Winter Buildout
Five disappointing years for price were five extraordinarily productive years for the crypto infrastructure buildout. The bridges and capacity are now built awaiting the return of demand.
Demand Convergence
Individuals, institutions and now AI agents. For the first time three independent cohorts are driving demand simultaneously - with the latter two unlocking structural demand.
Liquidity Returning
A Trilemma - The United States cannot service its debt, finance the AI buildout and keep money scarce all at the same time. This is a simple math equation with a narrow set of politically viable solutions and every one of them involves lowering the cost of capital and producing more dollars.
