Amitai Etzioni: For investors who are looking to capture the most value in the crypto economy, which layer of the stack do you think makes the most sense to focus on? "My current thing is that there are sort of three areas of the stack where the most valuable crew" He says Tether and Circle hold all these dollars that are issued and used on chain. They're just sitting there and bonds, dollars, et cetera, earning a yield.

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