#Bitcoin protects the many from the few and the few from the many.
There's nothing more important in my life to be working on than to help create greater financial equality.
In Australia, institutional adoption is lagging behind its North American counterparts.
This is likely a combination of:
- Lack of education,
- Being away ground zero of the largest monetary expansion of the Dollar, so urgency is lower,
- Finding the right investment vehicle.
Investing in #bitcoin as a large insto is not black and white.
External risk, strategy, custody, auditing, public image, all plays a factor.
Monochrome focuses on single-asset, passive funds offered via a regulated and familiar investment vehicle.
Made to withstand scrutiny.
Back in the days, I've personally referred away a number of insto friends who I couldn’t serve at that time.
Half of them came back to me with the problems they faced and fed me really great constructive suggestions, half of them just exited the space because it's “too hard”.
It didn't occur to me that those feedback would come to help shape Monochrome.
The last straw was seeing the state of MSM coverage of institutional digital asset landscape in Australia.
I had to act if that's the best we’ve got.
The business was successful so I wasn't worried.
Monochrome is my way of bringing service inclusion to the wholesale cohort which is priced out of the market by knowledge and service gaps.
I even got to help a friend’s company unwind a previous accumulation process that their accountant & auditors wasn't find of.
Common tale.
Walking away as the co-founder & CEO of the largest ecosystem player of a nation, to rebuild a business, a team, a dream, is bold yet exciting.
It's the start of a new chapter in a journey that I have spent the last 8 years in.
I will die on this hill. Made up my mind long ago.
For those who took to the time to read my tweets, Thank You. I'm glad to embark on this journey with your support.
It covers how exchange traded products (ETPs) that
invest in, or provide exposure to, #digitalassets can meet existing regulatory expectations for ETPs.
The paper sets out our proposals on good practices on related products.
ASIC also noted that the proposals are preliminary.
ASIC acknowledges the interest in Australia for digital asset ETPs, in particular ETFs.
While also raising the unique features and risks which need to be recognised by operators and issuers, and they should meet and stay consistent with existing
regulatory obligations.
Recently, I've been hearing a lot of the "bitcoin needs to be used as a unit of account and medium of exchange, store of value itself isn't a use-case/not enough" narrative being sold to newbies and veterans alike.
2/ I challenge that assumption. I wouldn’t worry about bitcoin’s long term survivability/’success’ whether people use it as a UoA/ MoE or not. It's kinda good to have, yet not really relevant in the grand scheme of thing.
Let me explain.
3/ Firstly, many don’t realize that there's an inherent distinction between bitcoin (small 'b', the currency), and Bitcoin (big 'B' the protocol), and therefore their purposes and therefore - I hate to use the word, 'use cases'.