Opening summary:
70 trillion in wealth transfer from older to younger generations. 90% of younger generations are frustrated with the financial system.
One-third of the world’s top 100 hedge funds have joined Coinbase.
Summary:
1. Cannot comment on Ethereum ETF because there are active applications.
2. Tokenization of every asset, which is obvious.
3. Does Coinbase support Trump? We are here to support the 52 million Americans who hold cryptocurrency and can vote as they wish.
4. Cryptocurrency is high on the agenda and will remain high.
5. There is a new understanding that cryptocurrencies will become part of the global economy.
6. This is the biggest economic revolution. This is as big as AI, and there may be a fusion of cryptocurrency and AI.
7. Economic freedom is the foundation of global progress. We want to increase economic freedom around the world.
8. The Senate is keen to advance cryptocurrency legislation.
9. The power struggle between the CFTC and the SEC, Conibase believes that investment contracts are securities and tokens are commodities. Congress needs to intervene and take action at this time.
10. 56% of Fortune 500 companies are working on on-chain projects.
11. Regulatory clarity will drive institutional investment from 1-2% to 5-10%.
12. Most exciting is Base. Also exciting: derivatives and our smart wallet (easier to get started).
13. Cryptocurrency started as an asset class and is now moving towards real-world utility.
14. Payments are like water, they flow to the path of least resistance.
15. International markets grew faster than the U.S. in the first quarter.
16. Google is taking cryptocurrency very seriously.
17. Every pension has a DAWG (Digital Asset Working Group), it didn’t work well before, this is a second chance. It hasn’t gotten the green light for a second chance, but it’s close. People won’t do it in 2024, everyone will do it in 2025
18. Cryptocurrency is a fusion of communication networks and financial networks
19. Allocating funds to emerging technologies is not controversial, but people are skeptical about cryptocurrencies because of brand issues.
20. The conversation about whether crypto will go to zero is not the right question. The question is if it happens, how much liquidity there is and how quickly it happens. I have 10x upside potential that I can bet on massively and my downside is 25-50%. A rare opportunity in the world.
21. 5% adoption in five years, 100% adoption in the long term
22. If you don’t buy crypto, you’re shorting the market. It’s now shifted from “why do we do this” to “how do we do this”. If someone says blockchain is great but tokens are a scam, that’s cognitive dissonance.
23. There are still people who say it’s just a Ponzi scheme or it’s just used for illegal activities. Then there are people who say it’s interesting but there’s no cash flow so it doesn’t fit into the traditional framework. When Soros shorted the pound and it crashed, did we sit there and say that was the end of the pound? Of course not.
24. On how to value Bitcoin: Bitcoin provides a service. It is a wealth storage service that does not rely on the government or existing institutions. It is no different from any company. It is a service. The more people who need this service, the higher the value.
