Walt Smith (Standard Crypto) on VC Investing in Bitcoin (EP.666)

Bullish:

• $BTC - Bitcoin has the fundamental properties to dominate the crypto sphere and potentially consume all other monetary assets due to its scarcity, security features, and proof of work mechanism

  • “I think, ultimately, it has the right properties to eat everything else in the world, at least in the cryptosphere.”

    Walt·7:09
• $MSTR - MicroStrategy represents a unique levered Bitcoin proxy with structural advantages that cannot be easily replicated, holding 3% of Bitcoin supply and attracting institutional ownership even from Bitcoin-skeptical firms

  • “The stock is very special. It's at levered ETFs. It has a bunch of advantages that no treasury co could really copy intentionally.”

    Walt·12:08
• $NETSTATE - Network states and special economic zones require Bitcoin's success as a valuable capital asset to enable private investment at scale, with emerging examples in Costa Rica and El Salvador

  • “I think the network state stuff feels like it needs Bitcoin to succeed in order to succeed... you need a capital asset that is really valuable so that the private investment can actually scale”

    Walt·19:44

Bearish:

• $ETH - Stablecoins on Ethereum have cannibalized demand for ETH as a monetary asset, with users preferring to hold and speculate with stablecoins rather than ETH itself

  • “I think stablecoins on Ethereum have directly or indirectly harmed ETH's price value. Because people just carry that asset more now, or they speculate using it.”

    Host·24:27