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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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Related question. If the % of such assets is treated as the "exit pressure" from the state-backed economy, how extreme is this regime? How often does the world hit 13.7% in non-fiat instruments? Could you treat this as "discount all futures based on state power" by 86.3%?
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This is conveniently 1 in 7, so you could say if you were doing scenario planning, you should think in terms of 1 in 7 futures being based on collapse of state power perhaps...
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