19 yr Asset Mngt sales vet, Ex @BitwiseInvest. Web2 β© 3.0 leap. NFTs, art, tech, community, & π Here for the ride...ππ¦ποΈ #Bitcoin #Ethπ¦π
Brooklyn, NY
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Rich Pugh retweeted
Apple didnβt predict Uber, TikTok, or Coinbase. But the iPhone enabled an entirely new wave of companies.
Tokenized assets on blockchains will be similar. We already know the immediate benefits (global access, better utility, 24/7 trading), but a new set of finance companies we can't imagine will be built on top.
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Our 1A dude π
We are witnessing one of the most legendary stories in NBA history.
Go prove 'em wrong one more time @jalenbrunson1
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Great product π€πΌ Great visuals π€πΌ Great story telling π€πΌ Great team π
RWAs are about to have their stablecoin moment.
Introducing Grove Basin: programmable credit infrastructure enabling eligible tokenholders instant stablecoin liquidity for approved exits from tokenized offchain assets.
Up to $1 bn in committed daily liquidity.
Tap in π°
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This is the way... π¦π£οΈ Defi allows us to buidl on the shoulders of those that came before us. No one starts at zero. The speed of progress is accelerating β©
The @BlackRock BUIDL x @Uniswap integration matters because it defines the blueprint for how institutional capital will show up onchain.
For years the debate was binary ie permissioned chains vs. public chains, enterprise blockchain vs. open protocols etc.
The flawed assumption was that institutions would never touch the same infrastructure as anonymous DeFi traders.
That assumption died today.
What BlackRock actually chose:
- Whitelisted, KYC'd access via @Securitize
- Public #Ethereum settlement
- UniswapX RFQ, the same routing system built for DeFi
- Crypto-native market makers (@wintermute_t, @Flowdesk)
β Atomic onchain settlement through smart contracts that have processed $4T+ in volume
The important design pattern here is: semi-permissioned access on top of permissionless settlement.
Yes, institutions need compliance gates. But those gates sit at the application layer, not the infrastructure layer. The smart contracts underneath don't care who you are. The whitelist does.
"The infrastructure we're announcing will work equally with retail products." - @carlosdomingo
Worth reading that twice to understand:
1) Permissionless is a super-set of permissioned.
2) "Permissioned" itself is a configurable setting.
The second-order effect: if this architecture works for BUIDL, it works for everything else - Apollo, Hamilton Lane, KKR etc. The marginal cost of the next institution issuing on DeFi rails just dropped significantly b/c the blueprint now exists.
DeFi was built on the fringe. Stress-tested by degens, ignored by institutions, battle-hardened through $4T+ in cumulative volume.
As with many network-driven products, it evolves at the fringes of society, until it inevitably penetrates & dominates the center of capital markets.
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Rich Pugh retweeted
Bitcoin is the only technology I am aware of that can solve the universal problem of currency debasement shared by billions of people in our modern world.
Gold served that purpose for thousands of years, but it is impractical for people to access, store, and use a physical product in today's digital age.
Bitcoin is humanity's best bet to lift billions of people out from underneath the tyrannical overreach of central banks and governments.
No man should be able to silently steal the hard-earned economic value of another man.
This theft has literally pushed a large majority of the world into a dire financial position and created so much economic damage that it has become the most important financial story of the last 50 years.
Bitcoin is technology to empower anyone, regardless of their race, education, wealth, or geography, to peacefully resist the overreach.
It may still be controversial today, but I truly believe bitcoin will go down as the most important technology invention of our lifetime.
We owe so much to Satoshi Nakamoto.
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Rich Pugh retweeted
The blockchain is the basis for global economic union, because it provides uniform monetary policy, payment rails, smart contract enforcement, encrypted messaging, verifiable identity, and capital formation to anyone with an internet connection.
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Rich Pugh retweeted
Bitcoin Becomes Safe Collateral: JPMorgan To Offer Loans Financed With Crypto Assets zerohedge.com/markets/bitcoiβ¦
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Rich Pugh retweeted
The global economy is digitizing. Every institution, corporation, and country runs on fragmented, bespoke infrastructure. What the internet did for information, Ethereum is doing for value: A shared, open standard for programmable money.
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We are proud to announce that, with the closing of the $425 million private placement led by @Consensys, SharpLink will become the largest publicly traded ETH holder globally.
Sharplink shares our vision of @Ethereum as a new kind of economic infrastructure and will use the proceeds to adopt ETH as their primary treasury reserve asset. π§΅
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Rich Pugh retweeted
Over time, due to aging demographics, governments need to borrow more money to support GDP growth to pay interest on the debt.
At over 100% of GDP in debt there isn't enough economic cash flow to fund the debt growth so it gets "printed" via Fed Net Liquidity and also forced, via regulation, onto the balance sheet of the banks.
That debases the currency and lowers the denominator, optically making scarce assets more valuable.
Crypto (Mainly Bitcoin) is the life raft as it not only offsets the annual 8% debasement but also gains value due to adoption effects.
These two charts remain the most important chart in all macro and the ones the least people understand.
It's all demographics. It always has been
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Rich Pugh retweeted
In the United States, Bitcoin ETF AUM has surpassed gold ETF AUM.
Gold, with a 20-year head start, has been flipped.
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