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Total crypto market cap 2.7T, total gold market cap 11T. If you treat them as the same, it's 13.7T in big non-fiat instruments 🤔 . World total market cap is ~100T, so that's 13.7% If crytpo didn't exist, would gold be at 13.7%? To what extent is crypto just cannibalizing gold?
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Crypto has been more than just about gold since about ~2017. There are whole companies (many DAOs) on the blockchain with payroll, revenue, and more.
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So are a lot of random vaporware shell companies. The potential is there, but the existence of revenue and payroll proves exactly nothing. Wealth creation (as opposed to wealth transfer) is still basically a speculative vision.
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It’s definitely a mix of both. But I still think many crypto products are true value creation. Stablecoins for instance remove rent seeking middleman in bank transfers and make the process cheaper and faster,
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