The Milk Road Show Bitcoin Is the Only Asset That Matters… Everything Else Is Garbage? w/ Charles Menke
Mar 16, 2026
Charles Menke, Head of Operations at Wolf Financial and former Ethereum miner, explains why he sold ETH and went all-in on Bitcoin. He contrasts technical complexity and liquidity on different chains. He highlights trustless design, long-term holding strategies, Bitcoin vs gold portability, and risks like quantum computing and custody. Conversations also cover trading dynamics and evaluating Bitcoin-related companies.
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Why Charles Thinks Ethereum Is Technically Fragile
- Ethereum's codebase has become a labyrinth that repeatedly pivots and accumulates complexity.
- Charles Menke points to high gas fees, frequent protocol pivots, and heavy reliance on L2s that reintroduce trusted databases as proof.
I Paid $1,250 To Mint An NFT
- Menke recalls paying $1,250 to mint a Karafuku NFT as an example of Ethereum's high-cost UX issues.
- He uses that personal example to argue that many on-chain benefits are lost when activity moves to L2s.
Bitcoin's First Mover Tech Has A Rare Staying Power
- Bitcoin remains unusually durable as a first-mover tech that hasn't felt archaic like other early innovations.
- Menke notes that after 10–15 years many first-gen techs look outdated, yet Bitcoin and maybe ETH persist differently.