Good morning and God bless! Time to focus on the #NextPlay.
All roads in the Defi space leading to #Bitcoin as collateral, as contagion spreads to Genesis who suspended withdrawals y’day w/o even taking questions from customers. The #Crypto industry grows shadier by the day. 1/
All roads in the Defi space leading to #Bitcoin as collateral, as contagion spreads to Genesis who suspended withdrawals y’day w/o even taking questions from customers. The #Crypto industry grows shadier by the day. 1/
I know that #Bitcoin view is not especially popular, but I don’t see how they get around the fact that the only “safer” form of collateral is USD fiat — Defi’s arch nemesis.
Watching a bunch of way-too-overcapitalized kids make all the same mistakes as Tradfi is hilarious. 2/
Watching a bunch of way-too-overcapitalized kids make all the same mistakes as Tradfi is hilarious. 2/
In my latest spot on @APompliano’s podcast (which airs today) I spoke about how the near $3.5 TRILLION dollar expansion of @42macro Net Liquidity in the 21-months through Nov-21 made pretend geniuses out of a lot of kids that would have otherwise just been analysts at iBanks. 3/
As an American Capitalist, I don’t say that to hate. I’m happy those kids got paid to do something they love so early in life. I simply write that as a lesson to Macro Unaware VC and #Crypto investors. It wasn’t your “brilliance”; was @42macro Net Liquidity the entire time. 4/
In summary:
1. A lack of Macro Awareness — and the humility provided by a basic understanding of cycles — caused many #Crypto Icaruses to fly too close to the sun
2. Defi has proved itself to be a solution looking for a problem(s), rather than a solution to Tradfi’s problems. 5/
1. A lack of Macro Awareness — and the humility provided by a basic understanding of cycles — caused many #Crypto Icaruses to fly too close to the sun
2. Defi has proved itself to be a solution looking for a problem(s), rather than a solution to Tradfi’s problems. 5/
3. You’re high if you think institutional adoption of the #Crypto asset class is coming anytime soon.
4. It could be years b4 #Crypto sees the buy-in many were hoping for a year ago. Institutional investors live in perpetual fear of being sued, so they’ll wait for regulation. 6/
4. It could be years b4 #Crypto sees the buy-in many were hoping for a year ago. Institutional investors live in perpetual fear of being sued, so they’ll wait for regulation. 6/
5. That said, the fact that no is even questioning the viability of #Bitcoin amid so much contagion is remarkable. Most investors thought the global economy as we knew it would end in early-2009. The long-term case for #Bitcoin as “digital gold” has actually strengthened. 7/7
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