1/ security tokens may be interesting, but i think we are far from a world where there is demand for millions of tokenized assets. let’s dive into “why” - promise this will be fun 😈 
2/ i’ve been spending the last six months deeply immersed in the institutional investor community. for simplicity, let’s say the US cohort of “institutional” investors - or the TAM - for tokens is $28 trillion in AUM. (ignore new demand creation)
3/ currently, these investors allocate to things like venture and hedge funds (15%), private equity (10%), real estate (20%), equities (30%), and the remaining 25% is commodities, debt, developing markets, FX, and cash.
4/ what asset classes will be displaced to invest in tokens? where does a tokenized building or venture fund fit in? how do you give investors something that is fully better than, and not just marginally better and possibly worse than, what they already have?
