If this is the beginning of a bull market, it could be the biggest bull market in the history of bull markets
Now, bear w/ me...
I'm not going to pud off and start talking about #bitcoin as "Gold 2.0" or #ethereum as a "world computer"
No, let me tell you a secret...
More π
Now, bear w/ me...
I'm not going to pud off and start talking about #bitcoin as "Gold 2.0" or #ethereum as a "world computer"
No, let me tell you a secret...
More π
I will tell you a secret about bubbles:
you can usually tie them to the rapid growth of new financial products
Examples:
- Housing bubble, rise of subprime mortgages, mortgage-backed securities and credit default swaps
2/x
you can usually tie them to the rapid growth of new financial products
Examples:
- Housing bubble, rise of subprime mortgages, mortgage-backed securities and credit default swaps
2/x
- Dotcom bubble, rise of web + online brokerages like etrade that democratized daytrading
- South Sea bubble, rise of share loans that essentially = call options
- Tulip bubble, rise of futures markets
All those bubbles shared this: the elimination of financial friction
3/x
- South Sea bubble, rise of share loans that essentially = call options
- Tulip bubble, rise of futures markets
All those bubbles shared this: the elimination of financial friction
3/x
It was hard to buy a house before subprime mortgages for example. It was hard to daytrade before etrade, it was hard to hedge your investments or bet on future prices before blah blah blah, etc., etc.
4/x
4/x
With the rise of crypto, there are so many financial innovations coming at once it's virtually impossible to even name them all
5/x
5/x
Here are just a few of my favorites:
- Permissionless financial transactions... no putz with an oiled moustache and a government ID has to give you "permission" to be able to trade whatever tf you want
6/x
- Permissionless financial transactions... no putz with an oiled moustache and a government ID has to give you "permission" to be able to trade whatever tf you want
6/x
- Decentralized/unstoppable smart contracts... sure govts can get all pissed off that Uniswap $UNI exists, but they can't make it unexist... not even Hayden can do that
7/x
7/x
- The elimination of middlemen in financial transactions (no more clearinghouses, brokerages, "banking hours", title companies, etc.)
8/x
8/x
- Composability... I can invest in one thing, then turn around and show proof of that investment to get a loan to invest in something else, and then show proof of that investment to get a loan in something else, and then... etc., etc., etc.
9/x
9/x
- A non-sovereign store of value ($BTC) that happens to be the scarcest asset in the history of mankind
- Death of "walled gardens" and KYC... liquidity is no longer limited to jurisdictions like states, countries or even continents... all products are global from day 1
10/x
- Death of "walled gardens" and KYC... liquidity is no longer limited to jurisdictions like states, countries or even continents... all products are global from day 1
10/x
- The nearly 2 billion humans without bank accounts can now access financial services with a 5-yr-old Android phone
The scale of these financial innovations isn't 10x or 100x larger than past financial innovations...
11/x
The scale of these financial innovations isn't 10x or 100x larger than past financial innovations...
11/x
It is so large that the # you choose to put an "x" after doesn't even matter all that much. It ceases to be important bc we can't even really conceptualize how big these changes are
12/x
12/x
Crypto is... at the very moment I type this... reorganizing the way humans work together
It is challenging:
governments, regulations, corporations, banking, monetary policy, technology, investing, fundraising... even the concept of a nation-state itself
13/x
It is challenging:
governments, regulations, corporations, banking, monetary policy, technology, investing, fundraising... even the concept of a nation-state itself
13/x
The financial sausage has burst from the regulatory casing
There is no stuffing it back inside
Just as governments are printing more money than they ever have in history, crypto is dousing gasoline all over the financial system
14/x
There is no stuffing it back inside
Just as governments are printing more money than they ever have in history, crypto is dousing gasoline all over the financial system
14/x
It needs a spark to ignite it. And I believe we got that spark when PayPal launched crypto purchases
Suddenly, 346 million normies can buy and sell $BTC, $ETH and even dogshit like $BCH
Do you think $PYPL will stop there? I can tell you the answer: no
15/x
Suddenly, 346 million normies can buy and sell $BTC, $ETH and even dogshit like $BCH
Do you think $PYPL will stop there? I can tell you the answer: no
15/x
PayPal will keep adding other cryptos. Some will be dogshit, some will be world-changing mfers
PayPal was THE SPARK
It was the ultimate reduction in friction for normies to walk through the golden gates to the crypto promised land
16/x
PayPal was THE SPARK
It was the ultimate reduction in friction for normies to walk through the golden gates to the crypto promised land
16/x
The normies will come. And they will find it nice
+ they will wonder wtf their bank even does for them
+ even more important than PayPal = the fact that PayPal just punched every bank and fintech company in the world in the f'ing throat
There is just one hurdle left
17/x
+ they will wonder wtf their bank even does for them
+ even more important than PayPal = the fact that PayPal just punched every bank and fintech company in the world in the f'ing throat
There is just one hurdle left
17/x
+ we will breach it before this glorious rally is over:
banks must allow us to convert our fiat to crypto
They will + they will start w/ $BTC + $ETH
It taketh only 1 bank before they all fall in line
Citigroup will add crypto
Mizuho. UBS. Sumitomo. Deutsche Bank....
18/x
banks must allow us to convert our fiat to crypto
They will + they will start w/ $BTC + $ETH
It taketh only 1 bank before they all fall in line
Citigroup will add crypto
Mizuho. UBS. Sumitomo. Deutsche Bank....
18/x
Mitsubishi. JPMorgan Chase. Wells Fargo. Bank of America
The stock brokerages will add crypto
& eventually (probably not this cycle) employers will grant you the ability to collect your sweet salary in the hardest most god-like form of money ever be accessible to us: $BTC
19/x
The stock brokerages will add crypto
& eventually (probably not this cycle) employers will grant you the ability to collect your sweet salary in the hardest most god-like form of money ever be accessible to us: $BTC
19/x
So I sit here, drinking my beer and I look at the total global market cap of all cryptos sitting at a paltry $548 billion
and it makes me think of this stupid song my buddies and I used to sing when we were kids...
it was called "skeeter on my peter"
20/x
and it makes me think of this stupid song my buddies and I used to sing when we were kids...
it was called "skeeter on my peter"
20/x
Crypto's just a lil "skeeter on the peter" of finance right now
All of these people are trying to "time" the markets, and all I'm doing is watching the world change faster than I've ever seen it change in my life
21/x
All of these people are trying to "time" the markets, and all I'm doing is watching the world change faster than I've ever seen it change in my life
21/x
tldr: this could be it, my frens
this could be the cycle that turns that skeeter into a golden fire-breathingπ² that burns all of modern finance to cinders
Ask me what I'm doing with my portfolio now + I will say unto you fuck me, I'm long
& fuck me my hands are strong
π€‘ out
this could be the cycle that turns that skeeter into a golden fire-breathingπ² that burns all of modern finance to cinders
Ask me what I'm doing with my portfolio now + I will say unto you fuck me, I'm long
& fuck me my hands are strong
π€‘ out
β’ β’ β’
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