BTCBitcoinNeutralBitcoin

Today on

This is one of the first things I dig into in The Everything Code because you simply cannot understand the economy without it. After 2008 the world was left with a debt it can never repay, so the central banks do the only thing they can... they print the money to roll it, every year, and every year of that printing takes around 8% off the value of each dollar. Assets reprice against that. Houses, stocks, gold, Bitcoin... they all rise because there are more dollars chasing the same assets. Your salary doesnt. So if you earn a wage and dont own assets, you are getting poorer every single year. Nobody voted for it and it doesnt appear anywhere you can see it. But its a tax all the same, and once you see it, the rest starts to make sense... why the system feels rigged, why your parents path to wealth stopped working, and why the Exponential Age is the only way out.

BTCBitcoinNeutralBitcoin

3w ago on

There isnt enough excess liquidity to fund the AI build out and push crypto at the same time... so it rotates. Weve seen it recently. The AI trade slowed down and Bitcoin went up. This is why tech stocks have had such a big run while crypto has been struggling. From my talk at @token2049 Singapore.

NeutralETHEthereumEthereumSOLSolanaSolanaSUI

3w ago on

How do you value a blockchain? Most people try to run a discounted cash flow model on it, like its a company. Ive had that argument plenty of times over the years and its nonsense. Invert it instead. Imagine you switch Ethereum off tomorrow. Every stablecoin on it, all of DeFi, every layer 2, every NFT... all of it goes to zero in an instant. Everything that would disappear is what Ethereum is actually worth. The reason these networks attract so much capital is that they are dense with intelligence. Ethereum has the most developers, its programmable, it has the deepest markets and the whole ecosystem built on top of it. Solana and Sui are faster, cheaper, more efficient, with different feature sets... Turn it off and see what breaks. Thats the valuation.

Bullish(Nuanced)ETHEthereumEthereumSOLSolanaSolanaSUI

3w ago on

In the drawdown from last year’s highs, SUI fell about 80%, SOL about 70%, ETH about 60%. Brutal. But the charts missed what was underneath. On all three, economic density didn’t move. Users left, as they always do in a bear market, but the capital each remaining user had deployed stayed exactly where it was... the tourists and the bots went, and the people who stayed kept doing what they’d been doing. I spent a lot of time measuring this: stablecoin float, DeFi TVL and applications shipped per daily user, across every major L1. Why? Because I think it’s the truest measure of longevity there is. Every other L1 I measured lost density along with price. Adoption hadn’t taken hold yet. Doesn’t mean it won’t, but it hasn’t...

BTCBitcoinNeutralBitcoin

9/25/2026 on

Blockchains are the economic coordination substrate for all digital economic activity. Once you accept that, you have to accept that they’re vastly underpriced. Agents are going to do more of the buying, selling, negotiating and settling on our behalf, and its going to happen faster than anybody is ready for. This is the core of my Exponential Age framework, and my Everything Code framework is why it cant be stopped.  Agents are machines. A machine cant hold a share certificate or read a mortgage deed. It needs everything it touches to be a token it can read, hold and move in a fraction of a second. So everything gets tokenised... stocks, bonds, property, money, contracts, data, energy, the lot. Think about everything in the world that isnt a token today… All of that WILL become a token and get priced onchain. And all that value will settle on the L1. These are the infrastructure substrate, which is a different thing to the applications layer that sits on top of them, and a different thing to Bitcoin, which is the store of value layer.  At scale the L1s will run the whole global economy... and we wont even see it.