Bitcoin Is Just Getting Started, Says Billion Dollar Investor

Moez Kassam argues that the best way to profit from hype is not to avoid it, but to be on the other side of it before it becomes consensus. He says Anson Funds tries to identify when a theme is still percolating, ride the move while sentiment builds, and then exit before the crowd gets too loud. That framework now spans long and short ideas, deal-making, and activism, with a particular focus on areas where retail participation and momentum create large dislocations.

Bitcoin is a major example of that evolution. Kassam says Anson first came into Bitcoin through deals in Toronto, including early exposure to names like Hive and Galaxy, but that the firm later came to view Bitcoin as a durable asset with real staying power. He says Anson has put roughly $1 billion to work in Bitcoin treasury companies over the last 18 months, but emphasizes that later entrants have weaker economics and that the real edge is in the early structures and preferreds before the trade gets crowded.

On AI, Kassam is constructive on the theme but skeptical of paying up for obvious winners too early. He compares the current cycle to the dot-com era, argues that valuations are rich, and says Anson prefers to structure trades around the ecosystem rather than make heroic calls on private leaders like OpenAI or Anthropic. He is more interested in situations where crowd psychology, short-term dislocations, or prediction-market signals give him an information edge. That same approach has led the firm back into Korea’s memory names and into long activism in smaller companies where it can influence outcomes.