Macro Updates, Industry Narratives & Big Tech Coming For Crypto | Permissionless IV Recap
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What's up, guys? Just wanted to give a quick shout out to today's sponsor, Aptos. We'll hear more about how Bitcoin DeFi and Aptos is heating up later today. But for now, let's get into the episode. Nothing said on Xerox Research is a recommendation to buy or sell securities or informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed.
Well, here we are. We're doing it live. Welcome everyone. It's a bit of a a permissionless wrap. We we gathered the BlockWorks podcast avengers to, to riff a little bit, talk about the conference. We should be doing this over beers, but unfortunately, it's like noon. So not quite yet. But, yeah, I I guess I'll I'll introduce, we have Felix of forward guidance fame, Rizzo of supply shock fame, and then the research guys. Wow. Danny and Vicoccio, my rivals a little bit. Real. Yeah. I I mean, we've all been at various different panels running here and there. I've been drinking lots of the, the fr
Yeah. So I was up here just a couple hours ago doing a piece on treasury companies and token acquisition companies. And, yeah, that's where a lot of the momentum is right now. It's it's interesting to see, you know, it always feels like every crypto cycle is we, we take one new thing and then suddenly you get a proliferation and you get 30 of them in quick order. And we always love to to test things to their logical extremes. So, you know, we're we're in that moment now. It's, I think there's still a lot of runway. There's a lot of demand for this. You know, there's there's a there's a lot of
Rizzo, what what's your yeah. Yeah. I'll
dive in there. First off, great to see Bitcoin leading the discussion here on this panel. And, I think Bitcoin's been very well represented at this conference, which I think is a contrast. Right? So maybe even last year or the last couple years. Right? I think, obviously, everybody here knows Bitcoin. How many people here own Bitcoin? I don't wanna get a sense of the crowd. Okay. How many people here don't own Bitcoin? How many people are proudly non Bitcoin owning? Okay. We got a couple hands. Okay. So it seems like Bitcoin is winning. Right? I think that's great. I think you talked about the
Do you guys think the, the token acquisition thing has peaked?
Or No. No. This is gonna get a 100 times larger. Yeah. Because in every one of these markets, these capital markets, there exist, inefficiencies. You know, Meta Planet, I don't know if people are familiar with this, but this is a company out of Japan that's executing the strategy, Michael Saylor's strategy. Why is Meta Planet the best performing stock in Japan? We can. ETFs don't exist in Japan, and the tax if you own Bitcoin and you sell it in self custody is something like 50% compared to 10%, with the stock. So these are natural market asymmetries. And if the prize for closing one of these
Yeah. I I I think this dovetails a little bit, with the take I was bringing, which is that I I think as as fellas in the content world, we're actually gonna look back on this, like, these past six months as like a golden age. A a lot of times in crypto, like, something will work and then there's like a 100 copycats of it until you're bored to death about talking about it, which is going to happen with, you know, treasury acquisition vehicles. But it it actually feels like in recent months, we've seen a lot of novelty. To the extent you can call, like, crypto, treasury vehicles novel. The the p
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