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1/ Blockchains collapse the cost of digital asset creation, custody & transfer, enabling *programmable value* of all kinds.
2/ Money, while an important application of blockchains, is a subset of the broader programmable value universe.
3/ A money like #bitcoin is likely to be the greatest *single instance* of value capture within the programmable value universe, which is why many of the top #cryptoassets today are battling for this position.
4/ But being the greatest single instance of value capture, doesn't mean capturing all the world's value, or even the majority of the world's value.
5/ Take global asset values:
Gold: $7.7T
Stock Markets: $73T
Broad-Money: $90T
Debt: $215T
Real Estate: $217T
Derivatives (low-end): $544T
Placing the world over $1 quadrillion in value, where monies most broadly defined represent < 10% of that value.
visualcapitalist.com/worlds-money-m…
Gold: $7.7T
Stock Markets: $73T
Broad-Money: $90T
Debt: $215T
Real Estate: $217T
Derivatives (low-end): $544T
Placing the world over $1 quadrillion in value, where monies most broadly defined represent < 10% of that value.
visualcapitalist.com/worlds-money-m…
6/ Blockchains have already created a new asset class in #crypto w/ $BTC leading the charge, will reform markets around existing asset classes, and will spawn hybrids that solve principal-agent problems that have plagued social organization for centuries. intelligenteconomist.com/principal-agen…
7/ So while I do agree a #crypto-money is likely to be the largest single instance of value capture, saying it will be the *only value capture* ignores what we empirically see in the traditional world today, and the blooming crypto world of tomorrow.
8/ Last thought: due to the expanding world of programmable value within #cryptoland, while $BTC will continue to grow in value, the #Bitcoin dominance index will continue to fall through each successive cycle. You can't ignore the data, it's been > 5 yrs of this trend already. 
