Happy Sunday from Dry Powder.

To all my new subscribers, welcome. To everyone else, thanks as always for supporting my work here at Puck.

Since launching this private email last June, I’ve talked to Jamie Dimon and The Mooch; chased down Carlos Watson; punctured the crypto bubble; profiled young Zaz; had lunch with James Gorman; revealed Apollo’s life after Leon; said farewell to Jimmy Cayne; charted the rise and fall of SPACs; and predicted how Elon Musk would inevitably corner Twitter.

And, of course, we’re just getting started. In today’s email, fresh analysis on Michael Saylor, Jonah Peretti, Warren Buffett, and more...

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Of course Saylor is talking his book, and he’s damned good at it too. First of all, the 20,000 or so ridiculous cryptocurrencies should just disappear and go back down the drain they crawled out of. There is no reason for them to exist, other than as a way for foolish investors to speculate on the possibility that a greater fool will come along and buy their idiotic cryptocurrency at a price higher than they paid for it. Bitcoin, however, seems to be a little different. It does have some underlying logic to it, with its proof-of-work mining operation and limited supply. Unlike various DeFi projects and crypto funds that have recently imploded in spectacular ways—Terraform Labs, Celsius, Three Arrow Capital—Bitcoin has no central management, employees, or product cycle beyond what is already etched into its code. As I’ve written previously, if people focused on the promise of Bitcoin’s blockchain technology rather than its daily fluctuations in price, we might have a better appreciation of its use cases...