https://w3.do/t30vkr3v